Blog :: 04-2011

South Burlington VT Real Estate Market Update

Accor ding to a recent article in the National Publication Rismedia, existing home sales in March were up 3.7 % nationwide. With that said, according to our Local Multiple Listing Service, home closings for the State of Vermont in the first quarter were down 28.31 % from the first quarter of last year.But the good news is that the average days on market dropped a bit to 129 days. For our Company comparing last years first quarter to this year we are ahead by 29.41%. Thus we are outperforming the state's real estate average by 100%. We are excited about the opportunities provided to us and our wonderful referral network that we have from our customers and clients. In this economy, hard work will determine who makes it and who doesn't. Contact usif you would like to benefit from our 30 years of experience.

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    CENTURY 21 Advantage in South Burlington VT welcomes Kayla Battishill

    CENTURY 21 Advantage in South Burlington, VT welcomes Kayla Battishill to its team! Kaylas dedication to customer service in doing the right thing is evident in everything she does. As part of the CENTURY System, Kayla will provide you with the expertise, resources and technology of the #1 real estate sales whether buying or selling. For all your real estate needs, contact Kayla today.

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      CENTURY 21 Advantage's Top Agents in March

      CENTURY 21 Advantage is pleased to recognize Brian French, Kelly Farr and Lydia Wisloski as its Top Agents for March. CENTURY 21 Advantage recognizes Brian French, Kelly Farr and Lydia Wisloski as the Top Sales Agent for the month of March. Whether selling or buying Burlington VT Real Estate, they have the experience and technology that is second to none. Read testimonials for Brian , Kelly and Lydia.
      Brian French Kelly Farr Lyda Wisloski

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        Financing in Vermont Options To Be Considered

        VA Loans vs. Conventional Loans in Vermont.

        A majority of Vermont homebuyers are stuck with one home financing option, which is a conventional loan. However, qualified military members have an outlet in VA loans. Both loan types cater to different needs of the homebuyer. However, theres no telling which one suits you without knowing some of the main differences between conventional and VA loans in Vermont.

        Qualified Vermont home buyers can receive no down payment loans.

        Without question, the down payments are the most noticeable difference between the loan types. Due to the credit crunch and housing collapse, lenders expect down payments as high as 20 percent for a conventional loan. Vermont VA loans, on the other hand, come with a no down payment option to qualified borrowers. This means that Vermont residents can fully finance a home worth up to $417,000.

        Vermont VA Loans offer no prepayment penalties.

        Prepayment penalties are yet another notable difference. There are no prepayment penalties with Vermont VA loans. Prime mortgages do not always come with such penalties since borrowers can avoid them or never hear about the option. On the other hand, subprime mortgages are more likely to come with prepayment penalties. Agreeing to this penalty means getting a lower interest rate on a traditional loan, but prevents borrowers from paying at a faster pace.

        Interest Rates on VA loans in Vermont are negotiable.

        When it comes to interest rates, VA loans in Vermont come with negotiable rates. This is due to the Department of Veterans Affairs guarantee on up to 25 percent on every loan. Active-duty homebuyers get capped interest rates, and VA loan borrowers have refinancing options that can lower interest rates. Conventional loans set interest rates based on market fluctuations, the length of your loan, and the type of mortgage. Fixed-rate or adjustable-rate mortgages should be examined with a loan officer who truly understands your needs and financial capabilities.

        Private Mortgage Insurance does not apply for VA loans.

        VA loans in Vermont do not require private mortgage insurance, whereas conventional loans with down payments of less than 20 percent have this extra monthly cost. Although VA loans come with a VA funding fee that starts at 2.15 percent of the loan value for first-time borrowers in the program, there is an option to build this tiny cost into monthly payments. The fee keeps the program solvent, allowing other service members and veterans to capitalize on their VA loan benefit.

        Check your eligibility for a Vermont VA Loan.

        Not all military members are eligible for the program. Generally, if you fall into one of three groups, you may be eligible: 1.) Military members who served on active duty for 90 days during wartime or 181 days during peacetime. 2.) Reservists and National Guards members who served for at least six years. 3). Spouses of those who died in the line of duty or as a result of a service-related injury. Lending practices are more lenient for VA loans compared to conventional ones. Imperfect credit, a foreclosure or bankruptcy and debt-to-income ratios as high as 41 percent are acceptable.

        To find out if you are eligible for a Vermont VA loan, complete a Certificate of Eligibility (COE).

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