Interest Rate
6.207%
APR*
6.297%
Average home price
$242.316

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 6.207% 6.297% +0.13%
Conventional 15 year fixed 5.532% 5.714% +0.15%
Conventional 5 year ARM 5.667% 5.566% -0.24%
VA 30 year fixed 5.488% 5.582% Unchanged

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Maine

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:

  • Portland
  • Lewiston
  • Bangor
  • South Portland
  • Auburn

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.

First-time Homebuyers

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:

  • To complete a homeowners education course
  • A minimum credit score of at least 640
  • Income inside certain parameters

Refinancing in Maine

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:

  • Refinance to achieve a lower interest rate
  • Refinance to put a longer term in place
  • Refinance to access cash equity in your home
  • Refinance to get rid of private mortgage insurance (PMI)

You might even qualify for a streamlined refinance for certain types of loans. Ask your lender for more information.

GUIDES

Buying a Home?

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.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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