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Famed for its lobsters and rocky Atlantic coastline, over 1.3 million people call Maine home. Over 72% of Mainers own their property and pay an average of $1,398 per month in ownership costs, including mortgage payments, taxes and utilities — below the national average.
According to Zillow, the average price of a house in Maine is $280,437 as of March 2021. Home values in the state have risen 13% over the past year. So if you’re looking to buy a new home or refinance your existing mortgage, our top nine lenders are a great place to start your search.
We handpicked these lenders from 56 mortgage companies originating home loans in Maine. These top nine picks made our list after researching and comparing interest rates, first-time homebuyer programs, credit score eligibility, customer service and digital convenience.
We also read customer reviews from consumer rating sites like Zillow, Trustpilot and the Better Business Bureau (BBB) in making our decisions. To learn about our lender selection process, please see Finder’s rating methodology.
Best for refinancing
Quicken Loans is the largest mortgage provider in the US, closing $320 billion dollars in mortgages across all 50 states in 2020. On average, Quicken Loans has the lowest refinance rates of all lenders we compared in Maine, offering a 15-year mortgage APR of 3.174% as of March 2021.
Quicken Loans offers a fast online prequalification process and lets you view your available rates without having to provide a Social Security number — but you do need to know your credit score offhand. If you're looking for a refinance mortgage from a highly rated lender, Quicken Loans might be a good choice.
Loan types | Conventional, Jumbo, FHA, VA, Refinance |
---|---|
Minimum credit score | Conventional: 620
FHA: 580 VA: 620 |
Minimum down payment (Conventional) | 3% |
States available | Available in all states |
Best online experience
If you're after a fully digital application experience, minus the middleman, Better could fit the bill. The company offers a 100% online process from end-to-end and due to lower overheads, never charges its customers an origination fee.
Better offers a solid selection of home loans, and posts its current rates online so you can quickly compare different offers. As a digital lender, Better is available 24/7 to get started with an application whenever it's convenient for you.
Loan types | Conventional, Jumbo, FHA, Refinance |
---|---|
Minimum credit score | Refinance: 680
All other loans: 620 |
Minimum down payment (Conventional) | 3% |
States available | Not available in: HI, MA, MN, NV, NH, VT, VA |
Best marketplace
LendingTree is a free loan marketplace where you can compare multiple mortgages in one place. Instead of having to research lenders yourself, LendingTree will find lenders for you from its database of over 1,500 partners nationwide.
Go to the LendingTree website or download the company's mortgage app and fill out a form with your information. Within a few minutes, you should start receiving live offers from multiple lenders for you to compare.
Loan types | Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance |
---|---|
Minimum credit score | Conventional: 620
FHA: 500 VA: 620 USDA: 640 Jumbo: 800 |
Minimum down payment (Conventional) | 3% |
States available | Available in all states |
Best rates
Bank of America (BofA) is one of the world's leading financial institutions, offering customers 4,300-plus retail outlets and 2,700 lending centers. BofA is a major player in the mortgage industry and, on average, has the lowest rates of all lenders we compared in Maine as of March 2021.
BofA advertises its current rates online and offers a range of loans, including a 3% down mortgage with no PMI for first-time homebuyers. The BofA website has an online mortgage application, so you can apply for a purchase or refinance loan any time you're ready.
Loan types | Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance |
---|---|
Minimum credit score | Conventional: 620
FHA: 600 |
Minimum down payment (Conventional) | 3% |
States available | Available in all states |
Best for first-time homebuyers
Headquartered in Mount Laurel, New Jersey, Freedom Mortgage has been serving borrowers for over 30 years and is the nation's top VA and FHA mortgage lender. The company offers a range of conventional and government-backed loans, including several VA purchase and refinance options.
Freedom Mortgage is family-owned and operated and is highly rated by past customers who report being thrilled with the service provided. To apply for a loan, visit the company website to locate a loan officer in your area.
