Home Loan Solutions in the State of Maine
Maine, the 23rd state to join the Union, is renowned for its jagged, rocky coastline, its delicious seafood, and its beautiful forests. However, buying a home there can still be a confusing process without professional help.
Fortunately, our team of home finance experts is ready and waiting to teach you everything you need to know about mortgage basics in the state of Maine. At the moment, the average home listing price in Maine is $224,900, about $35,000 less than the nationwide median of $261,500 -- which means it could be a fantastic time to buy a home in The Pine Tree State.
Right now, one of the most expensive areas to purchase a home in Maine is Portland, with with a median home listing price of $370,000. In comparison, in the state's capital, Augusta, the median home value is only $132,079. In Bangor, the median home listing price $148,750, which is significantly less than the national and statewide medians. In Lewiston, another popular city in Maine, the median home listing price currently sits at $149,450.
Here at home.loans, our team is committed to a single purpose: to give you the best and most up-to-date information about the home buying process. Whether you want to buy a new home, refinance, get a VA or FHA loan, or something else entirely, we can't wait to help be a part of your home buying success story!
Best Maine Mortgage Lender: Guaranteed Rate
A Kingpin of the online mortgage trend that plays a large role in government-insured financing is Guaranteed Rate. Their participation in the digital mortgage wave leaves many other platforms lacking by comparison.
Guaranteed Rate is also extremely experienced with the origination of government-insured loan products such as FHA and VA loans. The ability to offer FHA and VA financing through one of the best digital mortgage platforms available makes them serious competition to other mortgage lenders, and highly favored among repeat and first time home buyers. FHA Mortgages are one of the highest selling loans through Guaranteed Rate.
The online platform makes securely uploading the important financial documentation requested for a loan approval fast and easy. Borrowers can even check their credit scores through the service, rather than go elsewhere. Guaranteed Rate is one of the rare few digital mortgage platforms where a mortgage loan can be closed without ever needing to speak with someone unless requested by the home buyer.
Best Maine Mortgage Refinance Lender: Residential Mortgage Services
Residential Mortgage Services or “RMS” is a privately held mortgage provider that has been around since 1991. Needless to say, their efficiency and commitment to their customers has contributed greatly to their longevity and success for all of these years.
RMS offers a plethora of residential mortgage products for home buyers or homeowners looking to refinance. Even better, they are able to provide a customized lending experience to the borrowers who choose them, greatly reducing the stress typically associated with a refinance or home purchase.
The loan officers at Residential Mortgage Services aim to guide borrowers through every single step of the mortgage or refinance process. They provide 5 star customer service regardless of whether borrowers meet with them in person, or choose to utilize their cutting edge online mortgage and refinance platform.
Best Maine FHA Mortgage Lender: Mortgage Network, Inc.
Mortgage Network, Inc. claims to be one of the most trusted mortgage lenders on the East Coast, and it has the reviews to back it up. The company has multiple locations throughout the state of Maine, as well as in Massachusetts, New Hampshire, Delaware, Florida, New Jersey, Maryland, South Carolina, and Rhode Island.
Like many FHA-approved lenders, the company is also approved to issue VA loans, USDA loans, and conventional loans, so even if you decide that an FHA loan isn’t the right choice for you, Mortgage Network can still help you achieve home financing.
Best Maine VA Mortgage Lender: Norcom Mortgage
Norcom Mortgage is one of the most widely used mortgage lending institutions in the state of Maine, hands down. The sheer volume of VA loans and other home financing options that they originate is a solid testament to their ability to give their clients what they want.
The loan officers at Norcom are exceptionally wise when it comes to home loans, and all of the intricacies surrounding them, and they can effortlessly work with borrowers of the most difficult financial backgrounds. Norcom mortgage has a high reputation of hiring only the most skilled loan officers, after all.
For potential borrowers, a there is no question left unanswered, and no goal that they don’t make a valiant effort to reach. They make closing a mortgage loan a lot less scary than it typically is to many home buyers.
Best Maine Home Equity Lender: TD Bank
As one of America’s 10 largest banks, TD Bank has been in business for around 150 years. High quality service and expert loan officers may have something to do with their position, but for the most part, it comes from the impressively high degree of customer satisfaction they are able to leave their borrowers with after each transaction comes to a close.
TD Bank has a long history in banking, and a pretty outstanding reputation in home finance. Home Equity loans are only a portion of the products offered by TD Bank, yet they still are among the most popular loan products offered.
TD Bank originates both home equity loans and home equity lines of credit, with fairly competitive rates. They are known to offer home equity options with LTVs up to 90%, depending on where the borrower resides.
Working with the loan officers at TD Bank is always straightforward and stress-free. They even allow applications to be completed and filled out online.
Shop Around Before You Get a Maine Home Loan
Our picks for the best mortgage lenders in Maine may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best mortgage terms can be found in the most obscure places. Regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal mortgage solution that comes with the terms and affordability that best suits any particular financial situation.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best mortgage lender in your area, don't hesitate to contact a home.loans mortgage expert!