Business Spotlight! Affinity Mortgage

Brian Fullmer is an Idaho native born and raised in the Boise area. He attended Boise State University focusing on Finances. While still in school, he began working at Affinity Mortgage Group as a Marketing Partner, and after graduating, made the transition to Mortgage Planning.

He is one of the top producing Mortgage Planners in the Northwest. Because of that, he’s able to spend time doing what he loves like; traveling, snowboarding and boating with his family. He considers himself a “foodie” (meaning he enjoys really good food). And if you want to talk basketball, he is slightly bent towards the Miami Heat so be prepared.

Brian and his wife Nicole have two children: a son and a daughter.

Old Boise 6th and Main

History

The east end of Boise’s downtown commercial district, now known as Old Boise, has a distinctive and rich heritage that goes back to the founding of the City of Trees in 1863.

Some of the first buildings in the Old Boise area included former Mayor Cyrus Jacob’s 1864 home, which still remains on Grove Street. Another mayor, Thomas Logan, resided in a unique 1865 adobe structure at 6th and Grove; and the Log Pierce Cabin was located on the alley behind the Boise Marble and Granite Yard at 5th and Main. Both the Logan and Pierce homes have been relocated a few blocks south next to the Idaho Historical Museum.

Many gatherings were held at the Good Templar Hall, which was built in 1865 on the present site of the Pioneer Tent & Awning Building. The temperance organizations that built the hall opened it to minstrel shows, theater productions, lodge meetings and fireman’s balls. The first two sessions of the Territorial Legislature were also held in this building.

Across Main Street, the Stone Jug Building was virtually the seat of government in Idaho before 1886. The Stone Jug was the law office of Edward J. Curtis, who was appointed Secretary of the Idaho Territory and acting governor in 1869. The building was replaced by the present Telephone Building in 1899.

A wide variety of building types exist in Old Boise including dwellings, fraternal halls and commercial structures. The majority are two-story brick buildings with stone trim. The more distinctive historic buildings in the area include the 1879 Perrault Building, the 1892 Masonic Temple, the 1892 Spiegel Building – Night Grocery (Pengilly’s Saloon), the 1904 Belgravia Apartments, and the 1906 Boise City Turnverein Building.

The area peaked in 1910 with the development of the Statesman and Pioneer Tent & Awning Buildings. The last major historic building constructed in the area was the 1917 Fraternal Order of Eagles Hall.

Notable features of the Old Boise district included early gas street lamp,s which were replaced by ornate single-electric globe cast-iron lights. A few of the cast-iron lights remain.

In 1866 the Boise City Canal Company developed the Boise City Canal, which still runs on the north side of Grove Street. The Grove Street Ditch, as it was referred to, had large waterwheels every 50 to 100 feet in order to irrigate the many Lombardy poplar and elm trees that lined the street.

Before the turn of the century, Grove Street was the finest principal residential street in the city with numerous elegant homes such as the former DeLamar Mansion (originally built by C.W. Moore) and the Lafayette Cartee home. Natural hot water was provided to the area by the Artesian Hot & Cold Water Company in 1891.

In 1891 the Boise City Rapid Transit opened one streetcar line on Main Street with a passing track in front of the Belgravia. For five cents, one could take the streetcar out Warm Springs Avenue to the Natatorium. Main Street was later paved in 1897.

A unique gift was made to the area on March 7, 1916, when Crawford W. Moore gift-deeded two lots on the original townsite behind the Belgravia for a children’s park. The park conveyance was used on the specific condition that the said premises shall be used solely and only for a playground and park for children and for no other purpose whatever. The lots were in the area included the Empire Theater, now Idaho Blueprint, and the existing magnificent 1927 Ada-Egyptian Theater.

The Basque community has provided a cultural heritage to Old Boise with the presence of rooming houses, churches and meeting places. The 1885 Aquirre Building, formerly the Star Rooming House, served as one of the main winter residences for Basque shepherds. The building at one time had a large pelota court (similar to handball), that was a favorite game of the Basques. Basque culture continues to be prevalent at the recently remodeled Basque Museum & Cultural Center at 6th and Grove Streets.

The Old Boise area remained stable up until the 1950s, when it began to take on a neglected look. Over the years, many of the buildings were unsympathetically remodeled and new buildings, without the architectural character of the older structures, intruded into the district. Numerous seedy bars and pawn shops on Main Street added to the area’s decline.

Fortunately, preservation-minded new owners began to see the unique character of the district, and in 1973, the wooden Star Boarding House was handsomely restored, along with the Winery Building. In 1974, Joan Carley purchased the Pioneer Tent and Awning Building and undertook a major renovation that has changed the spirit of the area to one of preservation of its old buildings and to the development of a specialty shopping area of unique shops and restaurants. A number of other renovations have occurred and others are planned for what is now the largest group of historic structures in Boise. The area was strengthened in the ’80s when the “Old Boise Historic District” was named to the National Register of Historic Places.

Types of Mortgages: Which One Is the Right One?

When the homeowner approaches the lender and they begin the process of filling out the mortgage loan application, it is a very good idea to know what types of mortgages are available and the advantages and disadvantages for each of them. This article takes a look at one year adjustable rate mortgages, fixed rate mortgages, 2-step mortgages, 10/1 adjustable rate mortgages, 5/5 and 5/1 adjustable rate mortgages 3/3 and 3/1 adjustable rate mortgages, 5/25 mortgages, and balloon mortgages.