Loan types | Conventional, Jumbo, FHA, VA, USDA, Refinance |
---|---|
Minimum credit score | Conventional: 620
FHA: 540 VA: 580 USDA: 640 |
Minimum down payment (Conventional) | 3% |
States available | Available in all states |
Best for a wide range of credit scores
Mr. Cooper is a Dallas, TX-based lender that's known for working with a range of credit scores. The company offers a range of loans for home purchases and refinancing, including conventional, jumbo and government-backed loans.
Mr. Cooper offers customers a US-based advisor team, a full-service app for making digital payments and special perks for existing customers. To get started, visit the website and contact a loan officer.
Loan types | Conventional, Jumbo, FHA, VA, Home Equity, Refinance |
---|---|
Minimum credit score | Conventional: 620 |
Minimum down payment (Conventional) | 3% |
States available | Available in all states |
Best for customer service
Founded in 2000, Guaranteed Rate is one of the top mortgage providers in the US and comes highly rated for customer service. Through a combination of technology and human support, the company strives to provide a better, more personalized experience for borrowers.
Whether you're purchasing a new home or refinancing, it takes about 15 minutes to fill out Guaranteed Rate's online application and view your loan options and rates. The company also has a mobile app that allows you to apply right from your phone.
Loan types | Conventional, Jumbo, FHA, VA, USDA, Home Equity/HELOC, Refinance |
---|---|
Minimum credit score | Conventional: 620
Other mortgages: As low as 580, depending on type |
Minimum down payment (Conventional) | 3% |
States available | Available in all states |
Most popular
Founded in 1852, Bangor Savings Bank is a regional lender that offers a solid range of home loans, including State Housing Authority Mortgages, land loans and 203(k) renovation loans. Bangor Savings Bank is the most popular lender in Maine, based on the number of loan originations we compared.
To apply for a loan, visit the Bangor Savings Bank website and navigate to its mortgage webpage to learn more about your home loan options. From there, you can get a rate quote, contact a loan officer or begin an online application.
Loan types | Conventional, FHA, VA, Home Equity/HELOC, Refinance |
---|---|
Minimum credit score | Conventional: 620 |
Minimum down payment (Conventional) | 3% |
States available | Only available in: MA, ME, NH, VT |
Best regional lender
Founded in 1991, Residential Mortgage Services (RMS) offers residential mortgage loans and comes highly rated by customers. RMS offers integrated loan processing and underwriting services under one roof, along with a digital loan application you can complete from any device.
Whether you prefer a digital loan process or would rather work face to face with your loan officer, RMS lets you choose how you want to approach your home loan application. To get started, call, apply online or download the mobile app.
Loan types | Conventional, Jumbo, FHA, VA, USDA, Refinance |
---|---|
Minimum credit score | Conventional 620 |
Minimum down payment (Conventional) | 3% |
States available | CT, DE, FL, GA, IL, IN, MA, MD, ME, MI, NC, NH, NJ, NY, OH, PA, RI, SC, TN, VA, VT, WV |
With so many lenders available in Maine, you may be wondering how to choose the right company for your needs. However, it is possible to narrow the field by asking yourself what you want out of your loan.
Here’s what to keep in mind:
As of March 24, 2021, the benchmark 30-year fixed mortgage rate in the US is 3.36%. According to data from the Consumer Financial Protection Bureau (CFPB), most Maine lenders are offering interest rates at or below 3.5%, with rates in the state ranging from 3.125% to 4.625% as of this writing.
Additionally, you can expect to pay around $2,543 after taxes in closing costs for a $200,000 or $300,000 home, or approximately 1.22% to 1.83% of your home’s final sale price, according to data from ClosingCorp. Research Maine mortgage rates and closing costs for more details on what you can expect to pay.
Besides LendingTree, our top nine Maine lenders are mortgage companies that underwrite home loans directly to borrowers. However, if you don’t have the time to research loans yourself, a mortgage broker can search loans for you.
If you use a broker, expect to pay around .5% to 2% of your loan’s value in commissions, but don’t pay excessive fees. But with many lenders offering free prequalification online, you may discover that you can find a good deal on your own.
Whether you’re looking for a new home loan or want to refinance, there are many lenders to choose from. If one lender doesn’t have the right loan for your situation, another probably will. While our top Maine lender picks will work for many borrowers, compare more lenders if you still need help finding the right fit.
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