Maine’s Best Mortgage Lenders & Current Mortgage Rates

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Are you interested in living in Maine? There are nearly 747,000 housing units in the Pine Tree State. With a homeownership rate of 71%, according to the U.S. Census Bureau’s 2018 American Community Survey, Maine is a popular place to own a home.

Maine’s median housing value is $197,500, which is below the national median of $229,700. Although home values vary by region, they still remain relatively average across the state, with the highest counties reporting a median of $269,200.

U.S. News’ Best Maine Mortgage Lenders of 2020

Methodology: U.S. News conducted an in-depth review of leading direct mortgage lenders in Maine. Research was based on program availability, customer satisfaction ratings and qualification requirements. Because each consumer has different needs, the top finishers in several key areas were chosen.

Best lender for loans for up to 100% of the appraised value of the home.

Bank of America serves roughly 66 million customers in all 50 states. The lender offers conventional, Federal Housing Administration, Department of Veterans Affairs and jumbo loans, as well as home equity lines of credit and mortgage refinancing.

Lender Highlights

  • Mortgage types: ARMs, conventional, FHA, first-time homebuyer program, home equity lines of credit, refinancing, VA
  • Minimum FICO credit score: 600
  • Maximum loan amount: $5 million
  • Better Business Bureau rating: A+

Best Features

  • Wide variety of mortgages

  • Annual percentage rate or closing cost discounts for qualifying Bank of America and Merrill Lynch clients

  • No closing costs and no annual, balance transfer and cash advance fees for HELOCs

See full profile

Best lender for loans for up to $3 million.

Guild Mortgage, founded in 1960, specializes in home loans and serves borrowers nationwide. The lender’s full suite of products includes conventional and government-backed mortgages and home equity loans.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, jumbo, manufactured home, refinance, reverse, USDA and VA
  • Minimum FICO credit score: 600
  • Maximum loan amount: varies
  • Better Business Bureau rating: A+

Best Features

  • Receives strong customer service ratings from the Better Business Bureau

  • Offers a broad range of mortgage products

  • Provides special mortgage programs for first-time buyers and manufactured homebuyers

See full profile

Best lender for waived lender fees on future refinancing.

LoanDepot was established in 2010 and since then has financed more than $70 billion in mortgages. It offers FHA, conventional and other mortgage options. Borrowers may qualify for a loan with a FICO credit score as low as 580.

Highlights:

  • Mortgage types offered: Conventional, FHA, VA, ARM, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Home equity loans
  • Minimum FICO credit score: 500 with conditions
  • Maximum debt-to-income ratio: 43% for FHA
  • Maximum combined loan-to-value ratio: 90%
  • J.D. Power satisfaction rating: Four out of five

Best Features

  • LoanDepot mortgages have a lifetime guarantee, which means if you ever decide to refinance an existing loanDepot loan, the company will waive the lender fees and reimburse appraisal fees.

See full profile

Best lender for good customer satisfaction ratings.

Quicken Loans is a nationwide mortgage lender with several mortgage options. Known for customer service, the lender has an A+ Better Business Bureau rating and received a rating of five (among the best) in the 2018 U.S. Primary Mortgage Origination Satisfaction Study.

Highlights:

  • Mortgage types offered: ARM, FHA, VA, Refinancing (FHA), USDA, Conventional, Refinancing (conventional)
  • Minimum FICO credit score: 580 (FHA), other loans vary
  • Maximum debt-to-income ratio: 60%
  • J.D. Power satisfaction rating: Five out of five

Best Features

  • Complete loan process available online.

  • Wide variety of mortgage products.

  • Good customer service ratings.

See full profile

Best lender for focused service for veterans and service members.

Veterans United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, D.C., and specializes in VA loans. In 2019, Veterans United Home Loans generated the largest number of VA loans in the nation.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, refinance, USDA and VA
  • Minimum FICO credit score: 660
  • Maximum loan amount: $1.5 million
  • Better Business Bureau rating: A+

Best Features

  • Requires no military service

  • Sets no minimum loan amount

See full profile

What Are the Mortgage Rates in Maine?

The average interest rate for a 30-year fixed-rate conforming mortgage in Maine is 3.06%.
Home interest rates range from 2.63% to 4.38% in Maine.

What Are Today’s Mortgage Rates?







Loan Types

This Week’s Rate

Last Week’s Rate

30-year fixed-rate mortgage 3.13% 3.02%
15-year fixed-rate mortgage 2.59% 2.62%
30-year fixed-rate jumbo mortgage 3.2% 3.04%
5/1 ARM 3.33% 3.31%
5/1 jumbo ARM 3.4% 3.41%

*Rates as of Aug. 28, 2020

Mortgage Calculator

Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.

What Are Some Maine Homebuyer Programs?

Maine homebuyers can get help with down payments and closing costs from these MaineHousing programs.

Available to: Eligible homebuyers, including first-time homebuyers and veterans. Applicants must also have a 640 credit score.
Income limits: Vary by county (see income limits).
First-time homebuyers only?: No.
Benefits: Low interest rates and options with little or no down payment required. Mortgages also come with Maine HOPE – HomeOwnership Protection for unEmployment. If an eligible borrower loses their job, MaineHousing may advance up to four mortgage payments for them.
Down payment and closing cost assistance: Can be combined with Advantage down payment and closing cost assistance.

Available to: Borrowers using a MaineHousing First Home, Salute ME or Mobile Home Self-Insured Home Mortgage. Applicants must take a hoMEworks-approved homebuyer education class prior to closing and must make a minimum borrower contribution of 1% of the loan. The cost of the homebuyer education class counts towards the 1% contribution.
Income limits: Vary by county (see income limits).
First-time homebuyers only?: No.
Down payment and closing cost assistance: Advantage can provide $3,500 toward the cash you need for down payment or closing costs.

Available to: Qualified active duty, veterans, and retired military personnel who are first-time homebuyers or returning homebuyers.
Income limits: Vary by county (see income limits).
First-time homebuyers only?: No.
Benefit: A 0.25% discount on the First Home Loan 30-year fixed interest rate.
Down payment and closing cost assistance: Can be combined with Advantage down payment and closing cost assistance.

Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.



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