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Maine Mortgage Rates

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Maine Mortgage Rates

Comparing Maine Mortgage Rates with National Rates

In order to help you see how Maine mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in Maine

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Maine

In order to qualify for the best mortgage rates in Maine it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

Mortgage Resources for Maine

Maine is the forty first most populous US state. According to the US census, as of 2016, there is an estimated population of over 1.3 million residents, which represents 0.4% of the US population.

According to Wikipedia "Maine's agricultural outputs include poultry, eggs, dairy products, cattle, wild blueberries, apples, maple syrup, and maple sugar. Aroostook County is known for its potato crops. Commercial fishing, once a mainstay of the state's economy, maintains a presence, particularly lobstering and groundfishing. Western Maine aquifers and springs are a major source of bottled water. Maine's industrial outputs consist chiefly of paper, lumber and wood products, electronic equipment, leather products, food products, textiles, and bio-technology. Naval shipbuilding and construction remain key as well, with Bath Iron Works in Bath and Portsmouth Naval Shipyard in Kittery."

According to the Glassman-ACS report for 2015, Maine had below national levels for poverty (13.4% percent of people below the poverty level in 2015, compared to 14.7% nationally) and unemployment (5.4% vs. 6.3% nationally). Maine’s median household economy in 2015 was approximately $51,494 somewhat lower than the national average of $55,775.

Based on 2015 HMDA data, Based on 2015 HMDA data, Maine compared to National loan program distribution, had a lower share of refinance loans (42% vs 46% nationally), higher share of home improvement loans (6% vs. 3% nationally) and similar percentage of home purchase loans (52% vs 51% national) and . Conventional loans were similar to national averages (70% vs 69% nationally) as were VA loans as were VA loans (9% vs 10% nationally) . FHA loan share was much lower (14% vs 20% nationally), However, FSA/RHS-guaranteed loans were a much higher share (7% vs 2% nationally).

Here are some outside resources that can help you understand the Maine mortgage environment:

  1. FHA loan amounts in Maine: (note:set the table to Maine). There are 16 counties in the state of Maine. Currently none of the single family units meet the Highest loan limit, currently at $636,150. The majority, 75% are at the Standard loan limit, currently at $275,665. The remaining 25% are between those limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Maine and your county or check out the FHFA conforming limit map. The FHFA has higher base limits than the FHA, currently at $424,100. All of the counties are within this limit.
  3. Maine Mortgage Programs:  MaineHousing is an independent state agency that aims to “assist Maine people in obtaining and maintaining quality affordable housing and services suitable to their housing needs.” MaineHousing offers a number of mortgage programs including the First Home Loan Program that “provides low fixed rate mortgages to people who have not owned homes in the last three years. No point and low point options are available. Another program,Salute ME & Salute Home Again, is geared to help Maine veterans, and offers a "0.25% discount to the already low First Home Loan program’s 30-year fixed interest rate. Available to veterans who are first-time homebuyers or who previously owned a home (first-time homebuyer requirement is waived)." The mortgage programs have income, property and credit requirements. They publish Maine mortgage rates on their website
  4. Homebuyer Education Programs: Many programs require a homebuyer education class. For more information check out the Hud’s website

Mortgage Trends and Statistics for Maine

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages 

Check out some differences between Maine and the US:

  • Mortgage Rates for Conventional Loans in Maine
  • Mortgage Fees for Conventional Loans in Maine
  • Loan Amount for Conventional Loans in Maine

 

Mortgage Rates for Conventional Loans in Maine vs USA

 

Mortgage Fees for Conventional Loans in Maine

 

Purchase Price for Conventional Loans in Maine vs USA

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