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Maine Mortgage Rates
With plenty of space to spread out along miles of gorgeous rocky coastline, Maine has plenty of appeal for anyone looking to embrace nature and enjoy the four seasons. From the peaceful serenity of Acadia National Park down to the hard-working fishing town of Portland, Maine offers a little bit of something for everyone.
If you have been considering relocating up north to the Pine Tree State, the most important thing you can do is make sure that you set yourself up with the right mortgage at the best possible rate.
Common Maine Loan Types:
- Maine conventional mortgages: Maine mortgage requirements and rates vary based on the area you live in, or want to live in, and your financial situation. Compare mortgage rates on FreeRateUpdate.com to find the option that's right for you.
- Maine FHA loans: Home loans backed by the FHA are offered throughout the U.S. The FHA doesn't offer loans directly, you can find one through an FHA-approved lender in Maine on FreeRateUpdate.com today. FHA loans are typically offered to first-time homebuyers. FHA loans are designed for low- to moderate-income borrowers with lower credit scores.
- Maine VA loans: VA loans are backed by the Department of Veterans Affairs; VA loans are offered to eligible active duty service members and veterans. The VA doesn't offer loans directly, but you can find one through a VA-approved lender in Maine through FreeRateUpdate.com. VA loans require no down payment and typically have lower interest rates than conventional mortgages.
Maine Mortgage Rates Compared to National Averages
Mortgage interest rates in Maine typically fall right around the national averages, although they have been known to dip slightly below those benchmark numbers from time to time. That means, in most cases, Maine homebuyers are getting a reasonable rate on their mortgages.
An additional factor that makes Maine an even more attractive destination for homebuyers is that the average home in the Pine Tree State costs less than the average home in most other parts of the country.
Maine Housing, which is the state’s housing authority, operates several excellent programs to help homebuyers across the state, especially first-time homebuyers. Plenty of great programs are available to help qualifying homebuyers reduce their down payment and closing cost requirements.