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Did you know that since COVID-19 mortgage rates have decreased? Therefore, many people are taking advantage of this opportunity and buying homes at exceptional rates! In fact, some speculate that we might run out of new homes because of the high demand and low inventory. 

This means mortgage brokers are looking for new customers to enter a long-term agreement before homes run out. However, not all home loans are the same! In fact, bank loans from big corporate companies can be very daunting for new homeowners.

Thankfully, you have other options. So if you've been searching for the best mortgage broker near me, then you've come to the right place!

What Is a Mortgage Loan?

Home mortgage loans are for buyers who want to purchase real estate with the intent of repaying the lender. The payments are usually distributed over a certain time with interest rates.

And if the buyer fails to meet the necessary payment, their home becomes collateral. There are also 2 kinds of mortgage types: fixed-rate and adjusted-rate mortgages. These types of mortgages differ in the way the interest is applied.

For example, fixed rates the interest rate does not change from the day you take out the loan. However, with an adjustable-rate mortgage, the interest rate is subject to change.

What Is a Mortgage Lender?

A mortgage lender can be many entities. For example, banks, financial institutions, credit unions, government facilities are all great lenders.

A mortgage loan is usually a secured type of loan. This means the interest rates are lower than other types of loans. However, this also means that if you don't make your payments, your home is used as collateral.

How Do You Apply for a Mortgage?

Applying for a mortgage can be done in many ways. However, one of the most popular ways to apply for a mortgage is through a mortgage broker. If you're not familiar, a mortgage broker is fully licensed and works to connect buyers with lenders.

They can also give you advice on mortgage deals and refinancing questions. A mortgage broker will also do their research to connect you with the best lenders and interest rates.

This is done by reviewing which plan is best for you based on your credit score, down payment, and income. And once a mortgage lender has found the best mortgage loan for you, they'll connect you with the bank!

The Truth behind Interest Rates

Oftentimes future home buyers are scared to apply for a mortgage because of the interest rates. But the great thing about a free market is that you can look around for the best interest rates.

It's important to mention that larger banks will charge higher interest rates. This is why many future homeowners choose smaller and local lenders!

Don't let the fear of interest rates stop you from buying a home. Overall, these rates can change depending on how well your down payment is and your credit score. Therefore, you have options and room for negotiation.

Tips for Finding the Best Mortgage Lenders

If you're not interested in hiring a mortgage broker, here are some factors to consider when doing your own research. For starters, not every lender will offer you any kind of loan.

So if you're looking for a substantial amount of money, you'll need to find a lender that offers jumbo loans. Secondly, pay attention to the interest rates. You want to look for low, competitive interest rates. This way your monthly payments are also lower.

There are also qualifying requirements that you'll need to pass before you can get approved. Some of these requirements include income, credit score, and other factors.

Oftentimes, buyers aren't aware of the fees that apply for a credit check. So be aware of any fees or added costs.

Who Is the Best Mortgage Lender?

The best mortgage loan can come from anywhere. However, many homeowners experience better customer service and interest rates when they choose local banks rather than big corporate banks. This is because big-time lenders have a hard time relating to everyday customers.

Therefore, the needs of the customers are not met as efficiently. Thankfully, with local banks, the lender can sit with you directly and discuss your options. You also have support from expert staffers whenever you need them.

Not to mention, your home payments can be reasonably scheduled to fit your needs. So when you're looking for the best lenders, consider choosing a local bank!

How to Qualify for a Mortgage Loan

Your credit score will play a huge factor in how much a lender is willing to give to you. Typically, most lenders want a minimum of 620 for a credit score. But, some loans require no credit scores such as an FHA loan.

However, these are government-backed loans that work differently. If your credit score falls under the 620 mark, here are some tips on how to raise it:

• Open up a credit card and make payments over the next few months
• Make higher payments on your loans
• Never miss a payment
• Pay your credit card twice a month

These are simple ways to build your credit score. However, be aware that making a substantial difference will take time.

If you have little to no credit, this process may even take years. That's why it's important to begin acquiring credit at 18 years old.

Tips on Handling a Mortgage

Bank loans can be very daunting especially for first-time homeowners. However, by knowing the right information, you'll never fall behind on any payments.

