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Today's Mortgage Rates in Wyoming

Today’s mortgage and refinance rates plus current home buying and refinance advice for Wyoming residents

Buying a home in Wyoming

Although it is perfectly legal for a property buyer in Wyoming to handle their own real estate transactions, it’s often a good idea to use a real estate agent. They tend to have wider access to important information about the property and neighborhood. And there are certain laws in the state defining what real estate agents can and cannot do. For example, in Wyoming, it is totally legal for one real estate agent to represent both the seller and the buyer. In cases where one agent represents both parties, they must walk a fine line and not show favoritism to one side over the other. For this reason, if buyers have misgivings, it’s probably best that they use different agents from sellers. Real estate agents should work hard on the buyer's behalf to help find them the property of their dreams. Those agents shouldn’t charge fees in advance as they typically get a percentage of the final closing cost. The only thing a buyer should pay before the closing is “earnest money." This is a small amount that lets the seller know that the buyer is serious about purchasing the home. Of course, this sum is subtracted from the total amount in the contract. If the seller pulls out of the deal, it will be returned to the buyer. But if it’s the buyer who decides not to go through with the transaction, that money may be retained by the seller.

Refinancing a home in Wyoming

Traditionally, home prices in Wyoming have been relatively high compared to the size and populations of cities where they're located. And there’s been stronger growth and way less volatility in new Wyoming prices than in many other parts of the state. This might mean that mortgage refinancing is especially attractive to Wyomingites. If you have a mortgage backed by the Federal Housing Administration (a so-called FHA loan) and have lived in your home for some years, there's an extra good reason to refinance. That’s because each month you’ll be paying for mortgage insurance, which is commonly a significant expense. And, unlike with some other loans, your obligation to do so doesn’t expire when your mortgage balance falls to 80% of the property’s market value. So your only way to stop paying that is to refinance to a different sort of mortgage. And, of course, refinancing can deliver to homeowners in Wyoming the same benefits it gives other Americans, namely a: Sometimes, a refinance provides more than one of those. State laws are unlikely to trip up those who want to refinance in Wyoming. Indeed, they include some protections. For example, a lender who wanted to impose a prepayment penalty on your original mortgage must have given you separate written notice of its existence. So you’re unlikely to get any surprises in that respect.

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