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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.
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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.
Best Maine mortgage lenders in 2021
- Refinancing: Quicken Loans
- Best online experience: Better
- Marketplace: LendingTree
- Best rates: Bank of America
- First-time homebuyers: Freedom Mortgage
- Best for a range of credit scores: Mr. Cooper
- Best customer service: Guaranteed Rate
- Most popular: Bangor Savings Bank
- Regional lender: Residential Mortgage Services
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
620
Min. credit score
Min. credit score
3%
Min. down payment
Min. down payment
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 selection. Quicken Loans offers a wide range of loans, including a loan that lets you select your own term length of eight to 29 years.
- Online support available. Check your application's status with your Rocket Account and reach support seven days a week by phone or live chat.
- Informative website. The company website offers refinancing guides and calculators to help you decide if refinancing is right for you.
- Application fee. Good faith deposits of $400 to $750 are required to apply, but you can put them toward closing costs.
- Customer complaints. Quicken Loans has had 786 consumer complaints registered with the BBB over the past three years, with several complaints related to the deposit fee not being refunded.
| 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
Better
620
Min. credit score
Min. credit score
3%
Min. down payment
Min. down payment
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.
- Lower costs. Better doesn't pay loan officer commissions and doesn't charge origination, application, processing or underwriting fees.
- Help is available. While Better is an online lender, loan officers are on standby if you need assistance.
- Informative website. Better's website is straightforward to navigate and offers a range of calculators and homebuying guides.
- Lacks loan selection. Better doesn't currently offer VA, USDA, construction loans or specialized loan products.
- Loans sold after closing. Better will likely sell your loan after closing. Your servicer may be another bank, a government-sponsored entity, a mortgage company or a specialized servicing firm.
| 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
620
Min. credit score
Min. credit score
3%
Min. down payment
Min. down payment
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.
- Competitive offers. Because LendingTree's partners compete against each other, you may get more competitive quotes.
- Loan selection. LendingTree offers conventional loans, FHA, VA and USDA loans, reverse mortgages and HELOCs.
- Convenience. At LendingTree, get interest rate alerts, view customer reviews and compare other financial products all in one place.
- Customer complaints. Some users report receiving spam and robocalls after providing their information to LendingTree.
| 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
620
Min. credit score
Min. credit score
3%
Min. down payment
Min. down payment
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.
- User-friendly website. The BofA website is well-designed, offers helpful resources and features an online application process.
- Preferred Rewards program. Get a $200 discount on mortgage origination fees or a 0.125% home equity loan discount if you join BofA's Preferred Rewards program.
- Mobile app. With BofA's mobile app, you can view your mortgage balance and make payments.
- Consumer complaints. The bank has a 1.09 out of 5 rating on BBB, with 5,531 complaints registered in the past three years.
- Less personalized approach. Due to its size, you may not get the same level of personal attention offered by smaller banks.
| 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
Freedom Mortgage
620
Min. credit score
Min. credit score
3%
Min. down payment
Min. down payment
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.
- Eagle Eye text alerts. After signing up, you'll be alerted to interest rate drops and offers that may be of benefit to you.
- Freedom Rewards. Exclusive customer programs, including a low-rate guarantee. If Freedom Mortgage can't match a competitor's rate, you'll get $250.
- Insurance integration. Freedom Mortgage partners with Matic Insurance to provide insurance for your home.
- Rates not listed. While Freedom Mortgage is known for low interest rates, its current rates are not listed online.
- Negative reviews. The company has a B+ rating with the BBB, with 1,177 complaints filed in the past three years.
| 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
620
Min. credit score
Min. credit score
3%
Min. down payment
Min. down payment
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.
- Close On Time Guarantee. Mr. Cooper strives to close your loan on time. If it doesn't, you will receive a check equal to your first month's mortgage payment.
- Mr. Cooper app. Make free mortgage payments, check your FICO score, view your loan documents and more.
- Won't sell your loan. Unlike some lenders, Mr. Cooper will continue to service your loan after closing.
- No USDA loans. Mr. Cooper doesn't offer USDA loans at this time.
- Customer complaints. Mr. Cooper has a 1.13 out of 5 rating on the BBB website, with over 1,300 complaints closed in the last three years.
| 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
Guaranteed Rate
620
Min. credit score
Min. credit score
3%
Min. down payment
Min. down payment
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.
- Excellent reviews. Guaranteed Rate has a 5 out of 5 rating on Zillow from over 16,300 customers who report being thrilled with the service received.
- FlashClose. A technology that supports virtual meetings and can help shorten closing appointments to minutes.
- GRaffordable. Guaranteed Rate's mortgage calculator allows you to view real-time rate and payment information.
- Rates not advertised. Guaranteed Rate doesn't list its rates online. You'll need to fill out an application or call a loan officer.
- Loans are sold. As a correspondent lender, Guaranteed Rates will sell your loan to another servicer after closing.
| 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
Bangor Savings Bank
620
Min. credit score
Min. credit score
3%
Min. down payment
Min. down payment
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 selection. Bangor Savings Bank offers an above-average selection of home loans, including programs for first-time and low-income borrowers.
- Informative website. The website offers a range of homebuyer guides and calculators so you can look at your mortgage payments from a variety of angles.
- Community contributions. The bank and its foundation have invested more than $3.4 million into the local community over the past year.
- Disjointed website. Bangor Savings Bank maintains a separate website for its mortgages, and we received an undefined cookie error when attempting to start an application.
- You may be contacted by third parties. To view your available rates, you must consent to allow third parties to contact you, even if you're on the “Do-Not-Call” registry.
| 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
Residential Mortgage Services
620
Min. credit score
Min. credit score
3%
Min. down payment
Min. down payment
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.
- Excellent reviews. RMS has a 5 out of 5 rating on Zillow from 3,850 customers with only one complaint registered with the Better Business Bureau (BBB) in the past three years.
- Mobile app available. RMS' Ready Mobile Mortgage App lets you get prequalified, apply for a loan and get status updates.
- Helpful website. The RMS website offers a wide range of resources, including mortgage calculators, borrower checklists and more.
- Loans not clearly listed. The RMS website doesn't list available loan types. Instead, it asks you questions and tries to match you with loans based on your answers.
- Costs and fees not listed. The website doesn't provide any information about mortgage costs and fees.
| 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 |
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.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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