Creating and Following a Budget

Before you even begin to buy a home, think about your budget. Oftentimes, homeowners have a hard time handling a mortgage because they had an unrealistic budget.

A good way to avoid missed home payments is by creating a budget for what you can and can't spend. For example, figure out what you can spend on your utilities, home insurance, property taxes, and maintenance.

Once you've set a clear goal for these expenses, add them all together. Then weigh in the monthly payment for your mortgage.

By doing this, you can have an understanding of how much you can afford on home payments. You should refer to this number when looking for homes.

Pay off Any Debts Beforehand

The debt-to-income ratio is another factor that is weigh-in when applying for a mortgage loan. If you're not familiar, this term refers to the amount of debt you owe versus how much you make.

If this ratio shows that you make less than what you owe, a mortgage line might be declined. This is why it's important to pay off any credit cards before applying for bank loans.

Look for a Mortgage Pre-approval

A pre-approval will put you ahead of the curve. In fact, you're more likely to find a home in your price range once you've been pre-approved. A pre-approval simply means a lender has approved you for a specific loan amount.

A pre-approval is determined the same way a regular mortgage loan application is done. You might be wondering what's the difference between a pre-approval and regular approval.

For starters, a pre-approval happens before submitting an offer. Nevertheless, you'll still need final approval once you're ready to buy a home.

And obtaining a pre-approval will not secure your loan terms. In fact, your lenders will request additional information about the property before the final approval is finalized.

Typically, these are the final approval questions:

• A title search will be conducted to ensure there are no tax liens or current ownership claims
• An appraisal value needs to be confirmed before lenders approve the final loan to ensure the investment is worthy
• For most FHA loans the property will need to be checked to make sure the condition is good

All of these factors will determine if you are pre-approved or not. Overall, the purpose of a pre-approval is to make sure the future home buyer is in good financial health!

Refinancing: What Is It?

During your mortgage term, there may come a time when you'll have to refinance your mortgage. Refinancing means you're obtaining a new mortgage loan to pay off the first loan.

What Is the Point of Refinancing a Mortgage?

Refinancing your loan can lower the monthly payments. However, there are other reasons why people chose to refinance their mortgages. For example, some homeowners refinance because they want to lessen the period of time on their loan.

Here are some other common reasons why homeowners choose to refinance their mortgages:

• Reduce the total interest on the loan
• Change the loan rate from adjustable-rate to fixed-rate and vise versa
• Take cash and pay for other expenses
• Reverse mortgage premiums

These are all great reasons to refinance a loan. Some mortgage plans only let you refinance after a certain amount of time. So it's best to ask your lender when a refinancing option will be available to you.

However, the best bank loans will provide you with an easy process for refinancing loans.

Tips for Finding the Best Mortgage Broker Near Me

Buying a home is a very big decision which is why finding the best broker is important. Here are some easy tips to follow when researching mortgage brokers in your area!

Do Thorough Research

The type of property you're buying will play a huge factor. For example, are you wanting a vacation home, starter home, secondary home, or permanent home? All these factors will reflect on your mortgage loan. Therefore, you should do your thorough research on who can offer you the best deals based on your exact needs!

Look at Reviews or Ask a Friend One of the best ways to find the best mortgage broker is by asking a friend for advice. If a loved one had a similar mortgage type, you can greatly benefit from their take on the process.

You can even avoid some common mistakes by listening to personal experiences. The personal reviews and testimonials can also be very telling of how a business is run. So don't hesitate to look at reviews that are on the website!

Always Trust Your Gut

Working with a mortgage broker can become a very personal experience. That's why it's crucial to trust your lenders and feel comfortable around them. So if at any point you feel uncomfortable or feel as if your needs aren't being fully met, look elsewhere!

Terms You Should Know

Mortgage loans can get confusing with all the different terms and conditions. So down below are some basic terminology you should memorize when speaking to mortgage brokers.

Escrow

Your mortgage payment includes more than just the principal and interest payments. Your property taxes, mortgage insurance, and homeowners insurance are also included in your payment. These charges all go into an escrow account your loan officer sets up for you.

