Planning your finances carefully is the key to the wise use of your credit. We encourage you to use our handy loan payment calculator to figure out your monthly mortgage payments for any price and interest rate.

Adjustable Rate: An interest rate that changes periodically in relation to an index. Payments may increase or decrease accordingly.

Amortization: A repayment method in which the amount you borrow is repaid gradually though regular monthly payments of principal and interest. During the first few years, most of each payment is applied toward the interest owed. During the final years of the loan, payment amounts are applied almost exclusively to the remaining principal.

Types of Mortgages

Fixed-rate: A loan with a set (fixed) interest rate, for a specific length (most common is 30 years). The monthly mortgage payment (of principal and interest) does not change during the life of the loan.

Adjustable-rate: Sometimes called an Adjustable Rate Mortgage or, simply, an ARM. The loan’s interest rate is adjusted up or down, depending on current interest rates. The monthly mortgage payment (of principal and interest) goes up or down with these rate changes. "Interest Only" loans are in this category.

Whether you are buying or refinancing, applying for an Idaho mortgage loan is a big step. Buying or refinancing a home can be an emotionally-charged experience… and sometimes a frustrating, time-consuming one as well. But choosing the right mortgage company can make the process smooth and even enjoyable.