Vermont Mortgage Rates
Check Current Mortgage Rates
VERMONT CONFORMING 30 YEAR FIXED RATESToday's Average: 4.95% What does this mean?
About Mortgage Rates in Vermont
It is no different obtaining a mortgage in Vermont than it is in other states. The housing units are upwards of 300,000 with more than 70% being owner occupied. Banks are competing for your business and are offering loans with adjustable and fixed rates as well as a variety of other loan options. If you are in the market to refinance your Montpelier, Burlington or other Vermont home, you will also find a variety of packages that can suit your needs.
Mortgage 101 offers online tools to help you calculate mortgage costs as well as information to understand the process. Check us out and let us help you find the perfect mortgage loan.
The 5/5 & 5/1 Adjustable Rate Mortgage
This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage
Fixed Rate Mortgages in Vermont
This is your parent's mortgage loan. The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower.
In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.
Other Mortgage Terms
Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent.
Closing Costs - Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee property taxes charges for title insurance and escrow costs appraisal fees etc. Closing costs will vary according to the area country and the lenders used.