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If eligible, you can lower your interest rate. This could lead to lower payments and less money paid towards interest.

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Shorten your loan term when refinancing from a 30-year term to a 15-year term. You may also lower your rate.

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Montana Mortgage Rates

With its diverse terrain ranging from the Rocky Mountains to the Great Plains, Montana is know for its beauty. The state is also seeing record numbers of people who want to relocate to Big Sky Country. Wide-open spaces are available just about everywhere out here.
If you are thinking about looking for a new home anywhere in Montana, here are a few things you will definitely want to know about getting a mortgage for that home.

Common Montana Loan Types:

  • Montana conventional mortgages: Montana mortgage requirements and rates vary based on the area you live in, or want to live in, and your financial situation. Compare mortgage rates on FreeRateUpdate.com to find the option that's right for you.
  • Montana FHA loans: Home loans backed by the FHA are offered throughout the U.S. The FHA doesn't offer loans directly, you can find one through an FHA-approved lender in Montana on FreeRateUpdate.com today. FHA loans are typically offered to first-time homebuyers. FHA loans are designed for low- to moderate-income borrowers with lower credit scores.
  • Montana VA loans: VA loans are backed by the Department of Veterans Affairs; VA loans are offered to eligible active duty service members and veterans. The VA doesn't offer loans directly, but you can find one through a VA-approved lender in Montana through FreeRateUpdate.com. VA loans require no down payment and typically have lower interest rates than conventional mortgages.

Montana Mortgage Rates Compared to National Averages

Mortgage rates in Montana clock in at significantly higher numbers than what you might find in other parts of the country. This holds true across fixed-rate mortgages of various time frames, as well as for the typical 15-year adjustable-rate mortgage.
Montana residents typically find that the lower cost of living in Big Sky country which offsets those higher interest payments despite higher-than-average mortgage rates.