Buying a home is one of the biggest financial decisions you'll ever make, and no two homebuyers are exactly alike. Whether you're a first-time buyer, relocating, or upgrading to your forever home, it's important to find a loan that matches your goals. At Farmers Bank, we offer a wide variety of mortgage options and helpful home-buying tips to guide you through every step of your journey.
With over 100 years of experience serving the Magic Valley, our local loan specialists understand the unique needs of Idaho homeowners and are committed to helping you find the right fit.
Fixed-Rate vs. Adjustable-Rate Mortgages (ARMs)
Understanding your mortgage structure is a vital part of choosing the right loan. Two of the most common types are fixed-rate and adjustable-rate mortgages.
Fixed-Rate Mortgages
A fixed-rate mortgage offers stability with an interest rate that stays the same for the life of the loan. These loans are ideal for homebuyers who plan to stay in their home long-term and prefer consistent monthly payments.
Benefits include:
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Predictable monthly payments
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Long-term budget stability
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Protection from interest rate increases
Adjustable-Rate Mortgages (ARMs)
An ARM typically offers a lower initial interest rate that adjusts periodically based on market trends. These are great for buyers who expect to move or refinance before the initial rate period ends.
Benefits include:
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Lower initial monthly payments
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Potential savings in the short term
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Ideal for buyers with short-term plans
Farmers Bank can help you evaluate which mortgage type is right for your situation and guide you through the pros and cons of each.
More Mortgage Solutions Tailored to You
At Farmers Bank, we go beyond basic mortgage types to offer options for nearly every need:
FHA and VA Loans
If you're a first-time buyer or a veteran, these government-backed loans offer flexible down payments and favorable interest rates. FHA loans are great for lower credit scores, while VA loans offer excellent terms for eligible military service members.
In-House Loans
Need a custom solution? We offer in-house mortgages that provide more flexibility in underwriting and loan terms—ideal for unique properties or buyers who don’t fit traditional lending molds.
Bridge Loans
Need to buy before your current home sells? A bridge loan can help you purchase a new property while waiting for your old one to close, offering short-term financing for transitional situations.
Bare Lot and Construction Loans
Planning to build your dream home? Our lot loans and construction financing options support every stage—from purchasing land to breaking ground and beyond.
Home Buying Tips from Farmers Bank
Choosing the right mortgage is only part of the home buying journey. Here are a few tips to help you get started on the right foot:
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Get Pre-Approved Early: Knowing what you can afford will save you time and give you an edge during negotiations.
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Plan for Upfront Costs: Don’t forget about closing costs, inspections, and moving expenses.
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Check Your Credit: A healthy credit score can open the door to better rates and loan options.
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Talk to a Local Expert: Farmers Bank loan specialists offer personalized guidance and understand the local market.
Work With a Bank That Works for You
When you're ready to buy, build, or refinance, Farmers Bank is here to help. Our mortgage team is dedicated to finding the right solution for your needs with local decision-making, competitive rates, and exceptional service.
Contact your nearest Farmers Bank branch today to meet with a mortgage specialist and start your journey toward homeownership with confidence.
FAQs
How do I know which mortgage option is best for me?
Our loan specialists will review your goals, financial situation, and plans to recommend the best loan type for your needs.
Can I get pre-approved before I start house hunting?
Yes! Getting pre-approved helps you understand your budget and strengthens your offer when you find a home you love.
Are there low down payment options available?
Absolutely. FHA, VA, and some in-house loan programs offer down payments as low as 1% to qualified buyers.
How long does it take to close on a home with Farmers Bank?
We offer fast local approvals and can typically close within 30 days.
Can I refinance an existing mortgage with Farmers Bank?
Yes! We offer refinancing options that can lower your rate, reduce your term, or free up equity for home improvements.