Maine Mortgage Comparisons
Mortgages and Mortgage Loan Rates in Maine
In Maine, the search for the lowest rate mortgage can be
broken down into four steps. At each step of the process, SmartQuote.com has a tool
to assist you.
Learning about types of mortgage loans, and developing
realistic goals and expectations. Hundreds of articles and mortgage
calculators can teach you everything you need to know.
Reviewing mortgage interest rates. Advertised lender
rates on SmartQuote.com give you an idea of how rates are trending.
Locating and contacting suitable lenders.
Evaluating mortgage offers. Once you receive a rate lock
or even a prequalification, you can revisit the mortgage calculators to
fine-tune the numbers.
Once you've spent some time with the above material, you'll
be ready to make the best decisions as to which mortgage loan is right for you.
Maine fixed-rate mortgages
Many single-family homes are financed with a fixed-rate mortgage (FRM). FRMs
have a locked-in interest rate and constant monthly payment. In comparison, an
adjustable-rate mortgage (ARM) is subject to rate and payment changes over time.
Amortization for a FRM can range from 10 years to 40 years, but the most common
loan life is 30 years. You can save money on the interest rate and total
interest costs by selecting the shortest amortization period that you can
Saving on taxes with a Maine mortgage
entitles you to deduct the property taxes, the mortgage interest, and the loan
points. Most of the items are treated the same for purchase mortgages and
refinance mortgages, with the exception of loan points. Your mortgage interest
and property taxes can always be deducted in the year that they are paid. The
same holds true for loan points on a purchase mortgage. Points paid on a
refinance mortgage, however, can't be entirely deducted in the first year, but
have to be amortized over the loan's life.
Compare Maine mortgages
You might decide to pursue different loan types, to see which best fits your
situation. Consider keeping yourself organized by reviewing your mortgage loan
offers by loan type first. Frankly, it's difficult to compare an FRM to an ARM,
because the structures are so different. If you can't decide which structure you
prefer, select the best offer from each category and compare them with a
mortgage calculator. Remember that the payment amount shouldn't be the only
relevant factor. A low payment on an ARM could mean that you aren't paying down
much in principal. Delayed principal pay down eventually leads to higher total
interest costs and a slower build-up of equity.
The most reliable way to save money on your mortgage is to consult with several
lenders. Start reviewing your options now in our Maine broker directory. You
have your choice of property types in Maine-waterfront estates, Victorian homes,
farmland, and more-and you also have your choice of low-rate mortgages and
highly qualified lenders.