Wyoming
Home Financing and
Mortgages
Wyoming has bucked national housing trends
and has reported steady growth in home sales since the early 1990s. A number
of factors suggest that Wyoming’s homebuyers may have to contend with a
future of increasing home values. The lower than average unemployment rate
(4.3% compared to the national average 5.7% as at December 2003) is one.
Other factors include huge price increases in neighboring Colorado and the
fact that Wyoming has no income tax.
Your first step on the road to
understanding home purchase finance is to grasp the basics of mortgages.
Fixed rate mortgages offer a fixed rate of
interest throughout the term of the mortgage, normally a period of 10, 15,
20 or 30 years. They allow easy budgeting since the amount you pay each
month will remains constant.
Variable rate mortgages (or ARMs) usually
attract a fixed rate of interest for an initial period of between 1 and 7
years. Thereafter, the interest rate is adjusted annually for the remaining
life of the loan. First-time buyers can find ARMs advantageous because they
tend to offer a slightly lower interest rate during the initial loan period.
Fixed and variable rate mortgages come in a
variety of packages. For example, Federal Housing Authority ARMs have
flexible credit and down payment requirements, making them particularly
attractive to first-time homebuyers. The Wyoming Community Development
Authority also offers a range of homeownership assistance programs.
To make sense of it all, use Internet
resources and consult a real estate broker to ensure you secure the best
mortgage deal for your individual needs. |
