Planning to buy a new home soon? Before you start shopping for new digs, you’ll want to secure a home loan so you can set a realistic budget.
We know that finding a suitable lender can be tough, so we’ve created a list of the best mortgage lenders in Wyoming.
Best Mortgage Lenders in Wyoming
The 4 Best Mortgage Companies in Wyoming
We’ve included the top picks for mortgage lenders in Wyoming. Many offer conventional and federal loan programs for borrowers with varying needs and budgets. You may also qualify for first-time home buyer programs if it’s your first rodeo, which can get you into a home with little to no money down.
- Retail and Commercial Mortgages
1. Best for First Time Home Buyers: Homebridge Financial Services
In the market for your first home in Wyoming? Homebridge Financial Services wants to make your homebuying dreams a reality by providing you with a competitive mortgage product that best suits your needs.
Homebridge Financial Services offers a host of mortgage solutions ideal for first-time home buyers, including conventional, FHA, USDA and VA loans. You can also apply for a jumbo or super jumbo loan if you plan to buy a home with a purchase price that exceeds the conforming loan limit in your area.
Learn more about how HomeBridge Financial Services can serve you. Request a free no-obligation quote today to get started.
- Online Mortgages
2. Best Online Lender: Rocket Mortgage® by Quicken Loans®
Quicken Loans® is the largest mortgage lender in the nation and offers home loans for borrowers with varying financial backgrounds. You can secure a conventional loan with a competitive interest rate or take advantage of a government-backed loan product with less stringent qualification criteria.
It’s easy to secure a mortgage with Rocket Mortgage® by Quicken Loans®. You can apply, get approved and upload the required documentation from the comfort of your home or on the go. Some financial data can be imported to speed up the approval process and get you to the closing table faster.
Join millions of customers who have chosen Quicken Loans®. Request a fast, free online quote today.
- Personalized support
3. Best for FHA Loans: Guaranteed Rate
Need an option that allows lower credit scores and down payments to purchase your dream home in Wyoming? Guaranteed Rate offers FHA loans with competitive interest rates.
Most lenders require a minimum credit score of 620 to get approved for an FHA loan. However, you could get approved for a loan with a score as low as 580 with Guaranteed Rate with a down payment of only 3.5%. If your score is between 500 and 579, a 10% down payment is required.
Even better, sellers are allowed to contribute 6%in concessions to help offset closing costs. So you can save even more money on the purchase.
Sound like an ideal loan for you? Get a quote from Guaranteed Rate to see if you qualify.
- Current Service Members
4. Best for VA Loans: Veterans United
Service members, veterans and their families have trusted Veterans United for many years to meet their mortgage needs. They offer VA loans to those who qualify with no money down and no PMI.
Even better, there’s no minimum credit score requirement, so you could get approved if you don’t have perfect credit. However, a credit score of at least 620 is ideal.
Interested in learning more about Veterans United? Get an online quote today.
Mortgages Explained
There are 2 types of mortgages to choose from — privately-held loans and government-backed loans.
Once you select the type of mortgage that works best for you, the next step is to decide on a mortgage term or the amount of time you’ll spend repaying the loan. Be mindful that extended loan terms lower your monthly payment, but also result in more interest paid over the life of the loan.
Let’s review the most common mortgage types and terms.
Mortgage Types
- Conventional loans are not backed by the federal government.
- FHA loans are insured by the Federal Housing Administration and make homeownership possible for those who have lower credit scores or minimal funds available for a downpayment. A downpayment of only 3.5% is required for credit scores as low as 580. You can put 10% down if your score is between 500 and 579. However, mortgage insurance is required for the life of the loan.
- VA loans are insured by the Department of Veterans Affairs and cater to members of the armed forces, veterans and qualifying relatives. These loans are enticing because they can be obtained with no down payment and there’s no minimum credit score requirement. You should expect to pay an initial VA funding fee.
Mortgage Terms
- 30-year fixed loans are fixed interest loans with a 30-year repayment period.
- 15-year fixed are also fixed interest loans with a fixed interest rate. You’ll only make monthly payments for 15 years. Another added benefit is the interest savings you’ll realize with a shorter loan term.