Fixed Rate Mortgages

A mortgage in which the interest rate remains the same throughout the entire life of the loan is a fixed rate mortgage. These loans are the most popular ones, representing over 75% of all home loans. They usually come in terms of 30, 15, or 10 years, with the 30-year option being the most popular. While the 30-year option is the most popular, a 15-year builds equity much faster.

The biggest advantage of having a fixed rate is that the homeowner knows exactly when the interest and principal payments will be for the length of the loan. This allows the homeowner to budget easier because they know that the interest rate will never change for the duration of the loan.

Not only are fixed rate mortgages the most popular of home loans, but they are also the most predictable. The rate that is agreed upon in the beginning is the rate that will be charged for the entire life of the note. The homeowner can budget because the monthly payments remain the same throughout the entire length of the loan. When rates are high and the homeowner acquires a fixed rate mortgage, the homeowner is later able to refinance when the rates go down. If the interest rates go down and the homeowner wants to refinance, the closing costs must be paid in order to do so. Some banks wishing to keep a good customer account may wave closing costs. If a buyer buys when rates are low they keep that rate locked in even if the broader interest rate environment rises. However, homebuyers pay a premium for locking in certainty, as the interest rates of fixed rate loans are usually higher than on adjustable rate home loans.

Adjustable Rate Mortgages

One Year ARMs

A mortgage loan in which the interest rate changes based on a specific schedule after a “fixed period” at the beginning of the loan, is called an adjustable rate mortgage or ARM. This type of loan is considered to be riskier because the payment can change significantly. In exchange for the risk associated with an ARM, the homeowner is rewarded with an interest rate lower than that of a 30 year fixed rate. When the homeowner acquires a one year adjustable rate mortgage, what they have is a 30 year loan in which the rates change every year on the anniversary of the loan.

However, obtaining a one-year adjustable rate mortgage can allow the customer to qualify for a loan amount that is higher and therefore acquire a more valuable home. Many homeowners with extremely large mortgages can get the one year adjustable rate mortgages and refinance them each year. The low rate lets them buy a more expensive home, and they pay a lower mortgage payment so long as interest rates do not rise.

The loan is considered to be rather risky because the payment can change from year to year in significant amounts. Unless the buyer plans to quickly flip the property or has plenty of other assets and is using an interest-only loan as a tax write off, almost anyone taking adjustable rates should try to pay extra in order to build up equity in case the market turns south.

10/1 ARMs

The 10/1 ARM has an initial interest rate that is fixed for the first ten years of the loan. After the 10 years is up, the rate then adjusts each year for the remainder of the loan. The loan has a life of 30 years, so the homeowner will experience the initial stability of a 30 year mortgage at a cost that is lower than a fixed rate mortgage of the same term. However, the ARM may not be the best choice for those planning on owning the same home for over 10 years unless they regularly make extra payments & plan on paying off their loan early.

2-Step Mortgages

An adjustable rate mortgage that has the same interest rate for part of the mortgage and a different rate for the rest of the mortgage is called a 2-step mortgage. The interest rate changes or adjusts in accordance to the rates of the current market. The borrower, on the other hand, might have the option of making the choice between a variable interest rate or a fixed interest rate at the adjustment date.

Those borrowers who make the decision to take a two-step mortgage are taking the risk of the interest rate of the mortgage adjusting upward after the expiration of the fixed-interest rate period. Many borrowers who take the two-step mortgage have plans of refinancing or moving out of the home before the period ends.

5/5 and 5/1 ARMs

The 5/5 and the 5/1 adjustable rate mortgages are amongst the other types of ARMs in which the monthly payment and the interest rate does not change for 5 years. The beginning of the 6th year is when every 5 years the interest rate is adjusted. That’s every year for the 5/1 ARM and every 5 years for the 5/5. These particular ARMs are best if the homeowner plans on living in the home for a period greater than 5 years and can accept the changes later on.

5/25 Mortgages

The 5/25 mortgage is also called a “30 due in 5” mortgage and is where the monthly payment and interest rate do not change for 5 years. At the beginning of the 6 th year, the interest rate is adjusted in accordance to the current interest rate. This means the payment will not change for the remainder of the loan. This is a good loan if the homeowner can tolerate a single change of payment during the loan period.

3/3 and 3/1 ARMs

Mortgages where the monthly payment and interest rate remains the same for 3 years are called 3/3 and 3/1 ARMs. At the beginning of the 4th year, the interest rate is changed every three years. That is 3 years for the 3/3 ARM and each year for the 3/1 ARM. This is the type of mortgage that is good for those considering an adjustable rate at the three-year mark.

Balloon Mortgages

Balloon mortgages last for a much shorter term and work a lot like a fixed-rate mortgage. The monthly payments are lower because of a large balloon payment at the end of the loan. The reason why the payments are lower is because it is primarily interest that is being paid monthly. Balloon mortgages are great for responsible borrowers with the intentions of selling the home before the due date of the balloon payment. However, homeowners can run into big trouble if they cannot afford the balloon payment, especially if they are required to refinance the balloon payment through the lender of the original loan.

January 2015 Market Update

January 2015 Market Update View this email in your browser

January 2015 Ada/Canyon County Market Update  Inventory has been decreasing lately but the market action index is falling also.  With days on the market climbing, these are relatively negative implications for the market.   Supply and Demand  The market remains in a relative stasis in terms of sales to inventory.  Prices have not been moving higher for several weeks.  However, inventory is sufficiently low to keep us in the sellers market zone.  So, watch for changes in the Market Action Index if the market heats up persistently prices are likely to reume and upward climb. Price The market appears to be hovering around this plateau.  Look for a persistent change in the Market Action Index before we see prices deviate from these levels.

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