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9 best mortgage lenders in Maine

Discover our top picks for low rates, refinancing, first-time homebuyers and customer service in the Pine Tree State.

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.

Best Maine mortgage lenders in 2021

How we picked the best lenders

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

Finder rating 4.34 / 5 ★★★★★

See rates
on Quicken Loans's secure site

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.

Best online experience

Better

See rates
on Better's secure site

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.

Best marketplace

LendingTree

See rates
on LendingTree's secure site

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.

Best rates

Bank of America

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.

Best for first-time homebuyers

Freedom Mortgage

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.

Best for a wide range of credit scores

Mr. Cooper

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.

Best for customer service

Guaranteed Rate

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.

Bangor Savings Bank

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.

Best regional lender

Residential Mortgage Services

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.

Which lender is best for me?

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:

  • Look beyond rates. While interest rates are important, there’s also a loan’s down payment and PMI requirements, closing costs and other fees.
  • Consider service levels. Do you want a face-to-face lender, a fully digital lender or something in between? Online reviews are helpful in deciding if a lender will be a good fit.
  • Ask the lender questions:
    • What is the loan’s APR?
    • What fees do you charge?
    • How long can I lock my interest rate in?
    • How long will the entire process take?
    • Who is my contact person if I need help?
    • Will you sell my loan after closing?
    • What will the total closing costs be?
  • Get several quotes. Always get at least three or four quotes so you can compare offers and negotiate a lower rate.

Compare mortgage lenders

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
620
No hidden fees, multiple loan terms, and member discounts available.
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
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Compare up to 4 providers

Average rates and fees in Maine

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.

What about brokers?

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.

Bottom line

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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