The median home price in Idaho real estate is a whopping $460,000, up 24.3% over a year ago. The days a house last on the market is 9 days less than a year ago.
All the signs point to a housing market that remains robust for Idaho residents. So, if you're in the market to buy, you need to enter the market ready to make your purchase.
One important part of buying a house, buying land, or even refinancing an existing home is finding the right financing. A Farmer's home loan can help expedite the whole process for you.
Read on to learn more about the home loan and agricultural loan options available through Farmers Bank.
Home Loans
Without a doubt, getting a loan when buying a house can be one of the most stressful parts of the homebuying process. There's finding the right house in this competitive market, worrying about inspections, and most importantly getting the home financed.
Farmers Bank offers a variety of home loan options to help residents of Idaho make their dream a reality. While there are plenty of financial institutions competing for your business, you want to work with someone who has a reputation for caring for their community and the people they serve.
Farmers Bank works hard to establish itself as a local expert of home and agricultural financing. Let's take a closer look at some of the financing offered through Farmers Bank.
Buying a Home
As you entertain buying a house, sooner is better than later. Use the experience of Farmers Bank mortgage experts to find you the best home loan package for your needs.
Home prices continue to rise. As the market tightens, interest rates can potentially rise. You want to take advantage of the low and better rates while you can still get them.
Farmers Bank can create a mortgage with terms that best meet your unique needs.
Refinancing a Home
Ideally, you want to choose to refinance your mortgage so you can save money both in the short term and in the long term.
You might choose to refinance because you can secure a better interest rate than you currently have. This can both lower your payment and save you in interest over the long term.
You might also opt to tap into the equity you already have in your home and use the money to pay down debt.
Construction Loans
If your plan isn't to buy an existing home, but instead have a home built, we can help with a construction loan.
At Farmers Bank we have a unique construction loan program that allows you to get your construction loan while you're building, then transition the same loan into a fixed-rate mortgage once the home is complete.
There's no need to secure a construction loan, then do a second loan for the mortgage, paying off a loan from construction.
This one-time loan feature makes building a home that much easier.
Bridge Loans
While today's market is hot, sometimes you can't wait for your own home to sell before purchasing your next home.
If you find the perfect home in this competitive market, you don't want to miss out because your existing home isn't sold or even listed yet.
A bridge loan helps you to make the purchase of the new home and still have financing while you wait for the old home to sell.
Agriculture Loans
Magic Valley is no stranger to agriculture and the American farmer. At Farmers Bank, we have extensive knowledge of Magic Valley and the agriculture that makes the region thrive.
We are proud to say, we've been a part of it since 1917. We offer the farming community a variety of loan options to help them sustain their farms.
Let's take a closer look at some of the agricultural loans we offer at Farmers Bank.
Operating Loans
You already know that running a working farm means funding is cyclical. You may need to take out an operating loan to help with financing while you wait for crops or livestock to be sold.
Our operating loans have competitive interest rates and terms that work for you. You might opt to secure an operating loan to be prepared. Yet, know that at Farmers Bank there's no interest until you actually draw and use the funds.
Term Loans
Sometimes it's necessary to spend money to make more money. A term loan for your agricultural needs would help you finance things like equipment with terms and an interest rate that's not only competitive, but that also works for you.
Real Estate Loans
The cornerstone to any farm is land. We believe in getting any farmer started on the path to their local farm or the opportunity to grow their existing farm by purchasing additional land.
FSA Guaranteed Loans
For those farmers who might need a little more help with financing, either because of lack of credit or collateral, Farmers Bank also offers FSA Guaranteed loans. This can help them get the financing they might need without losing an opportunity.
Benefits of Choosing a Local Bank for Your Borrowing Needs
There are many benefits to choosing a local family-owned bank for your financing needs. You get personalized customer service and the safety and security of a local quality financial institution.
You won't ever feel like just a number or that your business doesn't matter when you work with the people at Farmers Bank.
Farmers Home Loans for Whatever Kind of Property You Wish to Buy
Farmers home loans offer you options that can be set up to meet your unique loan needs. Whether you need some kind of financing for a home or for land and materials for agriculture, we have a program for you.