Maine Mortgage Rates

Compare Maine mortgage rates and choose the best option for your needs.

By Myfin Team
Updated June 19, 2024
Loan Type
State
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Purchase Price
$
Down payment
$
%
Loan term
  • 10-Year Fixed
  • 15-Year Fixed
  • 20-Year Fixed
  • 30-Year Fixed
  • 40-Year Fixed
  • 1-Year ARM
  • 3-Year ARM
  • 5-Year ARM
  • 7-Year ARM
  • 10-Year ARM
  • 3-Year ARM I/O
  • 5-Year ARM I/O
  • 7-Year ARM I/O
  • I/O = Interest only
Credit score
  • 740-850
  • 720-739
  • 700-719
  • 680-699
  • 660-679
  • 640-659
  • 620-639
  • 350-620
EMPTY
More options
Points
  • Up to 3
  • 0
  • 0-1
  • 1-2
Property type
  • Single Family
  • Condo (Less than 4 stores)
  • Condo (More than 4 stores)
  • 41 - 2 units
  • 42 - 3 units
  • 43 - 4 units
Property use type
  • Primary Residence
  • Second Home
  • Investment
EMPTY
EMPTY
Showing 4 mortgages
NMLS#401822
APR
6.632%
Payment
$2,023/mo
Rate
6.500%
Fees
$4,400
Includes 0.375 Points ($1,200)
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#423065
APR
6.875%
Payment
$2,103/mo
Rate
6.875%
Fees
($77)
Includes 0.024 Points (($77))
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#1025894
APR
7.397%
Payment
$2,211/mo
Rate
7.375%
Fees
$700
Includes 0 Points ($0)
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#491986
  • Minimum 620 credit score needed to prequalify
  • 0% down USDA loan for rural homebuyers
  • 97% of borrowers would recommend to friends or family
On partner's site
Get details
Data provided by Icanbuy. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. More information on rates and product details.
For example, if you apply for a 15-year $400,000 mortgage with an interest rate of 6.15% and a down payment of 10% you would receive $360,000 and make 180 payments of $3,067.14. The total amount paid would be $552,084.

Today's Mortgage Rates Trends in Maine

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.

FAQ

Whether I Qualify for a Mortgage in Maine or Not?

Qualification criteria for mortgage borrowers may slightly differ among various lending entities, but typically, they entail a credit score of 620 or higher and a debt-to-income ratio of at least 50%. Additionally, providing evidence of your financial capacity and credibility is crucial, which may involve furnishing tax and account statements, confirming employment status, and presenting credit reports, among other documentation. Lastly, borrowers must be capable of making the required down payment.

What is the maximum mortgage duration in ME?

In the United States, the maximum duration for a mortgage loan typically spans 30 years. Exceptions may occur with unqualified mortgages, extending the term to 40 years in rare instances. However, such cases are uncommon, and the terms associated with these loans are often less favorable.

What is the mortgage rate right now in Maine?

Providing a straightforward response to this question is challenging, as the ultimate APR is determined on a case-by-case basis for each borrower. Nevertheless, average values are available for every US state. In Maine, the present average mortgage rate for a 30-year term stands at 6.58%, while for a 15-year term, it is 5.98%.