| City | Average Home Value | Loan Term | Current Rate | Downpayment (20%) | Monthly Payment | Total Interest Paid |
|---|---|---|---|---|---|---|
| Cheyenne | $262,500 | 30-year fixed | 6.809% | $52,500 | $1,370.30 | $283,308.00 |
| Casper | $210,000 | 30-year fixed | 6.809% | $42,000 | $1,096.24 | $226,646.40 |
| Laramie | $243,700 | 30-year fixed | 6.809% | $48,740 | $1,272.16 | $263,017.60 |
| Gillette | $269,700 | 30-year fixed | 6.809% | $53,940 | $1,407.89 | $291,080.40 |
Are you planning to buy a home in Wyoming? Great! Get comfortable, because Benzinga has put together this guide to mortgage rates in Wyoming to steer you in the right direction.
Best Mortgage Lenders in Wyoming
- Best Overall in Wyoming: Quicken Loans®
- Best for Veterans: Veterans United
- Best for First-Time Home Buyers: Bank of America
- Best for Online Lender: Better.com
- Best for Self Employed Individuals: Guaranteed Rate
What is a Mortgage Rate?
Don’t let the term throw you — a mortgage rate is the same thing as an interest rate. Interest is the percentage of your mortgage balance paid to the lender because you’ve borrowed money. Each time you make a payment on your loan, part of your payment goes toward paying the amount you owe (the principal). The rest of your payment goes toward interest.
5 Best Mortgage Lenders in Wyoming
You might be wondering about the best mortgage lenders in Wyoming. Take a look at these lenders and consider getting a quote to see what interest rate they can offer you.
- Online Service
1. Best Overall: Quicken Loans®
Quicken Loans® offers an easy-to-understand mortgage process and a wide range of mortgage products to choose from. Whether you’re looking for a conventional loan, an adjustable-rate loan or a government-backed loan, Quicken Loans can assist you. Quicken Loans even offers customizable mortgage options to help you make your mortgage fit within your long-term financial goals.
You can reach a Home Loan Expert by phone if you run into any problems during the mortgage process. You’ll also benefit from the resources available on the Quicken Loans website. These resources can help you find answers to common mortgage questions and calculate your estimated mortgage loan payments.
2. Best for Veterans: Veterans United
Do you qualify for a VA loan? If so, you might want to work with a mortgage lender that specializes in helping service members like you. Veterans United offers resources on its website to help you determine whether you qualify for a VA loan. Its website can also walk you through the steps of purchasing and refinancing your home.
Veterans United offers online prequalifications, which makes it quicker and easier for you to start shopping for your home. Use Veterans United’s affordability calculator and monthly payment calculator to help you determine whether a home fits your budget. Veterans United offers 24/7 access to its customer service team to answer your questions quickly.
3. Best for First-Time Home Buyers: Bank of America
Buying your first home can be a daunting process. That’s why it’s important to carefully consider lenders for first-time buyers. Bank of America is a good choice for many first-time home buyers because it’s a major bank. You may even already have an account with this lender!
Bank of America knows what first-time buyers need and it strives to offer resources provided on its website. It also offers customer service that can work for any borrower. Unlike online lenders, you can actually stop into a branch location to speak with someone in person to help you with your mortgage.
4. Best for Online Lender: Better.com
Better.com can give you a quick and easy mortgage experience online. All you need to do to get started is to answer a few simple questions. Better can then give you a loan estimate to help get the ball rolling.
You can get preapproved for a mortgage or refinance quickly, which allows you to move on your dream house right away. Better offers no hidden fees or commissions. Better.com's process is transparent, so what you see is what you get.
- Personalized support
5. Best for Self Employed Individuals: Guaranteed Rate
Guaranteed Rate offers a range of mortgage products, including government-backed loans. It offers low rates and transparent fees on all of its mortgage products. You can benefit from Guaranteed Rate’s intuitive loan finder, which can match you with the right loan product for your needs. Guaranteed Rate also offers a mobile app that can be used to submit your loan application, view current mortgage rates and more.
Guaranteed Rate’s loan officers can be easily reached online, by phone or via the app to answer any questions you may have throughout your mortgage process. At the end of the day, Guaranteed Rate is committed to helping you get into the home of your dreams.
What Factors Impact Your Mortgage Rate?
How does a lender decide which mortgage rate to give you? There are a number of factors your lender will take into consideration, including:
- Your credit score: The first thing your lender will probably look at is your credit score. In fact, your lender will have a minimum credit score requirement that you must meet to get approved for a mortgage. If your credit score is higher than its minimum requirement, this might show your lender that you’re a responsible borrower. Since you’re a responsible borrower, a lender might feel more comfortable approving a mortgage with a lower interest rate for you. If your credit score is on the lower side, your lender might approve you with a higher interest rate.
- The economy: The current state of the economy can affect a lot of things in the housing market. If employment rates are stable and wages are high, people are probably buying more homes. This means that there’s more demand for mortgages, so lenders can feel comfortable increasing interest rates. However, if people aren’t buying as many homes, lenders may decrease interest rates as an incentive to get people to take out a mortgage.
