Vermont is one of the most beautiful states in the country. It has wonderful skiing, great weather, amazing natural wonders, and it is located on the east coast, which means that it is central to all of the culture and art that the United States has to offer. Vermont is another one of those amazing locations that boasts a dramatic shift from season to season, and it is famous for the wonderful changing leaves each autumn. This makes it easy to understand how living in Vermont would be a very smart decision. Many current residents love their homes, and they love their state; however, a lot of these individuals and families are being burdened by their large monthly mortgage payment. This hefty payment cuts into each aspect of financial freedom for which each family works. By refinancing, many of these individuals can be set free from their inflated mortgage payments. The term sounds intimidating, but the concept of refinancing is rather simple. Homeowners obtain a new loan for the amount of their current balance on their existing home loan. This new loan liberates equity, and it allows for homeowners to take advantage of creative financing options that may not have been available when they first purchased their home.
Quick Vermont Housing Facts:
- Percent of homeowners in Vermont: 70.6%
- Percent of renters in Vermont: 29.4%
- Median annual income in Vermont: $43,623
- Average credit score in Vermont: 706
- Best Vermont city to live in: Colchester, VT
- Median Vermont home value: $111,500
When to Refinance in Vermont
Before you even consider refinancing, consult your current loan information. Check to find out what the ramifications are for paying off your loan early. If they are minimal, then continue to research potential refinancing agencies. If not, then you may want to reconsider refinancing altogether. Next, be sure to check into each agency from which you solicit information. Ask friends and family members about their reputation. You may even want to consult your current loan provider to see if they know of reputable agencies that offer affordable and trustworthy refinancing programs. You will also want to keep a close eye on the behavior of rates in the marketplace. If they are consistently falling below 1.5% less than what you are paying, then it is likely a good time to refinance, but if they do not reach at least 1.5% less than what you are paying today, then you should wait to refinance.
How much house can I afford?
One of the biggest problems facing Vermont’s homebuyers is figuring out how much house you can afford. We offer a whole host of mortgage calculators to help you decide which mortgage will fit your budget and your life.
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.