Loan Servicer

The lender you get your mortgage through will usually sell your loan to a loan servicer. The loan servicer will send you a notice that your loan has been sold to them and provide information on how to send your monthly payments to them.

Down Payment

When you get a mortgage, the lender will usually not finance 100% of the purchase price. You will be responsible for the down payment, which is a portion of the sales price that is due upfront. How much you will need as a down payment will depend on the type of mortgage loan you get.

The down payment must come from your own funds or be a gift from a family member or friend. You cannot get a loan for the down payment. Lenders will look at your last 2-3 months of bank statements to ensure the funds are your own.

Interest Rate

The interest rate is the amount you will pay annually for borrowing the money from the lender. The amount of risk you present determines your rate. Your credit score is the biggest factor. The higher your score, the lower your interest rate will be.

Rates also vary by lender, which is why it’s important you compare loan offers and rates with at least 3-4 mortgage lenders before deciding to ensure your getting a competitive rate.

Annual Percentage Rate (APR) The annual percentage rate is the loan’s total cost, including the mortgage rate, closing costs, and any other lender fees. The APR is a quick and easy way to compare different loan offers to find the loan’s real cost and determine which loan will save you the most money.

Amortization

The amortization schedule shows how much of your monthly payment goes towards principal versus the amount that goes towards interest. In the beginning years of a mortgage, the majority of your payment goes towards interest. In the later years, the majority of your payment goes towards the principal balance.

What Are the Different Types of Mortgage Loans?

It's important to know all of your options before agreeing to a loan term. Down below is a list of different loans and their qualifications.

Home Possible Loans

These kinds of loans require a 620 credit score and a 3% down payment. They were originally created to compete against FHA loans because of the low down payments.

However, FHA loans are slightly more popular than these kinds of loans.

USDA Loans

A USDA loan requires no down payment! Not to mention, they also have the lowest mortgage insurance rates.

However, this kind of loan is exclusively offered to low to medium income levels. Lastly, these loans are only offered in rural parts of the U.S.

FHA Loans

These loans are backed by the Federal Housing Administration which makes them the most popular loan. This loan type requires a 3.5% down payment and a credit score of at least 580.

Conventional 97 Loans

Conventional 97 loans are different than traditional conventional loans. This is because they require a 3% down payment. Not to mention, they will require your credit score to be at least 680!

Conventional Loans Conventional mortgages require you to have a 620 credit score and put down around 5-20 percent of the loan. Lastly, these loans are not backed by the government.

VA Loans

A VA loan is offered only to military veterans. This loan does not require insurance of any kind or a down payment! If you're a military veteran ask your mortgage broker about a VA loan.

What’s Included in Your Monthly Mortgage Payment

When you get a mortgage loan, there are more things to pay besides just the principal balance and interest. There are taxes, insurance, and HOA fees to pay. Here is a breakdown of all the costs associated with a home loan.

Principle and Interest

The term "principal balance" refers to the total amount of money you borrowed. And every month, a portion of your monthly payment, will go towards this balance.

However, for the first few years, only a small portion of your payments will count towards the principal. But as time passes, the principal percentage per month will change. In other words, more of your monthly payments will go towards your principal!

Property Taxes

In the U.S. every homeowner has to pay property taxes per year. Your property taxes are based on your home and the county you live in.

Typically, part of your mortgage payments will go towards an escrow account. This means your lender will take care of the tax payments once they are due.

Mortgage Insurance

When you take out a mortgage, you'll be responsible for getting a PMI. A PMI is a private insurance that protects the lender if you miss a payment. Typically, you'll need a PMI if you have a conventional loan and your down payment was at least 20%.

Closing Costs

When you finalize your mortgage plan, most lenders will charge you a processing fee. This one-time fee covers a credit report, application fee, and origination fee!

All closing costs will differ depending on the lender. The best banks loans will have competitive closing costs. So, you should ask your mortgage broker about their fees before finalizing your mortgage!

Help and Support

When looking for the best bank loans and lenders, make sure you're also looking for help and support. With larger banks, the loan officers are busy handling multiple mortgage lines. Sometimes this makes it hard to get the support you need.

