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Guide to Maine Mortgages
Maybe you are buying your first home in Maine, or perhaps you're relocating to Maine from another state. Then again, you may be a long-time Maine resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Maine home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Maine:
The median price of a home in Maine is $211,500. Recently, homes in Maine have been appreciating at rates well above the national average. As a result, income levels in many parts of Maine are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Maine are below the national average, Maine has one of the lowest levels of home affordability in the nation.
In Maine, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Maine's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Maine law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Maine law enacted a set of anti-predatory lending laws in order to help protect Maine homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Maine, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Maine FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Maine's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Maine also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Maine's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Maine Housing Finance Agency.
Last Updated: Friday, May 09, 2008
Maine Real Estate Market View
updated Friday, May 09, 2008
| Housing & Social Facts |
Maine |
United States |
| Total housing units |
683,799 |
n/a |
| Owner-occupied housing units |
71.8% |
66.9% |
| Renter-occupied housing units |
28.2% |
33.1% |
| Vacant housing units |
20.7% |
10.8% |
| Average Home Value |
$155,300 |
$167,500 |
| Average Mortgage Payment |
$1,093.00 |
$1,295.00 |
| Average Rental Payment |
$358 .00 |
$388.00 |
| Total Population |
1,283,673 |
n/a |
| Percentage Male |
48.8% |
49.0% |
| Percentage Female |
51.2% |
51.0% |
| Median Age |
41.2 |
36.4 |
| Under 5 years |
5.2% |
7.0% |
| 18 years and over |
78.5% |
74.6% |
| 65 years and over |
14.1% |
12.1% |
|
1 Year Market Value Change for Maine |
| 1yr | 5yr | 10yr |
 |
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Popular Maine Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Auburn |
23,203 |
$35,652 |
| Augusta |
18,560 |
$29,921 |
| Bangor |
31,473 |
$29,740 |
| Biddeford |
20,942 |
$34,976 |
| Brunswick |
21,172 |
$40,402 |
| Falmouth |
10,310 |
$66,855 |
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| Dirigo Lending |
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We pride ourselves on customer service, and providing great loan programs to help you meet your financial needs. We will keep in contact with you throughout the loan process, and will be available to answer questions whenever they may arise. Dirigo Lending offers a wide selection of mortgage products that fit people in a variety of financial circumstances.
We take a consultative approach with all of our clients. By learning as much as we can about you, the better we are able to find a mortgage program that best suits your needs and circumstances. And with our extensive product set, we can offer rates competitive with anyone, and more options than typically offered by a bank.
We established Dirigo Lending in the community in which we live because we know we can help both the individual, and the community itself. It is important to us to be a part of the community, to establish long-term relationships within our community, and invest back into the communities throughout Maine.
We do this by providing excellent service; we are here to answer your questions whether you are applying for a loan with our company, or just looking over options. We have established a local lending solution, with extremely competitive prices, so our community does not have to look elsewhere for sound mortgage products and advice. We are here to serve you. Dirigo Lending is located in Lebanon, Maine and exclusively serves the State of Maine. Dirigo Lending
Wiswell Lane
Lebanon, ME 04027
207.457.5123 - Phone
207.457.3986 - Fax Dirigo Lending is a real estate broker licensed by the ME Dept of Real Estate License
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| Evest Lending, Inc. |
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Evest Lending Inc. has built a strong reputation as an outstanding mortgage brokerage firm serving the lending needs of real estate professionals, builders and individual homebuyers throughout Maine. We're a full service mortgage broker with an experienced staff offering expertise in every area of mortgage lending...from purchase to refinance to construction lending. We have access to a full range of mortgage sources and all of our lending specialists are dedicated to finding the right loan - with the best rates, terms and costs - to meet our clients' unique needs. But that's just the beginning of our service. Throughout the lending process we provide regular loan updates and progress reports so clients always know the status of their loan. We also offer a special Mortgage Manager Service for those considering refinancing their mortgage. We offer the best mortgage tools available on the Internet - easy, convenient, on-line shopping for the best loan programs and most current rates available, together with the assistance of an experienced, "live" loan officer to guide you through the often difficult and confusing process of choosing and getting the exact loan to meet your specific needs. And, now it's our pleasure to offer all of our exceptional mortgage services online. Through Evest Lending Inc. you not only have access to the best loans available in the marketplace, but you can review loan alternatives, and even apply for your loan, at your convenience, online - 24 hours a day. Evest Lending Inc.
100 Larrabee Road, Suite 210
Westbrook, ME 04092
866.774.8844 - Toll Free Evest Lending, Inc. is a real estate broker licensed by the ME Dept of Real Estate License
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| GIA Mortgage Corporation |
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The emphasis is not on a mass produced service, but on a more individualized approach. As a result GIA matches a person's financial goals with the perfect mortgage solution. Realizing that a mortgage is one of the most important instruments in an individual's financial portfolio is what makes GIA Mortgage different from the competition. GIA Mortgage Professionals understand the importance of a mortgage; after all, it is usually the biggest investment of your life. The mortgage banking industry is as ever changing as your needs and our goal is to tailor a program that is best for your present as well as for your future. At GIA Mortgage we feel we have an obligation to inform you of the newest product offerings. This is our way of letting you choose the program that is right for you. The future of GIA Mortgage is to continue expanding on our current success. We will grow to offer mortgages throughout all six New England states, never compromising the high level of service on which we have set our standards. You will never hear us boast about how many loans we have closed or how many millions of dollars we have helped our customers obtain. The focus of GIA Mortgage is, and will always remain, to put the customer first. We only succeed if we deliver on our promise of making you feel like our Most Important Customer...because you are. GIA Mortgage can assist you with your mortgage in Maine, Massachusetts, New Hampshire and Connecticut. GIA Mortgage Corporation
160 Doyle Road
Holden, Massachusetts 01520
888.442.2274 - Phone
508.852.4112 - Fax GIA Mortgage Corporation is a real estate broker licensed by the ME Dept of Real Estate License
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