- 5/1 ARMs are adjustable-rate mortgages that lock in your rate for 5 years. Once that initial period lapses, your rate will change each year until the loan is paid in full. These loans are ideal for borrowers who don’t plan to live in their home for an extended period and prefer to save as much as possible on the monthly loan payment.
Which Mortgage Lender is Best for You?
If you’re not sure which lender could be right for you, here are some questions to guide your decision making as you shop around to find the best mortgage lender in Wyoming:
- Competitive interest rates: Does the lender offer rates that are comparable to others in the industry?
- Customer service: How’s the lender rated by past and current customers? Do they have flexible business hours? Are there resources online to help you navigate the home buying process?
- Flexible loan options: Are the mortgage products suitable for your needs and budget?
- Low fees: Are the closing costs, loan origination costs and processing fees similar to what other lenders in the industry assess to borrowers?
- Qualification criteria: Do you qualify for the lender’s mortgage products? Or are there overlays that make getting preapproved more challenging?
- Reputation: Does the lender have a stellar track record of success? Has the lender received any industry rewards?
- Time to close: What’s the average time to close on a loan? Longer?
Lender Credit Score Minimums in Wyoming
Lenders want to know that you’ll make your mortgage payments on time. This is why companies evaluate your credit score to determine how much risk you pose as a potential borrower.
The lower your credit score, the riskier they perceive you to be. Consequently, you’ll be offered a higher interest rate or be denied for a mortgage loan altogether. But if your credit score and overall financial health are stable, you could be approved for a stellar interest rate.
Here are the credit score minimums for the best mortgage lenders in Wyoming:
| Lender | Minimum Credit Score Required |
|---|---|
| Homebridge Financial Services | 580 |
| Luxury Mortgage | 600 |
| Quicken Loans® | 620 |
| Guaranteed Rate | 580 |
| Veterans United | 620 |
Current Mortgage Rates in Wyoming
Wondering how mortgage rates are calculated? Bond markets, inflation, economic growth and the housing market are some of the key players that help determine mortgage rates.
Check out the list of current mortgage rates in Wyoming. Request a rate quote from the lender when you’re ready to shop for home loans, as these figures change daily.
| Loan Type | Rate | APR |
|---|---|---|
| 30-year fixed | 6.716% | 6.789% |
| 15-year fixed | 5.935% | 6.063% |
| 7/1 ARM (adjustable rate) | N/A | N/A |
| 5/1 ARM (adjustable rate) | 6.713% | 7.459% |
Average Days to Close on a Loan
Ready to sign on the dotted line and make your home purchase official? There are several phases to getting a mortgage. The component that’s arguably the most time consuming is the closing process.
Here’s the average closing window for our recommended lenders.
| Lender | Average Days to Close |
|---|---|
| Homebridge Financial Services | 30 days |
| Luxury Mortgage | Varies |
| Quicken Loans® | 30 days |
| Guaranteed Rate | Varies |
| Veterans United | Varies |
Keep in mind that most closings go as planned, but you could experience delays for many reasons. You could experience discrepancies with rates, higher out-of-pocket costs than initially discussed or other underwriting delays.
Improve your odds of closing on time by remaining in constant contact with your loan officer and addressing any questions or concerns they may have right away. It’s also pertinent that you promptly provide documents they request.
Get Approved for a Mortgage in Wyoming Today
Let us help you find the right mortgage in Wyoming. Consider requesting quotes from our recommended lenders. It’s fast, free and only takes a minute of your time. There’s no obligation to move forward if the mortgage offers don’t quite fit your needs and budget.
Frequently Asked Questions
Can I refinance my existing mortgage with a lender in Wyoming?
Absolutely! Refinancing allows you to replace your current mortgage with a new loan, potentially securing better terms, rates, or cash-out options.
Can I pay off my mortgage early without incurring any penalties?
It depends on the terms and conditions of your mortgage agreement. Some lenders in Wyoming may impose prepayment penalties, while others may not. Confirm this with your lender.
What happens if I can't make my mortgage payments in Wyoming?
If you find yourself unable to make mortgage payments, reach out to your lender immediately. They may be able to work out a solution, such as loan modification or forbearance, to prevent foreclosure.