Maine Mortgage Rates
Compare Maine mortgage rates and choose the best option for your needs.
Purchase
Purchase
- Rates have fallen, the time is now to move on your home purchase.
- Complete our Digital Mortgage experience for painless pre-approvals.
- Understand your home affordability options today with our mortgage experts.
- See personalized rates and loan options for your next home purchase.
- Attention Wells Fargo customers: Special benefits and discounts available
- Get a custom mortgage rate quote in minutes with no credit impact
- As low as 3% down on a fixed-rate mortgage
- Minimum 620 credit score needed to prequalify
- 0% down USDA loan for rural homebuyers
- 97% of borrowers would recommend to friends or family
- 0% Down VA Loans for Veterans & Military
- Secure preapproval quickly with 24/7 access
- Competitively low VA rates, no PMI required
- Over 300,000 verified 5-star reviews
- Fed finally cuts rates!
- Down payments as low as 1%
- Explore Your Options
- Calculate a Payment for $0
Mortgage in Maine: Top Lenders in 2024
Willing to buy a home in Maine State? Opting for a mortgage loan is the most convenient route regardless of the type of property you're eyeing, be it a residential estate or an apartment. Nevertheless, it's important to note that the terms of home loans can significantly differ among various mortgage lenders (use our mortgage calculator to estimate your future expenses). Within this guide, we'll examine some of the highest-rated lenders and assess which ones merit your consideration.
ME Mortgage Lenders Comparison
Each of the lenders under review are reputable companies boasting reasonable rates and established track records. To provide you with comprehensive details, we'll compare them based on several key criteria, including APR, minimum down payment, minimal requirements, and more.
Quicken Loans Mortgage
Quicken Loans is the previous brand name of Rocket Mortgage, the US-wide leader in capitalization across consumer lenders, adopted in 1999. With this transition, customers can expect identical options, terms, and services. These offerings span from straightforward conventional mortgages, available with fixed or adjustable rates, to jumbo loans, home equity loans, HELOCs, and federally-insured programs such as FHA and VA loans, catering to both purchase and refinancing needs.
For conventional loans, a minimum credit score of 620 is required. The advertised APR for a 30-year fixed-rate mortgage stands at 7.199%, which is relatively higher compared to similar offers. The lender operates in all states, including Washington D.C.
| Pros: | Cons: |
|---|---|
| High availability. | No construction loans. |
| Easy application process. | Rates above the market average. |
| Plethora of experience. |
PenFed Credit Union
Pentagon Federal Credit Union started in 1935 and was at first aimed exclusively at service members. Nowadays, however, everyone can apply.
The APR rates stand at 5.596% for a conventional 15-year mortgage, 6.078% for a 20-year mortgage, and 6.548% for a 30-year mortgage, provided the applicant holds a credit score between 700 – 739 and makes a 20% down payment. The minimum acceptable credit score is 650 for a conventional loan and 700 for a non-conforming jumbo loan. FHA options typically require a minimum credit score of 620.
| Pros: | Cons: |
|---|---|
| Doesn’t charge lender fees. | The lender does not support USDA-insured plans. |
| Allows calculating rates on the spot – without filling out any annoying forms. | The mortgage application process requires a preliminarily completed online form and a deposit of $5 into a savings account. |
| The lender provides nationwide coverage. |
AmeriSave
AmeriSave has strengthened its position as a nationwide Georgia lender. Therefore, residents of this state often enjoy the most favorable offers. The lender's reliability is emphasized by its outstanding BBB (A+) and Trustpilot (4.3/5) ratings.
The advertised rate of 4.899% requires a FICO score of at least 740 and a down payment of 20%. As usual, the actual rate will likely be higher than the advertised rate. The credit score required for a conventional loan is 620; plans with government insurance are available from 600.
| Pros: | Cons: |
|---|---|
| Highly lucrative mortgage rates. | Not all of the lender fees included in the closing costs are transparently disclosed at the lender’s website. |
| Diversity of loan types offered. This includes purchase and refinancing with fixed and adjustable rates, as well as the three main kinds of government-backed loans (FHA, VA and USDA). | |
| Easy and convenient, mobile-friendly application process. |
Average Mortgage Rate in Maine from 1978 to 2018
The chart shows average conventional mortgage 30-Year Fixed Rates in Maine.
Source: Federal Housing Finance Agency Monthly Interest Rate Survey
Information about the Housing Market and Real Estate Prices in Maine
| Criteria | Amount, $ |
|---|---|
| The median home value in Maine | $271,956 |
| The income required to buy the median priced home in Maine | $44,559 |
| The monthly mortgage payment required to buy the median priced home in Maine | $1,032 |
| The median household income for Maine | $64,892 |
Things to Consider When Choosing a Mortgage Lender
A mortgage loan implies undertaking a serious commitment for a term of 15 through 30 years. So you need to think twice before signing an agreement with this or that lender. There are some core aspects to consider when choosing a lending entity.
Type of Lender
Typically, there are two prominent options – traditional banks and online mortgage lenders. Banks often tout attractive rates but typically impose stringent credit checks, leading to longer approval times and challenging eligibility criteria. On the other hand, online lenders offer expedited processes with less demanding requirements for prospective homebuyers.
APR and Fees
Each loan incurs costs beyond the interest rate, encompassing additional fees like origination fees, mortgage insurance fees, and closing costs. As of the latest data, the average mortgage rate in Maine for a fixed-rate 30-year loan stands at 6.58%.
Terms and Conditions
Considerations include the minimum down payment size, which ranges from 0% to 20% based on loan type and individual circumstances (e.g., military status, employment type). Additionally, evaluate the loan's lifespan, typically offered in 15- and 30-year options.
What Mortgage Lender is the Number One in Maine?
Determining the premier mortgage lender in Maine can be subjective given the extensive list of reputable options. For instance, Rocket Mortgage stands out as an industry leader with a loan volume of $11.5 billion in 2021. To make an informed decision, refer to our list of recommended lenders.
First-Time Homebuyer Programs in Maine
Purchasing a home for the first time poses significant challenges. Fortunately, residents of Maine have access to various governmental programs designed to enhance mortgage affordability.
- Federal Housing Administration (FHA) Loan Program. Under this initiative, buyers receive insurance from the federal government, with the insurance fee incorporated into the total loan cost. In exchange, homebuyers enjoy significant benefits such as a low interest rate and minimal credit requirements. Consequently, individuals with a FICO score as low as 500 and a debt-to-income ratio of just 50% can qualify.
- USDA Loan Program. Geared toward residents of rural areas, this program enables participants to secure a mortgage loan with no down payment required. However, eligibility hinges on ensuring that their annual income does not exceed 115% of the average income in the region.
- VA Loan Programs. These programs, insured by the Department of Veterans Affairs, cater to former military personnel or their spouses, offering them accessible mortgage options.
Pre-Approval: What Does It Mean?
A preliminary approval serves as confirmation of a prospective homebuyer's credibility, signaling to home sellers that lenders are prepared to greenlight a mortgage loan for the buyer. To secure a pre-approval, individuals must furnish documentary evidence of their financial capacity. This typically entails providing earning statements, account statements, a W2 form, or alternative proof of income spanning at least two years. Additionally, completion of the Uniform Residential Loan Application form is required.