Current Wyoming Mortgage and Refinance Rates

There are many factors determining mortgage rates, and you can harness some of them to your advantage. Here are a few steps you can take today to get the best mortgage rate:

1. Boost your credit. Your credit score has a huge influence on the mortgage rates you can access. Check your credit score for free on LendingTree Spring, and find out what you can do to push it upward.
2. Lower your debt-to-income (DTI) ratio. Your DTI ratio is a number lenders use to evaluate the debt you’re carrying. If you can lower your DTI, you’ll often see lower interest rate offers. Start by increasing your income, paying off some debts or getting a mortgage cosigner.
3. Buy a single-family, site-built home. Lenders usually offer the lowest interest rates to borrowers who avoid buying a manufactured home, a property with more than one unit, a vacation home or an investment property. Lenders see those property types as more risky to lend money for.
4. Pay for mortgage points. If you want to push your quoted interest rate down, you have the option to purchase mortgage points. One point usually reduces your rate by up to 0.25 percentage points and costs 1% of your loan amount. Having that lower interest rate can mean savings over the long haul, though it’s also wise to consider putting those extra funds toward paying down the principal balance directly.
5. Compare offers from multiple lenders. Online platforms like LendingTree make it easy to gather loan estimates from three to five lenders (or more). Comparing the rates you’re offered by those lenders, and choosing the lowest one, is a powerful way to save money. In fact, it can save you thousands of dollars over the life of your loan, according to LendingTree data.

→ Wyoming conventional loans. If you have good credit, you’ll likely want to consider a conventional loan. However, make sure that you meet the other minimum requirements set by Fannie Mae and Freddie Mac.

→ Wyoming FHA loans. If conventional loan requirements could be tough to reach, you can also consider an FHA loan. FHA loan requirements are more accessible for many borrowers, since they allow you to qualify with a credit score as low as 500. You’ll have to make a 10% down payment if you have a score between 500 and 579, but you can put down as little as 3.5% if your score is 580 or higher.

→  Wyoming VA loans. VA loan requirements are designed to put homeownership in reach for as many military borrowers as possible, so they’re very forgiving and come with some unique benefits. For instance, qualified borrowers can purchase or refinance without making a down payment or paying for mortgage insurance.

→  Wyoming streamline refinances can help borrowers who want to refinance their FHA or VA loan, as long as they’re willing to refinance into that same loan type. If you’re refinancing an FHA loan, you’ll use an FHA streamline refinance loan; you’ll use a VA interest rate reduction refinance loan (IRRRL) if your current loan is a VA loan. Because you’re staying in the same loan program you used to buy your home, you can get through the refinance process with less paperwork and hassle.