Sun. Jan 17th, 2021

If you are interested in purchasing a house in Montana, you will be in good company. Although there are now 515,000 housing units According to the US Census Bureau, in the state, the homeownership rate of 68% is above the national average 2018 American Community Survey.

Montana’s median housing price is $ 249,200, above the national median of $ 229,700. The value of the home is widely spread by region, however, with the lowest counties reporting an average of $ 89,800, and the highest median going to $ 330,400.

American News’ 2020 Best Montana Mortgage Lender

Bank of america
3% Min. advanced payment
600 Min. credit score
Guild mortgage
3% Min. advanced payment
600 Min. credit score
loanDepot
10% Min. advanced payment
620 Min. credit score
Loaned out
3% Min. advanced payment
620 Min. credit score
The lender
American news rating
3% Min. advanced payment
600 Min. credit score
The lender
American news rating
3% Min. advanced payment
600 Min. credit score
The lender
American news rating
10% Min. advanced payment
620 Min. credit score
The lender
American news rating
3% Min. advanced payment
620 Min. credit score

Best for large loan amount

Bank of America serves approximately 66 million customers in all 50 states. The lender offers traditional, Federal Housing Administration, Department of Veterans Affairs and Jumbo loans, as well as home equity lines of credit and mortgage refinancing.

Lender highlights

  • Mortgage Type: ARM, traditional, FHA, first time homebuyer program, home equity lines of credit, refinance, VA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: $ 5 million
  • Better Business Bureau Rating: A +

Best counter

  • Different types of mortgages

  • Annual percentage rate or closing cost rebate for qualifying Bank of America and Merrill Lynch clients

  • No closing costs and no annual cash balance fees for balance transfers and HELOCs

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Best for product selection

Guild Mortgage, established in 1960, specializes in home loans and serves lenders around the country. The complete lender of products includes traditional and government-backed mortgages and home equity loans.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Jumbo, Manufactured Homes, Refinance, Reverse, USDA & VA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: Different
  • Better Business Bureau Rating: A +

Best counter

  • Receives strong customer service rating from Better Business Bureau

  • Offers a wide range of mortgage products

  • Offers exclusive mortgage programs for first time buyers and manufactured homebuyers

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Best for customer service

LoanDepot was founded in 2010 and has since funded over $ 70 billion in mortgages. It offers FHA, traditional and other mortgage options. Borrowers with a FICO credit score as low as 580 may qualify for a loan.

main characteristics:

  • Mortgage Type Offered: Traditional, FHA, VA, ARM, Refinance (Conventional), Refinance (FHA), Refinance (VA), Home Equity Loan
  • Minimum FICO Credit Score: 500 with conditions
  • Maximum debt-to-income ratio: 43% for FHA
  • Maximum combined debt-to-value ratio: 90%
  • JD Power Satisfaction Rating: Four out of five

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  • LoanDepot mortgages have a lifetime guarantee, meaning that if you ever decide to refinance an existing LoanDepot loan, the company will waive the lender fee and reimburse the appraisal fee.

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Best for product availability

Quick Loan is a nationwide mortgage lender with several mortgage options. Known for customer service, the lender has an A + Better Business Bureau rating and received a rating of five (out of the best) in the 2018 US Primary Mortgage Organization Satisfaction Study.

Highlight:

  • Mortgage Type Offered: ARM, FHA, VA, Refinance (FHA), USDA, Traditional, Refinance (Traditional)
  • Minimum FICO Credit Score: 580 (FHA), other loans vary
  • Maximum debt-to-income ratio: 60%
  • JD Power Satisfaction Rating: Five out of five

Best counter

  • The complete loan procedure is available online.

  • Wide variety of mortgage products.

  • Good customer service rating.

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Best for va loan

Giants United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, DC, and specializes in VA loans. In 2019, Veterans United Home Loan generated the largest VA loan in the nation.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Refinance, USDA and VA
  • Minimum FICO Credit Score: 660
  • Maximum loan amount: $ 1.5 million
  • Better Business Bureau Rating: A +

Best counter

  • No military service required

  • No minimum loan amount set

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What are the Mortgage Rates in Montana?

Average interest rate for a 30 year fixed rate Simulating mortgage in montana 2.95%.

House interest rates Range from 2.5% to 3.63% In Montana.

What are today’s mortgage rates?

Loan type

Rate of this week

Last week rate

30-Year Fixed Rate Mortgage 2.96% 3.06%
15-Year Fixed Rate Mortgage 2.48% 2.62%
30-Year Fixed-Rate Jumbo Mortgage 2.96% 3.01%
5/1 ARM 3.04% 3.03%
5/1 Jumbo ARM 2.92% 2.89%

* Rates up to November 13, 2020

mortgage calculator

Are you reaching your dream home? US News’ mortgage calculator will show you how much home you can buy.

What are some Montana homebuyer programs?

Montana homebuyers can get help with down payment and closing costs from these Montana housing programs.

available to: First-time homebuyers who first obtain first mortgage loans for the Federal Housing Administration, Veterans Affairs, United States Department of Agriculture Rural Development or the Section 184 Indian Home Loan Guarantee Program.
Income Range: Vary by county (Revenue Range).
First time homebuyers ?: Yes.
Benefit: low interest rates.
Payment and closing cost assistance: Programs are available and may be combined.

available to: Borrowers who are eligible for a regular bond program loan with a minimum credit score of 620; The completion of a buyer education program is also required.
Income Range: Vary by county (Revenue Range).
First time homebuyers ?: Yes.
Payment and closing cost assistance: Up to 5% of the sale price is available, a maximum of $ 10,000 as a 15-year amortization loan with a minimum monthly payment, and the same fixed rate as the main loan. Borrowers must contribute at least $ 1,000 of their own funds.

available to: Borrowers with a minimum credit score of 620 and a maximum loan-to-income of 43%; The completion of a buyer education program is also required.
Income Range: $ 55,000
First time homebuyers ?: Yes.
Payment and closing cost assistance: Up to 5% of the sale price, up to a maximum of $ 6,500, 0% available as a second loan with no monthly payments. Borrowers must contribute at least $ 1,000 of their own funds.

available to: Homebuyers who are eligible for Montana Housing Financing.
Income Range: Vary by county (Revenue Range).
First time homebuyers ?: No.
Benefit: It is a 30-year mortgage loan at 80% loan-to-value combined with another loan at 20% LTV offered by a nonprofit.

available to: Montana resident serving or who has served in the military through the Federal Armed Services or the Montana National Guard.
Income Range: No income, purchase price or asset limits apply.
First time homebuyers ?: No.
Benefit: The mortgage interest rate is 1% below the market rate.

available to: Homebuyers who meet IRS eligibility requirements similar to Montana housing loan programs, but are not eligible for Montana housing loan MCC.
Income Range: N / A
First time homebuyers ?: Yes.
profit: A tax credit that reduces the amount of federal income tax paid by homebuyers for the first time. The tax interest paid during the tax year is equal to 20% mortgage interest (not to exceed $ 2,000).

Advertisement Disclosure: Some of the loan offers on this site are from companies that are advertising customers of US News. Advertising ideas can impact offers that appear on the site, but do not affect any editorial decisions, such as which loan products we write about and how to evaluate them. This site does not include all loan companies or all loan offers available in the market.

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