Montana is one of the most beautiful places in the world. There is no other place where one can feel so close to the stars, which is why it was given the name The Big Sky State. Montana is home to diverse wildlife, and some of the world’s most spectacular national parks. In addition, Montana is a welcome relief from all of the insanity that the city has to offer. This makes Montana more than an ideal place to live; it makes it an oasis in the middle of a very hectic country. This has made Montana a popular destination for individuals who are looking to purchase a home. While this is good news for current residents of Montana, the demand for homes is driving the prices up for potential residents of the state. This price is in addition to the already expensive housing costs that have forced so many Montana residents to struggle from paycheck-to-paycheck. For some of these individuals, refinancing could be the answer to their financial troubles.
Quick Montana Housing Facts:
- Percent of homeowners in Montana: 69.1%
- Percent of renters in Montana: 30.9%
- Median annual income in Montana: $34,871
- Average credit score in Montana: 701
- Best Montana city to live in: Billings, MT
- Median Montana home value: $99,500
When to Refinance in Montana
The process of refinancing consists of a current homeowner obtaining a new loan on their existing home to pay the balance remaining on their current home loan. This process allows individuals who have been in their homes for a while to gain access to their equity, and it allows them a chance to take advantage of lower interest rates and creative financing packages that may not have been available when they initially purchased their homes. With regard to refinancing in Montana, timing is everything. One must gauge the proper time at which interest rates are significantly low in relation to your current rate, which means that interest rates must be 1.5% to 2% below what you are currently paying. In addition, it is very important to pay attention to hidden costs and closing charges that may make the process of refinancing counterproductive if they are too high. It is also beneficial to determine the terms and conditions attached to your existing mortgage to ensure that there are not large penalties associated with paying it off early.
How much house can I afford in Montana
One of the biggest problems facing Montana’s homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Other things to consider when calculating how much you can afford are: 1) do you have any other monthly obligations – such as credit cards or student loans, and 2) what will your tax burden be.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.