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Vermont Mortgage Rates

Overview of Vermont Mortgages and Rates

Tucked away in northern New England is the Green Mountain state of Vermont. Admitted into statehood in 1791, Vermont ranks 49th in terms of population, with just slightly more than 600,000 people making it their permanent home. First settled by Native Americans then colonized by the British Army, Vermont’s economy is fueled by an interesting mix of agriculture and technology. Dairy cows and maple trees dot the countryside and wide paths of cleared forest make for some of the most exhilarating downhill skiing anywhere in the states. In Vermont you’ll find small town charm and vibrant city life, IBM and Ben & Jerry’s, and lots of tourists. If this sounds like your definition of paradise, Vermont home ownership may be in your future.

Vermont fixed-rate mortgages

The conservative fixed rate mortgage suits the conservative lifestyle predominant in Vermont. In a state where little changes except for the seasons, homeowners find comfort knowing their mortgage interest rate, monthly payment, amortization schedule, and maturity term will never change. They need not worry about having to refinance to cover huge balloon payments. The most popular FRM is the 30-year, but lenders also offer shorter and longer terms. They can be structured for as little as 10 years or as long as 50 years. As an incentive, interest rates on shorter term loans typically are lower than what’s offered on longer term FRMs.

Compare Vermont mortgages

It’s nearly impossible to know if you’ve got the mortgage with the lowest rate unless you take time to compare offers. In order to get multiple offers, you need to start by contacting multiple Vermont lenders. This step is easy when you use the contact information found in the Vermont broker directory at MortgageSearchLive.com.

As you compare offers, keep this in mind:

  • t’s possible that the quotes you get will be for different types of mortgages. If so, first separate the quotes by type. Put the FRMs in one pile and the ARMs in another. Be sure you understand how each type of mortgage works. Then use mortgage calculators to pit the best FRM against the best ARM.
  • You do want to pursue the option offering the lowest mortgage payment. But interest-only mortgages and ARMs are not always the best. When you only make payments equal to the interest owed, it’s difficult to lower the Vermont mortgage debt balance.

Popular Areas in Vermont

Barre
Bennington
Burlington
Rutland
South Burlington