Vermont Mortgage Refinance

Refinance Rates

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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Bordering the Canadian province Quebec, Vermont is found between New Hampshire, Massachusetts and New York. Nicknamed the "Green Mountain State" for the French words "mont vert", Vermont was heavily dependent on stone quarries. In fact, the state was the second largest producer of marble, granite and slate, with over one hundred varieties of marble employed throughout the nation in government buildings and national memorials. The largest cities by population are Burlington, Essex, Rutland, Colchester, South Burlington, Bennington, Brattleboro, Hartford, Milton and Barre.

Vermont has lost its share of jobs like other states, but it has also started to recover from the recession. More jobs are being created and analysts expect the next three years to be even more productive. As one of the states that was least hit by the heavy numbers of foreclosures, Vermont has managed to stay above-board mainly because the state did not experience the same "up and down" housing market that the rest of the nation experienced. Even as early as February 2010, Vermont's economy was considered the second fastest growing economy in the country. And, all this is good news for home owners because it provides them with many options when it comes to refinancing their mortgages.

Another positive statistic crucial to Vermont's housing and mortgage markets is the fact that fewer people are applying for unemployment benefits. Weekly numbers from October 2010 show the trend steadily decreasing, meaning that people have jobs and in most instances would qualify for Vermont mortgage refinance. With a slight dip in interest rates, even mortgage holders with affordable monthly payments might benefit from refinancing in order to upgrade their homes, for instance. Reinvesting in one's home is prudent, especially if there are renovations or projects that have been waiting for completion.

In addition to refinancing with traditional lenders, Vermont residents might consider specific government sponsored programs. Service personnel and military veterans may be eligible to apply for VA loans from The US Department of Veterans Affairs. Mortgages are available for first-time home purchases, refinancing to reduce interest rates or monthly mortgage payments, and cash-out refinancing up to ninety percent of the loan-to-value. In other words, if an existing mortgage is $50,000 and the house's value is $125,000, there is $75,000 remaining in equity. The home owner could conceivably take out $62,500 in cash, bringing the total Vermont mortgage refinance to $112,500 which is ninety percent of the $125,000. Since the VA will only guarantee a portion of the loan value, each real estate region in the US has different limits set out by sales in the secondary market. Consequently, the total value of the loan in Vermont cannot exceed $417,000.

The Vermont Housing Finance Agency also has programs available for most home owners including those living in, and purchasing mobile homes that are permanently attached to properties. For example, mobile homes used for recreation would not be eligible, but trailers that are primary residences may qualify for mortgages under the Direct Home Loan Program. Depending on the program, residents may also benefit from savings on the Vermont Property Transfer Tax, as much as $625, since VHFA borrowers are exempt on the first $110,000.

Finally, as recently as October 2010, the VHFA issued a press release indicating that their loans resulted in much lower delinquency and foreclosure rates than other loans in Vermont itself, and the country as a whole. The agency further stated that 4.125% for a thirty- year, fixed rate loan is the lowest home rate it has offered in thirty-six years. Needless to say, home owners considering Vermont mortgage refinance should review the agency's website to determine whether they are eligible for any of the available home loan programs.

Unquestionably, Vermont is a beautiful state with four magnificently distinct seasons which welcome visitors year round from far and near.

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