Best Mortgage Lenders in Maine in 2018

ValuePenguin is a consumer finance website dedicated to providing consumers with clear, objective advice for the financial decisions they make every day. We've combed through dozens of mortgage companies in Maine to pick the best mortgage lenders for you.

Opinions, analyses, reviews, or recommendations expressed here are the author’s alone, and have not been reviewed or endorsed by the companies. We may be compensated through affiliate programs. For a full list of our advertisers, see our disclosure page.

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Recommended forLenderMinimum credit scoreHighlights
First-time homebuyersTD Bank620
  • Low adjustable rates
  • Excellent home equity financing options
RefinancingQuicken Loans620
  • Most popular lender in Maine for refinancing
  • Achieved J.D. Power's highest customer service rating for eight years in a row
Online loansGuaranteed Rate620
  • One of the lowest rates of complaints logged through the CFPB
  • Fast online preapproval process
VA loansVeterans United Home Loans620
  • Fastest-growing VA lender in Maine
  • Most popular veteran-focused lender in Maine
Poor creditRegency Mortgage580
  • Fastest-growing FHA lender among Maine's top mortgage companies
  • Top five FHA lender in Maine
Recommended forLenderMinimum credit score
First-time homebuyersTD Bank620
RefinancingQuicken Loans620
Online loansGuaranteed Rate620
VA loansVeterans United Home Loans620
Poor creditRegency Mortgage580

Finding the best mortgage company in Maine means finding a lender that offers the right mix of low rates, fast processing and reliable customer service. Click on one of our reviews to find out more about our top picks in the Pine Tree State.

Best Mortgage Lender for First-Time Homebuyers: TD Bank

TD Bank is our top pick for first-time homebuyers, thanks to its widely accessible branch network and competitive adjustable rates. Whether you're buying a starter home or want to flip your house after a few years, TD is a great place to start with a rate quote.

Consider this if You're looking for an experienced lender in your community.

Good for:Bad for:
  • First-time homebuyers looking for a starter home.
  • Low rates and wide selection of adjustable-rate products.
  • People looking for low VA rates.
  • People looking for variety in fixed-rate products.

Read the full review.

TD Bank is a natural choice if you're a first-time homebuyer who's looking into purchasing a starter home. While most first-time homebuyers might be apprehensive about making one of the largest purchases of their lives, you can be certain that TD's experienced loans staff will guide you through every step of the process. TD's excellent reputation for customer service speaks for itself, as the lender obtained the highest customer satisfaction rating of any bank in J.D. Power's 2018 Primary Mortgage Servicer Satisfaction Survey.

TD has an unusually wide selection of adjustable-rate mortgage products, which are ideal if you intend to sell your house after a few years. In fact, TD's adjustable rates are among the lowest offered in Maine, which makes them an excellent choice for home flippers. In addition to the standard 7/1 and 5/1 ARMs, the adjustable rates also come in 10/1, 3/1 and even 1/1 terms, which makes it easy to plan for the exit strategy on your home renovation project.

Adjustable rates might not be right for everyone, especially if you plan on staying in your home for the long haul. If you want to try a lender other than TD, take a look at some of our other picks for first-time homebuyers.

Best Mortgage Lender for Refinancing: Quicken Loans

Quicken Loans is the No. 1 lender around when it comes to refinancing your home. It offers rock-bottom rates and a fast easy application process. Over the past five years, no other lender has closed on more refinancings in Maine.

Consider this if You want to refinance your home quickly and economically.

Good for:Bad for:
  • Swift and convenient refinancing process.
  • Unparalleled flexibility on terms.
  • Home equity loans and HELOCs.
  • People looking for low rates on purchase mortgages.

Read the full review.

If you're like most homeowners, refinancing is often a chore. Borrowers dread having to provide mountains of paperwork and then waiting for underwriters to process the application. If you miss one detail, it can take another week before the lender can even look at your application again. Quicken Loans recognizes your frustrations and has designed a state-of-the-art electronic application process, which can close your refinancing in record time.

You might be apprehensive about refinancing with an online lender, but Quicken Loans has grown rapidly in popularity over the past decade, usurping the mantle of America's most popular mortgage lender over the past few years. Quicken was even awarded J.D. Power's highest rating in customer satisfaction for the past nine years in a row. As an online lender, Quicken promises the same quality of customer service whether you live in Lincoln or Lewiston.

Best Online Mortgage Lender: Guaranteed Rate

We picked Guaranteed Rate as our best online mortgage lender for its wealth of loan offerings and excellent web interface. Guaranteed Rate maintains offices in Bangor, Portland and Kennebunk, but you can complete the entire loan process online from the comfort of your own home.

Consider this if You're looking for a transparent loan process with aggressive rate offers.

Good for:Bad for:
  • Well-qualified applicants with strong credit and high income.
  • Comparing multiple rate quotes across different loans.
  • Borrowers who have trouble meeting the high requirements.
  • Homeowners seeking a home equity loan or HELOC.

Read the full review.