So if you're a first-time homeowner with many questions, consider a smaller and local bank! And always look into the bank's financial reputation before making a final decision.

Get a Home Loan Today

Your future awaits! So no more searching for "the best mortgage broker near me". Because now that you know about mortgages and lenders, there's nothing that can stop you! Remember to carefully review every detail of your mortgage arrangement before signing any paperwork.

Due to the COVID-19 pandemic, more and more individuals have begun to rely more on online banking than ever before.

Whether it be to deposit a check, initiate a transfer, or pay bills—it has never been easier to access our accounts.

In today’s digital age, there are many benefits to online banking services. It’s easy, convenient, and allows the everyday American to feel more empowered in their financial decisions.

But on the flip side, digital banking can be a dangerous place. Even though Farmers Bank’s online banking takes your security seriously, hackers and other criminals lurk around every corner.

In fact, the US Federal Trade Commission received 2.2 million consumer fraud reports in 2020 alone. 

As these hackers continue to advance their techniques and equipment, they become even more skilled in trying to gain access to accounts of unsuspecting consumers. Even the best online bank can fall victim to fraudulent activity should their customers’ accounts become compromised.

Luckily, there are several steps you can take to better protect yourself and your family as you use these resources.

Keep reading below to learn more.

Key Tips to Stay Safe While Using Our Online Banking Services

It's true the threat to consumer security is heightened while using a digital banking service. However, this does not mean these programs cannot be utilized safely. Customers can reap the many benefits and conveniences of online banking, by just taking a few extra steps to prioritize safety.

Consider implementing the below tips to improve your own online safety while accessing financial accounts

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Do Not Use a Shared Device

While it may be convenient to use digital banking services on the go, it’s important to only do so on a trusted device. Whether it be borrowing a friend’s cell phone, or at an internet café—you never know where your information may land.

This does not just apply to physical devices. Public Wi-Fi networks can serve as a gateway to hacking in many areas.

While it’s true most public networks have grown significantly safer—they may still fall victim to advanced hackers. Protect yourself, and be sure to avoid opening any online banking apps or websites while connected to these networks.

It is possible a malicious actor has placed malware on this device, or some other method of collecting your information. Even if just using a shared device for a few minutes—your account can become compromised with the click of a button.

It is far better to play it safe and avoid logging into sensitive accounts on shared devices.

Use a Unique Password

Most of us know by now how important it is to use a complex password. It should have a complicated combination of uppercase and lowercase letters, numbers, and special characters.

The more complex a password, the harder it is to hack.

But with that said, there is an extra layer of protection associated with these passwords. Be sure to avoid repeating passwords on other sites, that you then recycle for use with your Farmers Bank’s online banking account, as well.

Should that other, less secure site fall victim to hacking as well, the culprit may be able to connect that other account to your online banking system. From there, it is a simple click of a mouse to log right into your digital banking program.

In order to avoid this occurrence, be sure to use a complex and unique password for any digital banking accounts.

Keep Your Devices up to Date

Another important way to protect yourself while using an online banking service is to keep all devices up to date. This includes computers, cell phones, tablets, and other devices.

As technology continues to improve, manufacturers will issue system updates. This often includes security improvements, designed to protect consumers from the constant evolution of hacking.

The more outdated a device is, the less secure it tends to be. For this reason, it is imperative that you keep all devices as updated as possible before using digital banking services.

Remain Vigilant Beyond Online Banking

There are other common scams that do not just involve hacking accounts with computers. Phone scams continue to rise in popularity, targeting vulnerable populations in particular.

Be wary of any callers asking for personal information. Even if they identify as representatives of the bank, the government, or any other institution, be skeptical.

Do not be afraid to ask for proof of who the caller is, or what company they claim to be from. Better yet—hang up, and call back the publicly listed customer service number. If the company is legitimate, this should be no problem.

Above all, the best way you can protect yourself online is to stay on your toes. Remain vigilant, and don’t be afraid to be doubtful when something doesn’t feel right.

But in addition to this, it’s imperative that you have a partner in this fight. When looking for a bank in Idaho you can trust—Farmers Bank is the clear solution.

We work hand-in-hand to ensure we are doing our part to protect your accounts, as well.

