2022 Boise Idaho Real Estate Blog

Shopping For A Mortgage

Main Boise Home Loans

Fixed? Variable? ARM or Negative Amortization? Or Interest Only? With so many mortgage products available for homeowners, it can get overwhelming very quickly when deciding on the correct product that fits your needs. Here are some things to consider.

In theory, finding the right mortgage should be a fairly simple process. After all, there are literally hundreds of options to choose from, including Fixed Rate, Adjustable Rate, Hybrids, and Interest Only loans, to name just a few. Mortgages are available with interest rates ranging from an introductory rate of 1.00% to well over 10.00%. Borrowers can even finance up to 100% of their home's value and, in some cases, their closing costs as well.

In reality, however, this vast selection of mortgage products has made choosing the right one a challenging endeavor, to say the least. Without sound advice from an experienced mortgage professional, consumers are at the mercy of a complex financial decision that could impact their lives for years to come. At a minimum, home buyers should consider the following questions before putting any mortgage into place:

  • How long do you anticipate living in your new home?
  • Do you foresee any changes over the next few years, such as expanding your family or having children go off to college?
  • Do you anticipate any adjustments in income due to promotions, relocations, retirement, inheritance, or pensions?
  • Are you expecting a change with regard to your investments?
  • When it comes to investment strategies, are you conservative, aggressive, or somewhere in between?

If you have any questions regarding a mortgage you might be considering, or should you desire more information on this subject, contact me at Millennium Mortgage & Insurance, Inc., at (208) 880-0316. You can also find us on the web at http://www.millennium-mortgage.com

Eric Leigh, Senior Loan Officer

PS: As a value-added bonus for our BuildingCredibility.com readers, we are now offering you a free subscription to both of our client monthly publications. The focus of our first monthly mailing is centered around providing you timely mortgage and financial industry specific information. The second is a YOU! Magazine subscription, which is centered around...well, you! Articles contain information about YOUR mortgage, YOUR health, YOUR family, etc. To start these free subscriptions, please email me

Posted by Eric Leigh at 7/30/2007 10:07:00 PM

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