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If you’re ready to buy a home in Maine, you’ll want to check if you’re getting the best mortgage rate possible. Your final mortgage rate will depend on a range of factors, including how high or low your credit score and down payment are, your current level of income, and your debt-to-income ratio.
Help yourself acquire the best mortgage rate in Maine by checking your credit for errors before you apply for a home loan. Also make sure all of your documentation is ready to submit to a professional mortgage lender, so you can get preapproved.
Here’s a quick look at current Maine mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||4.684%||4.766%||-0.06%|
|Conventional 15 year fixed||4.031%||4.179%||+0.07%|
|Conventional 5 year ARM||4.596%||4.232%||+0.41%|
|FHA 15 year fixed||3.375%||4.376%||Unchanged|
|FHA 30 year fixed||3.945%||4.736%||-0.01%|
|VA 30 year fixed||4.066%||4.413%||Unchanged|
|VA 15 year fixed||4.167%||4.751%||Unchanged|
Wondering if it’s time to buy a home in Maine? This could be just the perfect moment to find your dream home in the Pine Tree State. Here’s what you need to know before you move to Stephen King country:
Where do you want to live most? The state capital is Augusta, but it’s not very populous. Maine only has around 1.3 million people, and fewer than one in ten live in the state’s top five biggest cities:
How much home can you afford to buy? Maine ranks 32nd in US homes for sale at average price, and 42nd for homes over $1,000,000. Get preapproved and learn what your budget is before you head out to house hunt.
Are you a first-time home buyer? Check out these possibilities for assistance through the Maine State Housing Authority, known as MaineHousing.
MaineHousing’s First Home Loan Program provides fixed rate loans with low down payments, and can be combined with MaineHousing’s Advantage down payment and closing cost assistance program.
First Home Loan mortgages also include payment protection through Maine HOPE (“Home Ownership Protection for unEmployment”). This is an advance of up to four mortgage payments plus any required taxes and homeowners insurance, packaged as a no-interest junior lien. You only have to repay it when you finish paying off your home or sell it.
To qualify for this first-time home buyer program in Maine, you’ll need:
Can you refinance a home in Maine to take advantage of favorable Maine mortgage rates? It’s likely you can do any of the following:
You might even qualify for a streamlined refinance for certain types of loans. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.