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Maine has various mortgage programs that are governed by the Maine Housing Authority. The Maine Housing Authority works in conjunction with specific lenders to help low to moderate income households secure mortgages within the state. Mortgages acquired outside of the Maine Housing Authority are generally conventional mortgages backed by Fannie Mae or Freddie Mac. These mortgages have loan limits attached to them and vary by location in the state. Maine will also recognize VA home loans for limits up to $417,000. Because of the specific laws regarding mortgages in Maine, people wishing to apply for a mortgage will need to contact their local lender for details about current programs.

Maine Mortgage Rates

Mortgage rates in Maine are very comparable to other states in the United States, and generally lower than those found in the North East. Mortgage rates are very competitive in Maine because other housing expenses can be very high. Mortgage rates will also be based on your credit history, employment, loan to value ratio and down payment amount. People with bad credit can expect to pay slightly higher interest rates because of the added risk to the loan. Mortgage rates may also be determined by the area in which the home is purchased and the homes value. Higher value homes are considered a larger risk which increases mortgage interest rates.

Maine Refinance Rates

Maine refinance rates are in line with any other state for this type of loan product. Refinancing rates will be determined by homes value, risk in the loan and credit worthiness. Refinancing is also governed under the Maine Housing Authority. Rates for refinancing used to make repairs or improvements or bill consolidation may be higher than those for a balance refinancing.

Maine Mortgage Brokers And Lenders

There are several mortgage brokers and lenders available in the state of Maine. Private lending institutions and banks that do not work with the Maine Housing authority must be Freddie Mac or Fannie Mae certified to do business in the state. Credit unions, lenders and banks all offer different rates and have specific qualifications to receive a loan through their institution. Investigating the different options in the state should allow a home owner to find the best loan option. Internet based mortgages are available if the company meets all the requirements set forth by the housing authority.