How to Get a Loan

Once you select us to obtain your home loan, you'll be amazed at how quickly and simply the loan process moves. Before you know it, you'll have a mortgage that suits your lifestyle and saves you money.

Throughout the loan-application process, we provide you with regular updates. You can also e-mail us with questions or new information. And if you want assistance, a mortgage expert who can answer questions is always just a phone call away.

Here's an overview of the loan application process

STEP ONE -- Apply Now! Getting started is easy

The first step is to complete your full application, which can be done easily through our website by clicking the FULL APPLICATION link above or in person at one of our mortgage locations.

STEP TWO --  Proccessing your loan

At the appropriate time we will order a property appraisal and do all loan processing for you.

STEP THREE -- Your loan will be underwritten locally

Your loan will be submitted to a local underwriter for review.  Once your loan is approved, we will coordinate with all parties to schedule the closing of your mortgage loan. 

Simple, Straightforward, Cost Effective, and FAST!


Types of Loans

Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

Adjustable Rate Mortgages (ARM)
When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.

Other loan products are available, including FHA, VA, USDA, IHFA and more. Consult a loan officer for more details.


Apply now for a better mortgage experience with Bank of Idaho

Mortgage Checklist

The following documentation is usually required during the loan process:

  • Copy of Driver's License and Social Security Card
  • Current pay stubs (30 days) 
  • W2's for most recent 2 years
  • Federal Personal Tax Returns for most recent 2 years
  • If self-employed: 2 years most recent Business Tax Returns
  • Bank statements for the past two months
  • Investment account statements for the past two months
  • Retirement account statements for the past two months

If you currently own Real Estate:

  • Mortgage account information
  • Home insurance policy information
  • Home equity account information (if applicable)