Vermont Mortgage Refinance

Whether it’s the changing seasons or the laid back lifestyle, Vermont continues to be a destination to live and visit. Nicknamed the “Green Mountain State,” Vermont (population 623,908) offers many housing and mortgage choices. Many Vermont home owners are choosing to refinance their mortgage to obtain a lower monthly payment. For a 5/1 adjustable mortgage rates (ARM)  are as low as 3.92% APR to 4.05% APR. Borrowers interested in a fixed rate product can benefit from a 30 year mortgage rates from 5.01% APR to 5.28% APR. Before deciding on a specific product, Vermont home owners should understand the difference between a fixed and ARM mortgage. For the more traditional borrower, a fixed rate product may be more attractive because the rate remains the same throughout the life of the loan. However, ARMs typically have lower rates. Payments are lower during an initial period, then fluctuate based on market changes. Also, when refinancing in Vermont, borrowers should have a grasp on state-wide and local home values. The median home value in Vermont is $147,300; however homes in Woodstock (05091) have values ranging from $350,376 to $411,311. Property price should also be considered. For example, the median home price in Vermont is $249,600; however homes in Burlington (05401) sold for $360,000 and $499,000. IN other areas, such as Williamsville (05362), homes have sold for $138,000 and $215,000.