Guide to Refinance, Mortgage,
& Home Equity Loans in
Gillette, Wyoming (WY)

Gillette , Wyoming is located in northern Campbell County in the northeast corner of Wyoming on the plains between the Black Hills of South Dakota and the Big Horn Mountains of Wyoming . The infamous Devils Tower is just 60 miles to the east, and Mount Rushmore a mere 150 miles in the same direction. The renowned Yellowstone National Park is only 350 miles to the west, making Gillette an ideal, centralized location.

Gillette is conveniently situated in Campbell County. The many natural resources of Gillette support the mineral and manufacturing industries that dominate the economy and make it a powerful force for the entire state. In addition, Gillette offers residents a strong community with family support and active volunteers.

Many of the businesses in Gillette are based on small entrepreneurs who start their own businesses. And if you are looking for work, Gillette is the place to be. Workforce Services in Campbell County has over 500 positions available.

If you are thinking of making Gillette your home, they also offer a highly-ranked school system. The opportunities for outdoor recreation are unsurpassed, with a hunting season that attracts many avid hunters from across the country. Gillette has something to offer for everyone.

There are many reasons why you would want to make Gillette, Wyoming your home, and if it already is, you may be considering refinancing your mortgage or taking out a home loan. We would like to help you.

Getting Pre-approved

Getting pre-approved for your mortgage is a good idea when you start shopping for homes. Not only will this give you a good idea of how much you can truly afford to spend on your home, but it also lets sellers know that you are serious about buying their homes. Most sellers are far more likely to choose a buyer who has financing in place over one who doesn’t.

In order to get pre-approved for your loan, you will need to have certain paperwork to give your lender to verify. This will allow them to determine what sort of loan you qualify for. Your lender will need to establish your average household income from your federal tax returns for the last two years. Your lender will also have to have evidence from you of a steady work history. This can be shown with your W-2 forms for the last two years. If you are self-employed, you can simply turn in your 1099 forms. You also will need bank statements, pay stubs, and cancelled rent or mortgage checks for at least the last two months. During your pre-approval process, your lender will also get a credit report.

Your Mortgage Choices

There are different types of mortgages for you to choose from. The biggest choice is between a fixed rate mortgage and an adjustable rate mortgage. A fixed rate mortgage generally will give you a higher initial interest rate, but that interest rate will be the same for the entire loan. That means that your payments will not change during the entire fifteen or thirty year loan term. An adjustable rate loan will have a lower initial interest rate with lower payments for the first few years. After that, they will adjust according to the specific type of ARM that you applied for. This may depend on your lender’s index, market fluctuations, and the caps set by your lender. Another option is an interest-only loan.
With this type of loan, you pay only interest for the first ten years. After those first ten years, you begin to pay both the interest and the principal. Options ARMs are a type of adjustable rate loan that works well if you are not sure how much you will be able to pay each month. You can choose from a minimum payment, an interest-only payment, a fifteen-year amortized payment, or a thirty-year amortized payment each month. If you are simply looking for the lowest interest rate available, then a balloon loan may be your choice. The drawback to this loan, though, is that it reaches maturity in only five years. If you plan to sell your home within that time, this may be the right choice for you.

Refinancing and Home Equity Loans

If you already own a home in Gillette, Wyoming, then you may simply be looking to refinance your mortgage or get a home equity loan. Lenders have many options if you want to pay off your old mortgage with a new, better mortgage, such as those mentioned above. You also have the option to take advantage of the equity in your home by getting a cash-out refinance. If you do not want to change your current home loan but still want to use your equity, you can choose a home equity loan or line of credit. Find the best option for your situation today.

These are just some of the loan options available to you in Gillette, Wyoming. You can ask a lender about these and the many other options for your mortgage, refinance, or a home equity loan. Get started today by simply filling out the form below!

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