What’s not to love about Stowe, Vermont? For 200 years, the town in Lamoille County has attracted outdoor lovers and many of them have ended up settling here. From blazed ski trails to the rugged Green Mountain, there is always something to do in the village. Whether you love skiing or not, the breathtaking panorama the town offers makes it an ideal place to raise a family.
Whether you are looking for a second home or you want to invest in high-return property, there are myriad reasons for choosing the Ski Capital of the East. The weather is favorable and if you want to rent out, you are assured of a constant stream of visitors throughout the year. There are condos, luxury homes and single-family houses among other types of properties.
Tips for the Best Financing
Like most folks, you will concur that the ripple effects of 2007/2008 are still being felt. With stringent financial measures, it has become harder to get mortgages in the country. Whether you are a first time buyer or an investor, there are some simple ways to make access to financing easier. Here are a few ideas.
1. Look for Funding Programs
It is true interest rates are rising but have you ever considered funding from these housing programs? Most likely you think it is a frustrating process that involves background checks and a lot of scrutiny. Well, you will be surprised to find that these programs are actually after helping you get a home and they accept even the lowest down payment. Some of these include FHA and Rural Development among others.
2. Start Saving Early
If you are thinking of buying Stowe property, it is important to start saving early for the down payment. Maybe you have been to the mountains and you loved the area. From the moment you make the decision to invest in the town, start saving more in order to get favorable rates for your mortgage.
3. Use a Mortgage Broker
Once you identify the property you want in Stowe, VT, it is time to talk to a mortgage broker. These experts understand the market and once they appraise your situation, they will help you get the best product in the market. They have their ears on the ground for the best rates in the market and will help you with legal work among other complicated aspects of the process.
4. Pay Off Your Debt
One of the greatest pitfalls when looking for property financing is poor credit. Your credit score is badly impacted by debts and you need to start paying them off. You should also avoid any new debt in order to get the best deal in the market. Checking your credit report for blemishes is a must in order to start repairing them.
5. Get Pre-approval
Well, pre-approval doesn’t guarantee you financing but it is always good to get an idea of your creditworthiness. If you are to buy property in the village in say one year, you can get preapproved today in order to work on weak areas such as debt.
There you have it; it is possible to get financing for your property in Stowe, just make sure you do your homework and work with experts.