Farmers Bank Online Banking Protects You

Even though there are plenty of dangerous actors out there looking to wreak havoc on your bank accounts, we are here to help. Farmers Bank online banking takes several key steps to protect our customers from falling victim to these attacks.

Furthermore, we offer free online educational courses with advice on how to better protect your identity. You can rest assured that Farmers Bank online banking takes your security seriously.

For more information on how you can stay safe while using our digital banking services, contact us today!

Your Southern Idaho Land Loan Experts 

There are dozens of reasons you may need to get a loan during your lifetime. From mortgages and auto loans to small business and personal loans, there is no shortage of loan opportunities available.

Though not quite as common as other types of loans, land loans are perfect for those looking to build their own house or use the land for recreational purposes.

What are Land Loans?

Land loans are loans specifically crafted for purchasing different types of land, either for personal or commercial use. Depending on your goals, there are different types of land loans available.

A raw land loan is for land that is completely undeveloped. This land does not currently have access to roads, electricity, or sewers. The benefit is that this type of land tends to be the cheapest.

Raw land loans are harder to get since they pose the most risk to lenders. You'll need a detailed plan of how you intend on using the land. A land loan down payment tends to be higher than home loans. You'll also want a strong credit score.

Unimproved land loans are similar to raw land loans, except the land has a bit more access. It may have access to some utilities and roads but isn't fully ready to build upon.

Lastly, improved land loans have greater access to utilities such as water and electricity, along with convenient roads. Improved land tends to be the most expensive type of land, but the loans are lower risk, meaning the requirements may not be as strict.

Most large, national banks do not offer land loans because they are at higher risk than home loans. Borrowers who finance land are more likely to walk away, leaving the lender to deal with an unwanted property. As such, residential or recreational land loan interest rates are usually higher than mortgage rates.

Smaller, local banks are more likely to work with you to obtain land loans, especially if you have plans to build in the immediate future.

Uses for Land Loans

There are many reasons to purchase land in the first place. Most people who intend on buying land plan to build their dream home or cabin. With a solid plan in place to make it happen, obtaining a land loan for this is very doable.

Land loans for agricultural purposes are also very common and have specialized land loans for this purpose.

Others purchase land in order to start a business or relocate their personal residence. Maybe they simply need more space or want to capitalize on up-and-coming areas. 

And still, others simply intend on using the land for recreational purposes. Having your own private piece of property to hunt, fish, or four-wheel is a dream come true for many.

Whatever your intended use, Farmers Bank is one of the best banks in the Magic Valley for land loans. We have a multitude of loan options and can work with you to create the perfect lending plan.

Land Loan Lenders Near Me

Farmers Bank is an independent community bank located in the Magic Valley of southern Idaho. With over 100 years of experience in serving our local communities, we pride ourselves on offering the best lending products for our customers.

We have six branch locations in and around Twin Falls. We can't wait to speak with you about your land-ownership goals. Whether you are looking to acquire new land or refinance land loans, we are here to help.

Contact us today so we can work together on creating the perfect land loan for you.

Farming is a business with significant equipment needs. Every farm operation relies on tools to help get the job done. While some equipment may only be a small purchase, other equipment is a significant investment.

Because the equipment is a major cost driver for farm operations, it is critical to evaluate and plan for your ongoing needs. In some cases, a farm equipment loan might make the most sense. Because the equipment is vital to keeping an agricultural business running at full capacity, it becomes a purchase that cannot be delayed.

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10 Ways Ag Loans Can Help Your Farming Business Grow 

 

Considerations of a Farm Equipment Loan

The decision to replace farm equipment is complex. When looking at existing equipment, you should factor in reliability, changes in capacity, and tax savings of a new equipment purchase.

But it is more than just the up-front cost. The total cost of ownership includes maintenance and the interest that may be paid on financing the purchase. However, these costs may be offset if production can increase, be made more efficient, or savings in repairs on older equipment.

As you look to make an equipment purchase, you can consider buying at a slow time to get a better deal. You can look at different financing options. An experienced agricultural lender can help you find the right loan term with a competitive interest rate and affordable repayment.

