With a northern border shared with Canada, Vermont represents one of the northeastern states the 2nd least populated territory among the 50 states. Much of the state is country and forestland. The major population zones include Burlington, Colchester, Rutland, Barre, Essex, Montpelier the capital, and St. Albans among others. Most of the state's concentrated population lives near Burlington, with the rest of the region sparsely inhabited. For many, the spread out communities is part of the allure of the state, especially for those who want away from the big cities.
The Green Mountain State is home to just over 600,000 Americans, and it has the smallest state economy at $26 billion in annual GSP. VT does much better in per capita measures. For instance, median household income is 15th in the nation.
Homes in Vermont are worth about $220,000 on average as of this writing. More expensive towns include Woodstock and Dover, while Barre and Rutland represent better deals for homebuyers. Of course, Vermont is very small, so one must take this sort of data with a grain of salt.
Burlington is Vermont's largest city and, according to recent estimates, its metro area has about 33% of the state's population. The city is notable as the founding place of Ben & Jerry's ice cream. The local economy is based on services - healthcare and education - along with manufacturing and transportation.
It's not often that a state's third largest city would qualify for USDA home loans - maximum population is 25,000 - but that's Vermont for you. Downtown Rutland is part of the National Register of Historic Places.
For such a small state, Vermont has a wealth of banking options. Consumers can decide between local banks, credit unions, and large banks like NBT that maintain branches within the state. For many, convenience is a key factor; it's important to find a financial institution with locations near you. Also keep in mind that when you're shopping for a home loan, community lenders can sometimes originate mortgages that you would not be able to get from a larger bank or a traditional mortgage banker. This is because local banks and credit unions often keep loans in their portfolios and thus do not need to answer to outside investors.
Local credit unions:
Big banks, local branches & ATMs:
You have a lot of options for finding the consumer banking products that you need. For quick and easy comparisons of CDs, auto loans, and more, try RateZip.com's financial search engine. With a database full of banks in VT and across America, you'll have a helping hand in finding a great interest rate.
To move to Vermont, a review of financing rates for the region should definitely be reviewed first before buying via RateZip.com. For those already living in the Green Mountain State, refinancing your home loan could save you thousands of dollars. Our network of lenders includes institutions local to VT and the northeast along with others who lend across the country.
Even if you are a Vermont homeowner who is currently underwater, you may be able to take advantage of today's historically low mortgage rates by refinancing with HARP, the Home Affordable Refinance Program. Part of a government initiative, HARP helps responsible homeowners refinance even if they owe more on their mortgage than the home is worth. Although housing prices are recovering in VT, it's still a program that many Americans can take advantage of.