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Total Mortgage in Maine

Total Mortgage is one of the most trusted service providers in Maine's mortgage lending history, and it has years of proven expertise. We are dedicated to offering the most competitive mortgage rates in Maine. Our expert team, on a continued basis, meticulously assesses the existing mortgage rates in the state after extensively studying the prevailing rates of various mortgage companies and credit unions. We ensure optimal financing options to achieve your dream of buying a home in the Pine Tree State. Whether you want to purchase your first home in Maine or refinance your existing place, we guarantee the best Maine mortgage rates. As one of the leading mortgage lenders in Maine, we are here to steer you toward finding the right financial option for your home. We aim to reduce your monthly payments significantly. We are a phone call away if you have any questions. Our team helps you navigate the financing landscape to secure the most competitive current mortgage rates in Maine that are aligned with your financial aspirations.

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Frequently Asked Questions

What are mortgage rates in Maine?

Maine Mortgage rates are the interest rates that borrowers must pay to lenders when they apply for a home loan or refinance a home loan.

What are the current mortgage rates in Maine?

 

The table above contains the current mortgage rates in Maine. We update the rates twice every day so that our clients always have the correct information when deciding about home financing options.

How do Maine interest rates affect mortgages in the state?

 

Interest rates in Maine directly impact mortgage payments every month and the overall affordability of homebuyers' loans. The rates also affect the loan for homeowners refinancing in the state.

Where can Maine residents find the best mortgage rates?

 

Maine residents can compare mortgage rates from different local banks, credit unions, online lenders, and mortgage brokers at the Total Mortgage site.

How can Maine borrowers lock in a favorable home interest rate?

 

The best time to lock in a favorable home interest rate in Maine is after you have compared loans and lenders and chosen a rate and monthly payment that you are comfortable with and that suits your budget.

How does the Maine real estate market impact mortgage rates?

 

Like all other real estate markets, Maine mortgage rates are directly proportional to the rise and fall in the market. As the market shows positive trends, the mortgage rates are likely to increase, and vice versa.

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Maine Homebuyer Assistance Programs

FHA Federal Housing Administration

This program is designed specifically for low- to moderate-income groups. Compared to many conventional loan programs, the down payment is low. The eligible credit score is low, too. It is a great first-time home buyer program in Maine. Characteristic features are -

  • 3.5% down payment
  • Can provide $5,000 toward a down payment or closing cost assistance.
  • A minimum borrower contribution is a must that is 1% of the loan amount.
  • The borrower needs to complete a Homebuyer Education class from a hoMEworks-approved provider.

RD Rural Development

This housing program is a significant advantage for people from rural areas in Maine. Homeowners can take loans to purchase or refurbish their existing homes. The loans are meant for families that do not have adequate housing or finances to own a house upfront but can afford to pay the mortgage rates in Maine. The down payment is 0%. Other inclusions are -

  • 30-year fixed rate on all property types except mobile homes
  • Up to $35,000 in home improvements, including ENERGY STAR® appliances

VA Veterans Administration Loan

As the name suggests, this home-buying assistance is for veterans and military personnel still active in the profession. The benefits are plenty. Some of these are -

  • No down payment is required.
  • Flexible credit requirements.
  • Private mortgage insurance is not required.
  • Property types - Existing 1-4 units, new 1-units, condos, mobile homes ≤ 20 years old on owned land
  • Borrowers will be offered $5,000 toward a down payment or closing cost assistance.

MaineHousing Conventional No MI

MaineHousing Authority offers this program where homebuyers can secure a loan minus mortgage insurance. Thus, the monthly payments are comparatively low. This program is perfect for those who have purchase and income limits. The other inclusions are -

  • 20% down payment assistance
  • Property type - Existing 1-4 units, new 1-units, condos, mobile homes ≤ 20 years old on owned land
  • Borrowers need to complete a Homebuyer Education class from a hoMEworks-approved provider.

MaineHousing Self-Insurance for Mobile Homes

This is a self-insurance loan program for mobile home borrowers. If you are looking for a non-conventional housing scheme like mobile homes, up to 5% down payment assistance is provided. The property type requirement is that the mobile home be less than 20 years old and on owned or leased land. The purchase price and loan limits are $200,000 on leased land and $250,000 on owned land.

Arch PMI

In this program, the down payments are as low as 3%. The monthly premiums are risk-rated. At the same time, Financed MI is not allowed. There is a 30-year fixed rate on all property types. Additionally, home buyers are offered up to $35,000 for home improvements, including ENERGY STAR® appliances.

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