Reliable equipment can improve your overall farm operation. Purchasing production and processing equipment and help improve your profitability. Farm equipment loans can be used for a range of equipment and vehicles, such as:

• Combines
• Tractors
• Balers, plows, planters, and sprayers
• Drying and storage equipment
• Logging equipment

At the time that you begin assessing your equipment purchase, you should also start working on your loan application. You want to have your financing lined up at the time that you make the decision on which piece of equipment to buy. Even if you do not have the specifics, such as the final purchase price, talking to a lender can give you an idea of the terms and the monthly payment.

 

Information Needed for a Loan Application

If you have not taken out a farm equipment loan before, or it has been a while, you need to be prepared with some information when you talk to a lender. Having this information ready can make the process go more smoothly.

You will need to prepare a financial statement. These are often detailed and can take some time to compile. You'll need to provide schedules of your existing machinery and equipment, as well as your crop/livestock inventory, real estate, and other assets. You'll also need to identify any debts that you have, both personal and for the farm operation.

You will need to provide several years' worth of tax returns. The lender will look closely at your Schedule F to analyze your farm income and expenses. If you have your operating line of credit with the same bank, they may have some of this information on file, along with your projected cash flow for the year.

Once you have identified the equipment that you want to purchase, you need to give the bank a description of the equipment and the purchase price. This will be the collateral for your new farm equipment loan.

 

How to Qualify For a Farm Equipment Loan

The bank will gather your financial information and put your application through underwriting. A credit analyst will examine your cash flow and overall farm business based on the information that you have supplied.

Because of the cyclical nature of farming, cash flow can be tricky. You may have months where you do not have as much income, yet the equipment loan will still have a fixed monthly payment. Fortunately, experienced agricultural credit analysts are very familiar with monthly cash flow analysis and know-how to assess shortfalls.

If you have an agricultural operating line of credit, this can further supplement the months where you may fall short. The bank will know that you have access to funds, provided you have enough available on the line even with the new payment.

The bank is ultimately looking at your repayment capacity: does your farm operation generate enough income to make the payment on the new loan for farm equipment?

 

FSA Guaranteed Loans

If you have trouble qualifying for a loan due to lack of collateral, lack of credit, or lack of financial equity, you may be able to get a Farm Service Agency (FSA) guaranteed loan. The loan is still between you and the bank, but the FSA backs the loan, making it less risky for the bank.

While the FSA does not do term loans specifically to finance the purchase of equipment, it does provide operating loans, which could be used to buy equipment.

The FSA has different requirements for loan eligibility. You should talk to an FSA lender to determine what else you may need. In addition to the bank's own requirements, you may need to provide a resume, farm history, information on any past government loans, projections, and five years of crop yields.

The bank will go through its own approval process for your loan. Then the lender will submit your application to the FSA for approval. If approved, the FSA notifies the lender to close the loan and disburse the funds.

 

Finding a Lender for Your Farm Equipment Loan

When it comes to financing your farm equipment loan, you want a lender that understands agricultural lending. Farm operations are unique and different from commercial businesses. An experienced ag lender will help you find the right type of loan and terms to purchase farm equipment.

At Famers Bank, we have been working with Magic Valley ag businesses for over a century. Contact us today to speak to a lender about your farm equipment needs.

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Choosing Banks in Twin Falls, Idaho: A Guide 

Are you looking for a trustworthy bank in the Twin Falls area? Do you need a change of pace from the bank that you have used in the past? If so, then you need to identify the best banks in Twin Falls during your search.

Doing so can help you find a bank with a customer-first mindset. You need someone that's willing to give you financial support towards your endeavors and has a track record of success. Talk is cheap, let the bank's history determine whether they're to be trusted or not.

See below for a guide you can use to find reputable banks in Twin Falls. Find the best bank in Idaho, and your financial needs will be met from this day forward.

1. Focus on Tradition

As the great Martin Luther King Jr once said, "We are not makers of history. We are made by history". In other words, the history of each person or company speaks to how they think, act, and behave daily.

What does this have to do with banks? We at Farmers Bank believe that history can help you indicate which bank you should trust with your personal and commercial finances. 

Some banks have a questionable reputation in their history. At Farmers Bank, we pride ourselves on our roots. Our bank began in 1917, and has been run by the Hamilton family lineage ever since!

