Today's Mortgage Rates
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Wyoming residents are known for cherishing wide open spaces and the outdoor life. Even so, everyone needs a roof over their head. That's where a mortgage comes in.
You have a range of options when choosing a home loan to finance your home on the range, but sorting through them all can be confusing. The resources on this page can help. Here, you can not only get the rates being offered by select lenders, but you can also see the actual rates individual Wyoming borrowers have been able to get on their mortgages. You can also get fast, personalized quotes from up to three lenders by using the form at below left.
In addition, MortgageLoan.com has tons of resources to help you research your options and learn about mortgages and the process of buying or refinancing a home. Just check out our subject headings at the top and bottom of this page, or use the search feature to find helpful articles on the topics you're interested in. We're here to help!
Wyoming home loans
Fixed-rate mortgages are the most popular type of home loan in Wyoming, with 30-year loans being the most common type. This type of mortgage lets you enjoy a low monthly payment while locking in your interest rate for the life of the loan, so you know your mortgage payments will never increase (not counting taxes and homeowners insurance).
Other Wyoming borrowers may choose to opt for an ARM, or adjustable rate mortgage. With this type of loan, the interest rate adjusts periodically based on current market conditions. This lets you get a lower initial rate than you would get with a comparable fixed-rate mortgage. This type of mortgage is good for people who expect to sell or refinance their home in a few years, as that type of borrower doesn't benefit from locking in a rate long-term.
For refinancing, you can use either a fixed-rate mortgage or ARM. Borrowers who have owned their home a number of years often opt for a 15-year fixed-rate mortgage, as it allows them to pay their loan off more quickly and at a lower interest rate.
Credit scores, down payments and interest rates
A good credit score makes it easier to qualify for a mortgage and will save you money as well. A FICO score in the 700s will enable you to get a better rate than a borrower with a lower score, with the best rates usually going to borrowers with scores of 740 and above. Borrowers with scores in the 600s or lower can still qualify for a mortgage, but often face higher interest rates or other cost, particularly on conventional loans.
While a down payment of at least 20 percent is considered ideal, you can still qualify for a mortgage in Wyoming with as little as 3-5 percent down, and VA and USDA borrowers can qualify for mortgages with no down payment at all. On conventional mortgages, a smaller down payment will usually mean a slightly higher interest rate. You'll also have to pay for mortgage insurance on conventional and FHA loans with less than 20 percent down, which can mean additional annual charges equal to 0.3-1.5 percent of your loan amount.
Fannie Mae, Freddie Mac, FHA and VA
For Wyoming borrowers with good credit, a conventional mortgage backed by Fannie Mae or Freddie Mac is often the best deal. For those with FICO credit scores of 720 and above, these loans offer very good interest rates and down payments as low as 5 percent are readily available for such borrowers, with some lenders going as low as 3 percent. The cost of mortgage insurance for loans with less than 20 percent down is generally less than it is for FHA loans as well.
For borrowers with weaker credit, in the 600s or even below, FHA loans may be a better deal, as the interest rates tend to be lower for those borrowers than on conventional loans. FHA loans are usually easier to qualify for as well, with down payments as low as 3.5 percent readily available.
For those who are eligible, VA loans offer very good terms, with no money down required for most first-time borrowers. USDA Rural Development loans also allow mortgages with no money down, though that program is limited to low-income borrowers and has limited availability.