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Financing, Your Maine Home Mortgage Loan | Where To Start.

Financing, Your Maine Home Mortgage Loan | Where To Start.

A Maine home loan mortgage, you are starting to think you better be looking into getting one.

To get a roof over your head. To climb out of the rental rut and stop feeling like a gypsy. A vagbond is a lonely life. Leasing not ever owning a place is not how your story is suppose to read. For the happily ever after the way you want it written, to end.

To leave mornings for work, return at night to the home sweet home in Maine.

Is that the mission being planned?

On the front burner but where to turn, what to do about it. Where to start? Welcome, we’re glad you dropped in. Are here to help with financing your Maine home, getting a mortgage for a house loan. Finding the right fit property listing in Maine that works.

In Maine the real estate prices are always low to the ground.

Especially the further north you head into Vacationland. Low hanging fruit is the norm so the cost of money, getting an affordable deal is easily too.

Unlike areas of the country with six and seven zero places to be filled on the property listing price tags, Maine is a place where debt is viewed as unattractive. High price living goes against the grain of simple, easy does it. Less is more than enough.

Head over heels, drunken sailor like loose as a goose spending. Not like that in Maine where impulse spending control happens.

Debt is not handled casually and folks want to have a Maine home mortgage for the shortest time possible. Or not at all. So they can live free and clear. Be debt free. It is the corner stone of being Maine frugal. Getting more surviving on less. Mainers are all over that with a keep it simple life approach.So back to financing a house, getting a Maine home mortgage, start with prequalifying. To make sure you can, if not why not. And what financial tinkering with your debt ratios, credit score or period of employment numbers. To improve them so you do qualify for a Maine home mortgage loan. katahdin camp fire photo

So the pre-approval can be combined with the two step real estate in Maine home buying process.

To know you are touring properties, listings in Maine you could buy through a bank if you like what you see.

There is nothing more frustrating for the home buyer, the seller, the real estate professional. Than to see a prospctive purchaser fall in love with a Maine home.

Only to find hearth break when no dice, no keys, no house real estate closing.

Because loose ends, bad timing and just not ready to buy a Maine home because no way to get a house mortage. Also, Maine home sellers take a buyer’s offer on their house a lot more seriously. When the pre-approval paper work is in hand, all in place for a mortgage loan. court house in maine photo

So get pre-approved for a Maine home loan going in. Keep the cart after the horse.

Also, choose the mortgage for the Maine home carefully.

It is more than just the best house interest rate.

The closing costs can vary greatly. The title work if a local Maine lawyer has already done the registry search or has title insurance issured, can be more than happy to work a better deal.

Just like Maine home loan financing, shop around for the best deal for you for a legal beagle. Regarding Maine home loan title work, lawyer selected to represent you in the transaction.

Also, online you will read how it used to be trying to get rid of debt quickly was the key.flickrtemplate photo

And many articles will say to opt for a 30 year loan, not the shorter 15 year one to put on the Maine home.

I guess the thinking is in expensive areas, with the bigger home mortgage, all the other expenses carried, free up as much at the end of the month to survive.

But in Maine, the survival and way of life is to be free of debt. You want to make sure whatever the length of the mortgage home loan to be assured there is no pre-payment penalty.

For early close out or to make principal payments along the way to get that Maine home loan retired.

To have a mortgage burning in the fireplace parties. To get that Maine home loan discharge on record at the local registry of deeds for all to see. Look Mom, no liens.

Also, keep in mind when picking a Maine home mortgage, you usually have the option of paying additional points (a portion of the interest that you pay at closing) .

This money upfront, payed down for a lower interest rate is a big consideration.boy in boot houlton maine photo

The point of points for financing a home mortgage.

To lower the “cost of the money” to buy the Maine home.

If you plan to stay in the Maine house a long time, the points can make a big savings in the mortgage life of the loan.

So with prequalification for the Maine home loan in hand, streamling the closing costs and shopping for a mortgage lender underway, it is what next?

The age old question “how much should I offer?” Or another we hear a lot. “How much wiggle room a property for sale in Maine has in the price tag”

The answer it depends on the property owner, their situation, you the buyer’s timing and how easy the list of contingencies is or not. 

Before you make an offer on a Maine home, do some area sale and listing research on the current market conditions.

Don’t rely on an assessed value for running a town valuations thinking it is accurate on value. The figure came from a revaluation done six years ago that was down and dirty, quick like a bunny done anyway. dairy bar inmaine photo

Real estate appraisals in Maine are valid for only six months or up to a year in the eyes of lenders, anyone else with half a brain.

Because they get stale, outdated.

Accurate information is everything in life decisions. Buying, financing a home in Maine is no different.

And like the mistake of counting on town assessments as the pull out of plumb aren’t you smart arriving at value is just as crazy as relying on sites like Zillow. How anyone on the west coast can claim to have a crystal ball on values up here in the rural areas of Maine is loco.

They can not because so much that happens in the local market is time sensistive. And nothing beats having a local Maine real estate professional to help navigate, guide the home buyer, financing process.

I’m Maine REALTOR Andrew Mooers, ME Broker

207.532.6573 |  [email protected]  | 

MOOERS REALTY 69 North Street Houlton Maine 04730


Andrew Mooers

Welcome to our Maine real estate website. I am the father of four grown children, have listed, marketed, sold properties for over 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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