In over 100 years of business in the state of Idaho, we've developed successful branches in six different locations. We take the time to train our staff efficiently to ensure they provide our customers with friendliness and fair offers on all of our services.

We're not just a bank, we're a member of the Twin Falls community. We want your personal and commercial needs to be met so that you can also help us grow our community's future.

2. Accessibility

There's a balance to be had when finding the bank that you'll trust with you and your family's finances.

You want to find a bank that has the friendliness and at-home feel of a smaller bank, but one that is also accessible wherever you are in town. Otherwise, you have to go out of your way to withdraw money, discuss loans with the bankers, etc.

As previously mentioned, Farmers Bank currently has six locations, three of which are within the Twin Falls city limits. We have our Blue Lakes, Pole Line, and Shoshone Street locations.

If you're a bit outside of Twin Falls, you can also visit our Wendell, Jerome, or Buhl location. We want you to feel like you have a special connection with each of our branches.

Our goal is to make you feel right at home, no matter which branch you visit. As our mission statement implies, we strive to make a "Tradition that you can count on" for each of our locations.

Wherever we set up shop, we're focused on that branch helping build the economic strength of that community. As a whole, the state of Idaho is on the rise, and we want it to have a scalable economic backing as it continues to grow!

3. Innovative Products and Services

At first glance, you might assume that a bank that prides itself on tradition wouldn't be open to new ideas. 

While tradition is at the backbone of everything we do, it doesn't stop us from adding new and innovative services that are going to improve our customer's experience.

Any time you look into a bank, make sure they offer groundbreaking services for your convenience. For example, mobile banking can help you do such things as:

1. Make sure your bill payments are on time.
2. View your account transactions.
3. View your account's balances.
4. Transfer funds from one account to the next.
5. Customize the alerts sent to your phone, ensuring you're in the loop with your accounts.

4. Loan Options

Imagine the horror of committing yourself to a bank, then finding out they don't offer the type of loan that you need. For example, they might not offer agricultural loans, consumer loans, or small business loans.

Now you're forced to go to another bank besides your primary one to get the loan you need. 

At Farmers Bank, we offer loans such as:

• Small Business (SBA) Loans
• Consumer Loans
• Ready Reserve
• Agricultural Loans
• Home Mortgage Loans
• Commercial Loans

If you have a need, we can accommodate it. We want to make sure you have the financial backing that you need for all your personal and business endeavors.

5. Focus on Both Personal and Business 

It's rare to be able to find a bank that focuses on providing personal and business products for its clientele. They usually prioritize one or the other, severely lacking in opportunistic products for the other.

At Farmer's Bank, we're committed to both. We realize the impact that both personal and commercial finances play in our Twin Falls community. 

Look for Banks in Twin Falls that offer personal financing services/products such as:

• Certificates of Deposits
• Mobile Banking
• Bill Pay
• uChoose Rewards
• Check Reorder
• Safe Deposit Boxes 
• Individual Retirement Accounts & More

On the business side of things, look for banks that offer products such as:

• Electronic Banking
• MyCardCreation®
• Bill Pay
• e-Statements
• Business Check Cards
• Business Credit Cards

Find the Best Banks in Twin Falls for Your Needs

Now that you have seen the different factors that you should look for in the best banks in Twin Falls, make sure to use them to your advantage.

Be sure to read this article for more information on the 5 reasons why you should choose Farmers Bank over any other banks in Twin Falls.

For more inquiries, please be sure to reach out via our contact us page and we will be happy to assist you further.

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5 Tips to Prepare for a Mortgage

Buying a home is one of the biggest investments and commitments that you’ll make in your lifetime. As you prepare to purchase your first (or even second or third) home, you need to establish a solid savings plan along with good spending habits. Below are five tips on how to better-prepare for a mortgage.

• Put Together A Realistic Budget 

  Creating a monthly budget is a great way to save for a down payment on a home while also giving you a better idea of how much you can realistically spend on a monthly house payment.
  
