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Getting A Maine Bank Home Loan

Getting A Maine Bank Home Loan

You want the American Dream, to own a Maine home.

But unless you hit the lottery, someone dies and leaves you money, you need to have a job with an income and to control your spending.

Your bills have to be paid on time.

Your debt ratios have to show you are not being over burdened, swamped with installment debt.

Banks in Maine, anywhere want to make loans.

Need to entice you to take out a Maine home mortgage with their financial institution.

But they have banking regulations, safeguards and a checks and balance approach to your ability to float a loan with them. Proof of insurance, provisions for penalties if you are late on a payment, if you don’t keep your property taxes current and other requirements of the loan have to be met.

You pay you stay, you don’t you won’t simple.

Mortgage insurance until enough equity on the home is established, flood insurance if you are next to a large river that is known to swell its banks in the spring all play in to the home loan process.

And the property, the collateral for that home loan has to show the place is safe, solid, a good risk.

Especially with mortgages sold on the secondary market. Lots of extra sets of eyeballs making sure the Maine home loan is less likely to come back to them. To avoid it becoming nonperforming, not servicing the debt. And requiring repairs, updates.

The Maine bank does not want your property back.

And even with a fifty percent down payment, there is no guarantee you will get the loan unless you have the ability to show where the other half is going to come from. To get that first mortgage paid off. So you can borrow some more money on your new lake cottage, your next car. Or the remodeling equity loan for the new kitchen. To replace the one done in way way too much harvest gold, orange, red with all the 1970’s paneling.

So getting pre-approved for a Maine home loan before trotting in and out of houses is a good idea. It shows the seller, the owner of the Maine property listing you are serious. You are going to end up at a bank before the process is over so find out about surprises early on. Get your credit skeletons dealt with, cleaned up, buried and in your rear view mirror.

To avoid heart break on falling in love with the place of your dreams.

And then having to wait because credit is poor, the score too low. Or because you forgot about this old pesky bill from a hospital, school loan or car that was repossessed twenty minutes ago. Again, Maine banks want to make a loan. Need to lend out money on Maine homes. To set up new and used car, business and personal loans. The earlier you form a relationship with a quality local Maine banker, the easier, quicker the process of getting the keys to your own first home becomes.

The program for a Maine home loan that fits you best means one size does not work for every real estate buyer. Taylor make a Maine VA, FHA, Rural Development bank loan that matches the property, your income level early on, right up front. Owner financing happens more with Maine land purchases. But if you have enough money saved, seller carried financing happens if the numbers all fit the budget for the buyer and seller.

Rent to own Maine homes can not happen if there is already a mortgage on it. A little device called an acceleration clause kicks in. If you try to transfer interest to another party when a bank still has a mortgage on the home. And if you can not get a bank loan for a home because of credit woes, how can a seller, owner of a home feel comfortable entering in to a long long term arrangement with you? Would you if the moccasins were on the other feet?

Local Maine banks in my area video. The Maine State Housing home loan program for first time home buyers is worth stopping in and eyeballing too. A good Maine REALTOR, real estate agent, broker can help you with your first home purchase.  And to market the Maine real estate you own if you are on the selling end of the property listing transaction.

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Andrew Mooers

Welcome to our Maine real estate website. I am the father of four grown children, have listed, marketed, sold properties for close to forty years. Lots of changes in the real estate industry over that many decades and daily we re-invent our job. I grew up on a Maine farm that I bought from by three older brothers. My youngest son continues in the tradition on that same Maine farm. Here to help with property searches for homes, farms, land, waterfront, multi housing rentals, small mom and pop business listings.

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