If you’re planning to purchase a home in Montana, you’ll want to secure the best possible mortgage rate. Several factors affect the rates you can qualify for, including your debt-to-income ratio, your credit score, your regular income, and the amount of your down payment.
One way to help ensure you get the best mortgage rate in Montana is by gathering all of your documents ahead of time, checking your credit before you apply for a loan, and acquiring preapproval for your loan from a professional mortgage lender.
Here’s a quick look at current Montana mortgage rates:
| Loan Program | Mortgage Rate | APR* | 1 Day Change |
|---|---|---|---|
| Conventional 30 year fixed | 6.603% | 6.67% | -0.03% |
| Conventional 20 year fixed | 6.457% | 6.557% | -0.04% |
| Conventional 15 year fixed | 6.114% | 6.239% | -0.04% |
| Conventional 7 year ARM | 6.679% | 7.231% | -0.03% |
| Conventional 5 year ARM | 6.761% | 7.407% | +0.06% |
| VA 30 year fixed | 6.177% | 6.44% | +0.03% |
| VA 15 year fixed | 5.547% | 6.072% | Unchanged |
| VA 5 year ARM | 6.344% | 6.653% | +0.11% |
Data source: ©Zillow, Inc. Use is subject to the Terms of Use
Are you considering buying a home in Montana? Your dream home in Big Sky Country could be calling your name. Here’s what you need to know:
Montana’s wide open spaces house a total population of just over 1 million people, and not surprisingly, barely three out of ten are living in the state’s five largest cities:
You’ll want to figure out how much home you can afford. Montana ranks 8th in US homes for sale at average price, and 25th for homes over $1,000,000. Loan preapproval can help you plan your budget before you go house hunting.
First-time homebuyers looking for a remote property or hoping to find that small town vibe may qualify for a program administered by Montana Housing — the state’s housing finance authority.
The Montana Housing Regular Bond Program is Montana Housing’s main mortgage program for first time homebuyers. You’ll get a low interest rate on a 30-year fixed-rate mortgage.
Are you concerned about coming up with a down payment? The Montana Housing 80% Combined Program allows first-time homebuyers to pair a Montana Housing-approved loan for 80 percent of the purchase price with another loan that covers the remaining 20 percent of the price. The second loan comes from one of the agency’s partners, such as NeighborWorks Montana or MoFi.
To qualify for these first-time home buyer programs in Montana, you’ll need:
If you need to refinance a home in Montana to take advantage of favorable Montana mortgage rates, you can do any of the following:
You may want to look into qualifying for a streamlined refinance if you have the right type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.