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Vermont Mortgage Loans – 3 Things to Watch Out For
Because the majority of its residents live in communities that have a population of less than 2,500 people, Vermont is often considered to be one of the more rural states. But, this doesn't mean that Vermont is a bad place to buy a home. The Green Mountain State is well known for its diverse, but strong housing market. Homebuyers can find everything from historic homes to modern constructions—all at a fair price.
While there are many benefits to buying a home in Vermont, there are a few things borrowers will want to watch out for when shopping for a mortgage loan:
Predatory Lending
Predatory lending is a serious problem in all states. For this reason, many states in the U.S. have enacted predatory lending laws. Unfortunately, Vermont has no such legislation at this time. When searching for a Vermont mortgage loan, you must be very careful to find a lender that is reputable. If you have any questions specific questions about lenders or lending regulations in Vermont, contact the Vermont Housing Authority at 1-802-828-3295.
Interest Rates
Because lending regulations are so lax, interest rates on Vermont mortgage loans can vary significantly from lender to lender. Average prime interest rates in Vermont currently range from 5.5 percent to 7 percent, but these figures can change on a daily basis. It is a good idea to find out what the average interest rate is the day before you apply for a loan.
Excessive Lending Fees and Closing Costs
Just as interest rates vary, so do mortgage loan closing costs and lending fees. Because these charges can impact the total cost of your loan, you should always ask for written estimates that you can use to make comparisons. On average, it costs $2,950 to close a home mortgage loan in Vermont.
Visit Vermont Lending Center for a list of Recommended Vermont Home Mortgage Lenders, whether you are looking for home purchase, refinance or a home equity loan.
Source: www.a1articles.com