  
  • The general rule of thumb is that a household should spend no more than 28% of its total monthly income on housing expenses. Another recommendation is that the household should spend a maximum of 36% on all of their debt, combined. Knowing this, and these numbers, should help as you begin to plan a budget that doesn’t break the bank and leave you financially distressed.
    
    
  • Budgeting is a great way to get in the habit of paying a large monthly payment. A great place to start would be by putting an estimated house payment into a designated savings account each month to help you save up for a down payment, while also getting you into the habit of spending $XXXX each month (with money set aside for additional housing expenses that may pop up along the way).

• Save Up For a Down Payment

  Most financial institutions recommend saving at least 20% of your total estimated mortgage when buying a home.
  
  
  • The more money you have to put toward a down payment, the lower your interest rates and monthly payments. This can take months, even years to accomplish; which is why is important to start saving early when considering buying a home.
    
    
  • Another option is to apply for an FHA loan. These loans, insured by the Federal Housing Administration, are strictly reserved for first time home buyers. They allow lower down payments (3.5%) as long as you have a 580+ credit score. You can still qualify for an FHA loan if your credit score ranges from 500-579 if you have 10% down. Mortgage insurance is required for these types of loans, but it makes buying a home more affordable for those who aren’t capable of saving 20% of their total estimated mortgage cost.

• Pay Off Your Debt

  Before diving headfirst into a heaping new pile of debt, you should begin working to pay off your smaller loans to help cut back on your monthly costs. A great strategy to apply here is the debt snowball technique taught by personal finance guru, Dave Ramsey.
  
  The Debt Snowball 
  • This strategy revolves around paying off your smallest loans first while continuing to make the minimum payments on your larger debts. As you pay off each loan, you will then redirect or “snowball”, the funds you were spending toward your next loan on your list, with each payment getting larger and larger without changing your monthly living costs. This strategy may not save you on interest, but it helps keep you motivated to tackle each loan.
    
    
  • Think of it this way: Say you have a car loan for $12,000 and a total of $40,000 in student loans. You would dedicate as much of your expendable income as possible toward your car payment ($300/month) until that loan is paid off while still making the bare minimum payment of $400 on your student loans. Once your car is paid off, you would then pay a total of $700/month of your student loans until those are completely paid off.
    
    
  • The debt snowball technique is just one of the many strategies used to pay down your debts. Do your research and find one that works best for you. Keep in mind that as you pay off each loan your credit score will change. Some debt can be used to your advantage when it comes to building your credit score (see below).
    
    

• Build Your Credit Score

  Your credit score has a major impact on your ability to finance a home. The higher your credit score, the lower your interest and monthly payments will be
  
  
  • Lenders look at your credit score as a way of analyzing whether or not they can trust you to make monthly payments. It is important that you are familiar with your own credit score and that you work to improve your credit score in the months leading up to applying for a mortgage.
    
    
  • Make sure not to close any of your current accounts during the same calendar year that you plan to buy a home, as this can drastically affect your score. Be sure not to sign or co-sign for any other major loans during that time, as well. Reach out to a bank mortgage loan officer at Farmer’s Bank for more information on ways to improve your credit score. Contact us at 208-734-1500 or contact us online.
    
    

• Last but not least… Do your homework & be realistic with your goals

  
  Don’t rush into a mortgage just because you’re in a hurry to close on a home. Be sure to look into different lenders and options to make sure that you get the best deal possible - you’ll be making payments on this mortgage for a good portion of your life so make sure to take your time and do your research. Understand the difference between a 15- and a 30-year mortgage while also double-checking on prepayment penalties to ensure you don’t get penalized for paying your mortgage (or any other loan) off early.
  
  Realistically set a time frame that you aim to accomplish these tasks so that moving forward you’ll be set up for success. The more upfront you are with your goals and expectations at the beginning of the process, the better off you will be five years down the road when you’re in the smack-dab in the middle of it all.

Are you looking for a new bank that you can build a business relationship with? Are you tired of feeling uneasy about the way that your current bank treats you? If so, then you need to learn more about Farmers Bank and why we're the best option for your needs. Doing so can help you make an informed decision. As our motto implies, we pride ourselves on being “A Tradition You Can Count On”. In other words, a tradition that's so tried and true, it'll work wonders for your needs.