- Your down payment: When you take out a mortgage, you’ll probably also need to make a down payment on your home. Your down payment is a percentage of your home’s purchase price that you pay upfront. The rest of your home’s purchase price is what you borrow from your lender. A good rule of thumb is that the larger your down payment is, the lower your interest rate might be.
- Mortgage type: There are many mortgage types you can choose from. If you qualify for some mortgage types, you may qualify for reduced interest rates.
- Mortgage term: There are also mortgage terms to choose from. Your mortgage term is the amount of time you’ll be paying on your mortgage. Typically, lenders will offer lower interest rates on shorter-term loans.
What is a Mortgage Type?
Depending on your circumstances, you may qualify for a few different mortgage types. Be sure to review your options before you decide which mortgage works best for you.
- Conventional loans are mortgages that are not guaranteed or insured by the federal government. You can choose from a variety of mortgage terms with a conventional loan. There is no single set of requirements for a conventional loan, but you can expect to need a credit score of at least 620 to qualify.
- FHA loans are part of a mortgage insurance program managed by the Federal Housing Administration. These loans offer lower credit score requirements and low minimum down payments.
- USDA loans are loans that are backed by the U.S. Department of Agriculture. To use a USDA loan, you must meet requirements, including purchasing a home that is in a designated area. Designated areas are usually in rural areas, although you may be able to find a designated area in a suburban area as well.
- VA loans are offered by the U.S. Department of Veterans Affairs to those who meet service requirements. These loans allow you to finance 100% of your home’s purchase price and receive assistance if you suffer financial hardship.
What is a Mortgage Term?
When choosing your mortgage, you’ll need to decide how long you want to stretch out your payments. This is your mortgage term.
- 30-year fixed: A 30-year fixed mortgage term means that you’ll be repaying your mortgage over 30 years. A fixed mortgage means that your interest rate will not change at all, so you’ll make the same exact payments each month until your mortgage is paid off.
- 15-year fixed: A 15-year fixed mortgage term is exactly the same as a 30-year fixed term, except you’ll be making your payments over 15 years. Choosing this mortgage term means that your monthly payments will be higher than a 30-year fixed mortgage. However, you’ll pay less interest over the lifetime of your loan.
- 5/1 ARM: A 5/1 ARM (adjustable-rate mortgage) allows you to have a fixed rate for the first 5 years of your mortgage. After the first 5 years, your interest rate will adjust once per year.
Current Wyoming Mortgage Rates
Mortgage rates are based on the prices of mortgage-backed securities. These securities are traded similarly to stocks, and like stocks, the prices can fluctuate at any time. Benzinga continuously monitors these changes and updates our current mortgage rate charts to reflect the most recent data.
| Loan Type | Rate | APR |
|---|---|---|
| 30-year fixed | N/A | N/A |
| 15-year fixed | N/A | N/A |
| 7/1 ARM (adjustable rate) | N/A | N/A |
| 5/1 ARM (adjustable rate) | N/A | N/A |
Calculating Interest in Wyoming
The amount of interest you pay is based on the amount you still owe on your mortgage loan. Each month, your lender will determine how much interest you’ll need to pay. This is done by multiplying your loan amount by your loan’s interest rate. Your lender then divides this number by 12 to get your monthly interest amount.
| City | Average Home Value | Loan Term | Current Rate | Downpayment (20%) | Monthly Payment | Total Interest Paid |
|---|---|---|---|---|---|---|
| Cheyenne | $262,500 | 30-year fixed | 6.809% | $52,500 | $1,370.30 | $283,308.00 |
| Casper | $210,000 | 30-year fixed | 6.809% | $42,000 | $1,096.24 | $226,646.40 |
| Laramie | $243,700 | 30-year fixed | 6.809% | $48,740 | $1,272.16 | $263,017.60 |
| Gillette | $269,700 | 30-year fixed | 6.809% | $53,940 | $1,407.89 | $291,080.40 |
Lender Credit Score Minimums in Wyoming
It’s a good idea to be aware of your credit score before you apply for a mortgage. Lenders will use this score to determine whether you’re financially reliable. Your score is based on factors such as your credit history, the age of your credit accounts, how much debt you have and whether your payments are made on time.
| Lender | Minimum Credit Score Required |
|---|---|
| Quicken Loans® | 620 |
| Better.com | 620 |
| Veterans United | 620 |
| Bank of America | 620 |
Which Mortgage Should You Choose?
Before you choose a mortgage, consider a few factors:
- Do you qualify for any home buyer programs? These programs vary by state. For example, as a resident of Wyoming, you may want to look into a WCDA loan.
- Which type of mortgage term do you want? If you prefer payments that you can count on staying the same each month, a fixed-rate loan might work best for you.
- What do you need from your lender? If you feel more comfortable working with someone in-person, look for a lender that offers branch locations. Otherwise, an online lender may work for you.
- Get a quote to see what rates lenders can offer you.
Get Ready for Take Off
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You can work at your own pace and someone is always there to answer your questions — 24 hours a day, 7 days a week. Want a fast, convenient way to get a mortgage? Give Rocket Mortgage® a try.