Current Wyoming 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 Wyoming mortgage 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 check Wyoming mortgage rates being offered by various lenders, but you can also see the average rates individual borrowers have been able to get on their home loans. You can also get fast, personalized quotes from up to three lenders by using our rate request form at the top of the page.
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!
Fixed-rate mortgages are the most popular type of Wyoming home loans, 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 duration 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 particularly 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. Borrowers with FICO scores of 740 and above qualify for the best Wyoming mortgage interest rates, while anything above 700 is still high enough to get you a pretty good rate. 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 percent down, and those who qualify for VA loans or USDA mortgages can often get a home loan with no down payment at all. Smaller down payments usually mean higher rates or fees, though.
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 borrowers, these loans offer very good interest rates and down payments as low as 3 percent. You'll need to pay for private mortgage insurance if you make a down payment of less than 20 percent of the loan amount, though this can eventually be canceled when you accumulate sufficient home equity.
For Wyoming borrowers with weaker credit or more limited finances, FHA loans may be the right choice. FHA loans allow lower credit scores than conventional mortgages do, making them easier to qualify for, and down payments can be as low as 3.5 percent, even for borrowers with marginal credit. Borrowers with weaker credit scores can often get better mortgage interest rates on FHA loans as well.
For eligible Wyoming veterans and qualifying active-duty service members, VA loans offer the option of no-down payment loans for most first-time borrowers and often for repeat borrowers as well. You will pay lower fees if you can make at a down payment of 5-10 percent, however. USDA Rural Development loans also allow mortgages with no money down, though that program is limited to low-income borrowers and has limited availability.
You can use the same types of loans to refinance a mortgage in Wyoming as you would to purchase a home – you're just replacing one home loan with another. Refinance rates in Wyoming are similar to the rates the same borrower would get on a home purchase loan on the same property, with the home equity replacing the down payment you'd make with a purchase.
There are some differences. Lenders like to see at least 20 percent home equity when you refinance, though many will accept less and there are certain programs that allow you to refinance with little or no equity at all, provided you've stayed current on your loan payments.
You can do a mortgage refinance in Wyoming with any lender who does home loans – you don't have to go to the same lender who holds your current mortgage or get their approval. You take out a new loan that pays off the old one and you go forward from there.
Wyoming borrowers may refinance a home mortgage for a variety of reasons. Sometimes it's to get a lower rate, or to shorten the loan term or reduce their monthly payments. It can also be used to borrow money through a cash-out refinance, where you refinance your mortgage for a higher amount than you currently owe and receive the balance in cash. This is often a popular option for people seeking to consolidate other debts, like credit cards or a home equity loan, into their mortgage to get a lower rate and single monthly payment.
Home equity loans
Another type of Wyoming mortgage is a home equity loan, which is a loan secured by the equity you've accumulated in your property. Because these are secured loans, they offer lower rates than many other types of loans and may offer certain tax advantages as well, particularly if you're using them to make improvements or repairs to the property.
Home equity loans come in two types: a standard home equity loan and a home equity line or credit, or HELOC. With the former, you borrow a sum of money and repay it on a regular schedule, usually at a fixed rate. With a HELOC, you receive a line of credit that you can borrow against as you wish, up to your credit limit. It's like a credit card secured by your home equity. These have adjustable rates and often allow interest-only payments during the time you can borrow against them, before the repayment phase begins.