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Maine Mortgage Lenders and Rates (ME)

Getting the right mortgage for a Maine home a little more difficult than you thought?  Annoyed with WebPages that don’t help you find what you are looking for?  That is why Mortgage-Info.us is here.  So if you are looking for lenders, Mortgage Rates, or Mortgage Brokers - we got it.  Plus when you fill out a mortgage quote form from Mortgage-Info.us, we will get you offers from 2-4 different lenders, meaning you will be able to choose the rate that you want.   

Request a free online Maine Mortgage Quote>>

Featured Mortgage Lenders in Maine

• CitiMortgage
• Eloan
• Countrywide
• Indymac Bank

Maine Mortgage Quick Facts

Maine State Population: 1,274,923
Median Maine Home Price: $98,700
Total Maine Housing Units: 664,613
Maine Home Ownership Rate: 71.6%

Types of Mortgage Loans Available in Maine:

If you already have a mortgage:

• Cash Out Mortgage Loans
• Refinance Mortgage Loans
• LIBOR Loans
• Second Mortgage Loans
• Home Equity Loan
• Home Equity Line of Credit Mortgage Loans (HELOC)

Other types of mortgages:

• Fixed Rate Mortgage Loans
• Adjustable Rate Mortgage Loans
• Interest only Mortgage Loans
• LIBOR Mortgage Loans
• Reverse Mortgage Loans

Special Mortgage Loans:

• Jumbo
• No Doc/Stated Income
• COFI
• COSI
• 12-MTA
• Balloon ARM
• 125 Home Equity Loan
• FHA Streamlined
• Home Improvement Loan
• Debt Consolidation
• No Money Down Home Purchase Loans – Flex 100
• 103% Home Value Purchase Loan.

How Your Credit Score Affects Your Mortgage Rate

First , you'll need to know what your current credit score is. You should compare that against the average Maine consumer credit score which is 700. And the national average credit score is 677. Your credit score impacts what your home mortgage rate will be. Historically home mortgage rates have varied from 5% to over 13%. Lenders create their home mortgage rates by using the Federal Discount Interest Rate and then increase it by using an internal formula to create their own home mortgage rate. When you apply for a home mortgage, your home mortgage rate will be determined by a whole host of factors, your credit score being one of the most important.

Maine Mortgage State Laws:

Only in Maine

The Mortgage Bankers Association of Maine is a leader in the industry. They educate their members, and help Maine residents become homeowners. The also offer information about the industry online.

The Credit Service Organizations (CSOs) must be registered. They do not need experience to be registered, and they don’t need to promise to continue any industry educational processes.

The Office of Consumer Credit has the responsibility of lowering Mortgage Volume fees.

Foreclosure

Court foreclosures are common, and take around nine months.

In default cases, mortgages can be foreclosed by judicial foreclosure or strict foreclosure, the second being more popular.

The strict foreclosure process involves, the borrower loses right to the property. The lender takes the property, and may sell it.

The borrower may have a three month or twelve month right to redemption period.

Deficiency judgment is available for the lender. The difference owed the lender is determined by the market value of the house, vs. the balance of the mortgage.

Maine Mortgage Fraud Office
White Collar Crime Supervisor
One Center Plaza, Suite 600
Boston, MA 02108
Phone: (617) 223-6477

Maine (ME) Counties:

Androscoggin County, Aroostook County, Cumberland County, Franklin County, Hancock County, Kennebec County, Knox County, Lincoln County, Oxford County, Penobscot County, Piscataquis County, Sagadahoc County, Somerset County, Waldo County, Washington County, York County

*Source
-US Census

This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.