Sun. Jan 17th, 2021

Are you interested in living in Maine? There are about 747,000 housing units In Pine Tree State. Homemade at the rate of 71%, according to the US Census Bureau 2018 American Community Survey, Maine is a popular place for home.

Maine’s median housing price is $ 197,500, well below the national average of $ 229,700. Although home values ​​vary by region, they remain relatively average across the state, with most counties reporting an average of $ 269,200.

US News’ 2020 Best Maine 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 mortgage rates in Maine?

Average interest rate for a 30 year fixed rate Customizing Mortgage in Maine 2.9%
. House interest rates Range from 2.5% to 3.63% In Maine.

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 main homebuyer programs?

Main homebuyers can take help of down payment and closing costs from these menacing programs.

available to: Qualified homebuyers including first time homebuyers and veterans. Applicants must also have a 640 credit score.
Income Range: Vary by county (Revenue Range).
First time homebuyers ?: No.
Benefit: Low interest rates and low or no down payment options are required. Mortgages also come with Maine HOPE – Homeownership Protection for Unimposition. If a qualified borrower loses their job, menhosing may carry forward four mortgage payments for them.
Payment and closing cost assistance: Advantage can be combined with down payment and closing cost assistance.

available to: Borrowers using MainHosing First Home, Selute ME or Mobile Home Self Insured Home Mortgage. Applicant A homeowner-approved homebuyer education class must be taken prior to closing and a minimum borrower contribution of 1% of the loan. The cost of a homebuyer education class counts for a 1% contribution.
Income Range: Vary by county (Revenue Range).
First time homebuyers ?: No.
Payment and closing cost assistance: The benefit can provide you with $ 3,500 toward the cash required for payment or closing costs.

available to: Qualified active duty, veteran, and retired military personnel who are homebuying or homebuying for the first time.
Income Range: Vary by county (Revenue Range).
First time homebuyers ?: No.
profit: 0.25% discount on interest rate on first home loan.
Payment and closing cost assistance: Advantage can be combined with down payment and closing cost assistance.

Advertisement Disclosure: Some of the loan offers on this site are from companies that are advertising customers of US News. Advertising considerations can influence where offers 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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