If you’re planning on buying a home in Vermont, you’ll want to make sure that you are getting the best mortgage rate possible. Your mortgage rate will depend on a wide array of factors, including your income, your credit score, your debt-to-income ratio, and how much of a down payment you can plunk down.
You can help yourself get the best mortgage rate in Vermont by checking your credit before you apply for a home loan, making sure all of your documentation is in order, and getting preapproved by a reputable mortgage lender.
Here’s a quick look at current Vermont mortgage rates:
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Dreaming about buying a home in Vermont? Your own cozy cottage could be waiting for you in the Green Mountain State. Here’s what you need to know:
Where in the tiny state will you find your home? Vermont is well known for its bed and breakfasts, but has a stable year round population of a little over 600,000 persons, of which roughly one in seven live in the state’s five largest (although still small) cities:
How much home will you be able to afford in bucolic New England? Vermont ranks 22nd in US homes for sale at average price, and 40th for homes over $1,000,000. Getting preapproved can help you accurately review your budget before start attending open houses.
If you are a first-time home buyer, you may be able to qualify for assistance through a program administered by the Vermont Housing Finance Agency’s (VHFA).
The MOVE program offers the organization’s lowest interest rates, can have a low down payment requirement, and may be combined with down payment assistance as well as a $825 credit on the Vermont transfer tax.
Down payment and closing costs assistance are offered of up to $5,000 in the form of an interest-free loan, forgivable after five years if you live in the home the full time.
Borrower requirements are fairly strict, and include the following:
If you need to refinance a home in Vermont to take advantage of favorable Vermont mortgage rates, you can do any of the following:
A streamlined refinance may be in the cards assuming you have a certain type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.