Maine Mortgage Rates

The Pine Tree State.

What is it like living in a state like Maine? Like no other! Known for its natural beauty, you’ll live surrounded by lush forestry and majestic coastlines.

For those who are house hunting in Maine, you have thousands of options to choose from. From New English style architectures to modern houses, you name it.

Affordable Homes in Maine

What’s even better is that homes in the state of Maine have remained affordable. The median listing price of houses for sale is around $150,000. Some cities may even have lower prices. In the City of Augusta, for example, the median listing home price would around $125,000.

Mortgage Rates are Still at Historic Lows

Cost-effective home loans are also offered all throughout the state. You can take advantage of low-interest rates and monthly payments. Some home financing loans even allow you to use gift money as down payment for your home.

For a 30-year term, fixed rate mortgage, interest rate hovers below 4 percent. As of October 9, 2017, mortgage interest rates are at 3.73 percent. Same goes for a 15-year term. Fixed rate loans here are  around 3 percent.

There are also low-cost adjustable rate mortgages available. The interest rate for ARMs ranges between 3 percent to 3.5 percent for the initial number of years specified in the terms. However, It should still be noted that after this specified period, rates will adjust or change for the rest of the loan term at least once annually.

Find Yourself a Good Deal

Mortgagesum.com is a great website that can aid you in finding the best mortgage loans available in Maine and anywhere else in the country. You may use the site’s mortgage calculators to help you begin your research and help you work a budget.

It is also wise to speak with lenders. This way, you will be able to find really great offers and be able to compare them yourself. With just a few clicks, you can get yourself connected with reputable mortgage lenders in Maine so you can ask questions and gather first-hand information.