From all of us here at Vermont Mortgage Company, we hope you are having a happy and healthy 2017 so far! We are excited to kick off the new year, and cannot wait to see what will come of it. We know many may choose 2017 as the year they finally buy a house, as either first time buyers or seasoned veterans. We hope to provide some insight to help you with the coming year.

First, keep an eye on mortgage rates. While we wrote another blog as to why mortgage rates are still very low when compared to previous decades, it is a good idea to watch them. Even a percent or so could save you thousands, so making sure you are aware of the rates and their trends could help greatly in the long run. They could continue to increase throughout the year, so moving quickly could also help.

Secondly, the way buying houses is changing. Many millennials are now going to be buying homes, with the oldest ones in their mid-30’s. Many will be settling down in coastal areas and Midwestern cities, as many jobs are being created in those areas, especially for that age range. With these younger millennials also beginning to consider buying as opposed to renting, many aspects of buying houses or securing mortgages could change, with more being integrated online and such. In terms of Vermont, many millennials are coming over due to relatively low interest rates and getting new jobs. They consist of 65% of first time homebuyers, and are very enthusiastic to buy a home.

Third, building new houses will become more expensive. With a labor shortage in the construction industry and the possibility of a Trump presidency cracking down on immigrants, who commonly find work in construction, building from scratch will become increasingly more expensive. This, along with higher mortgage rates, brings us to number four.

Save money. Keep an emergency fund full, and make sure to not get yourself into any situation that could hurt your credit. Having a credit score over 740 will get you the best deals, which could save you thousands. Make sure to not open any new credit cards and fix any blemishes on your score before buying a house. Keeping money off to the side to make sure no nasty surprises arise, and things like closing costs and repairs are manageable. Consider making a new year resolution to save more!

These 4 tips, along with our usual advice such as using realtors and trusted mortgage lenders, will make sure your home buying experience in 2017 will be fulfilling, easy, and affordable. We are excited to see the possibilities of the new year, and we hope it goes smoothly for you. Feel free to reach out to us at 802-863-2020, or at

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