Home mortgage rates are at a historic low. Tom Kirchmeyer, a broker at Fulcrum Home Loans LLC, explained to Totally Boise that in our current market, 70% of all existing mortgages could benefit from a refinance right now.
Whether you are looking to buy or refinance your home, now is a great time to consider your options. Tom has access to 12 different lenders, allowing him to search for clients' best-personalized outcome. With a commitment to provide excellent service to anyone looking to buy or refinance, Fulcrum Home Loans successfully follows through on closing timelines with clients.
Local to The Treasure Valley
Operating within the Treasure Valley, Fulcrum Home Loans has the advantage of knowing the local market. Tom strives to provide the best option for client's home loans and refinances with a personal dedication to seeing the local community thrive.
"My goal is to give our customers the best possible experience during the most stressful purchase of their lives," said Tom.
Helpful Tips For Buying or Refinancing Your Home This Year From Tom of Fulcrum Home Loans
Buying A Home
Tom prides himself and Fulcrum Loans on setting buyers up for success. By being part of a local mortgage brokerage, getting pre-approved for a home purchase can set buyers' expectations for success.
First Time Home Buyers
Are you unable to put money down when trying to buy your first home? That's not necessarily a deal-breaker. Since Tom works with numerous lenders, he has access to a variety of Idaho programs that help clients get into a home, including some products that require very little money down.
Buying A Home In A Rising Market
The Boise market is hot right now, leading many buyers to apply for larger loans. Tom shared it is called a JUMBO loan when applying for a loan greater than normal conforming limits.
"Typically requiring a down payment of 20%-25%, we can help qualified buyers who wish to put less down take advantage of one of our programs," said Tom.
This program allows for only 11% down. Set by the Federal Housing Finance Agency, the maximum conforming loan limit is $548,250 for a single-family home.
Refinancing A Home
As interest rates have lowered, now may be a perfect time to find out if refinancing is ideal for you. Tom shares instances in which you should think about refinancing.
- If you purchased your home with less than 20% down and are currently paying mortgage insurance. If you have equity in your home. Using your equity to refinance out of PMI can save you hundreds of dollars a month.
- If you purchased or refinanced a home before summer 2020
- You can consolidate your debt. With the low rates being offered right now, it may be a good time to merge all your debt into your home mortgage.
- If you have home improvements or updates to your home you can do a cash-out refinance. Pulling equity cash from your home, you can make those home improvements you've been eager to make.
Fulcrum Home Loans LLC has four mortgage calculators that allow you to estimate monthly payments, your budget, and refinancing available online.
Fulcrum Mortgage Calculators
- Payment Calculator
- Amortization Calculator
- Refinance Calculator
- Affordability Calculator
With COVID-19 affecting many households in 2020, finding ways to save money instead of spending is critical for many families. By refinancing, you could potentially save hundreds of dollars a month on your mortgage payment.
If you are curious about refinancing your home or want to see if you qualify for a home loan, Fulcrum Loans can help and will keep your best interest in mind. Tom Kirchmeyer at Fulcrum Home Loans ensures you're set up for the best outcome.
Contact Tom Kirchmeyer at Fulcrum Home Loans LLC
Phone: (208) 996-6217