If you have excellent credit and some time to shop around for a mortgage, it's absolutely worth checking with Guaranteed Rate for a free rate quote. While the lender boasts high standards, Guaranteed Rate rewards you with some of the best rates around, if you qualify. You can compare rate quotes between multiple loans on its website and get prequalified for a mortgage within minutes using its radical digital mortgage application process, which is the first of its kind.

You'll find that Guaranteed Rate charges less in the way of fees than many of its competitors; the rate quotes we were provided were some of the lowest in Maine, especially when it came to fixed-rate mortgage loans. Nevertheless, borrowers who have historically had trouble getting approved for a home loan may prefer to apply elsewhere. If Guaranteed Rate isn't the right lender for you, take a look at our other lender recommendations, which may better suit your needs.

Best Mortgage Lender for VA Loans: Veterans United Home Loans

We recommend Veterans United Home Loans as our No. 1 recommendation for veterans, military service members and their families. Veterans United is the fastest-growing VA lender in Maine over the past five years.

Consider this if If you're looking for an expert on the VA loan program

Good for:Bad for:
  • Veterans who want the lowest closing costs.
  • Service members who want to avoid PMI.
  • Borrowers unaffiliated with the military.
  • Borrowers looking for home equity lending.

Read the full review

If you or your immediate family are affiliated with the military, make sure you're acquainted with the VA loan program provided by the U.S. Department of Veterans Affairs. This program is only available to those connected with the armed forces, and it provides lucrative benefits like a 0% down payment, below-market rates and best of all, no pesky PMI requirements, unlike its FHA cousin.

Veterans United traffics almost exclusively in VA loans, and it's the most popular VA lender of any military-focused mortgage lender in Maine. While you might find that its rates are slightly higher than some of its nonbank competitors, that’s balanced by the fact that Veterans United received one of J.D. Power's highest customer satisfaction rating as a veteran lender. If you want the job done right, Veterans United's loan officers are prepared to ensure that you get the maximum value out of your VA benefits.

Best Mortgage Lender for Poor Credit: Regency Mortgage

Regency Mortgage is our top choice for struggling borrowers, thanks to its diverse selection of special financing programs and government-backed mortgages. Regency is a Maine State Housing Authority-approved lender, which allows it to offer special assistance to qualifying first-time and low- to moderate-income homebuyers.

Consider this if You're having trouble getting approved elsewhere for a conventional mortgage loan.

Good for:Bad for:
  • Low down payment programs like Home Ready/Home Possible.
  • Rural development and home renovation loans.
  • Those looking for home equity loans and second mortgages.
  • Refinancing.

If you're having trouble meeting the minimum requirements for a conventional mortgage, it's worth looking into government-backed mortgage programs like FHA or USDA home loans. These loans are provided by or backed by the federal government to lower the barriers to entry for struggling homebuyers. Regency Mortgage is a top-ranked issuer of government-backed loans and has seen its volume of FHA mortgage loans increase by 32% over the past five years, the fastest rate of any FHA lender.

For those handy around the house or looking to flip their next fixer-upper into a dream home, consider taking a look at some of Regency's home renovation mortgages. The lender offers an impressive selection of home renovation mortgages that can provide extra cash for construction projects and revamps around the house. These include FHA 203(k) rehabilitation loans, Fannie Mae HomeStyle renovation loans and even USDA Rural Development mortgages, which aren't offered by many major banks. Regardless of whether you need cash for a flip—or just need cash—Regency has the right loan for you.

The Best Mortgage Rates Among Maine Lenders

The table below includes rates from some of the most competitive mortgage companies in Maine. These reflect rate estimates for a 30-year fixed-rate home loan on a $200,000 single-family house, assuming a 20% down payment and 740 credit score for a borrower in Portland, Maine. Your actual terms may vary, so use our mortgage quotebox at the top of the page for a personalized rate quote.

LenderInterest rateAPRLoan feesMonthly payment
Sebonic Financial4.490%4.547%$1,059.00$809.75
Citibank, N. A.4.875%4.966%$1,665.00$846.73
Ally Bank5.125%5.172%$847.00$871.18
Northpointe Bank4.625%4.659%$625.00$822.62
ConsumerDirect Mortgage, a division of First Bank4.750%4.787%$675.00$834.64

Make sure you review each lender's record for customer complaints when shopping for a mortgage, as this can determine how long it takes your loan to close. In a seller's market, the length of your closing can have a major impact if you find yourself competing with multiple buyers. Take a look at our full selection of lender reviews to find out more about what each company offers.

Most Popular Home Loan Companies in Maine

If you're shopping for a mortgage in Maine, make sure you get rate quotes from at least three lenders to ensure you get the best terms for your home loan. Below are the five most popular mortgage lenders in Maine based on the number of home loans originated over the past five years. This isn't a bad place to start if you don't already have a specific lender in mind, as they're likely to set the average mortgage rate in your area.

Top 5 biggest Maine residential mortgage lenders, 2013–2018

RankCompanyMortgage originationsAverage mortgage amount
1Bangor Savings Bank14,248$144,563
2Residential Mortgage Services10,173$195,760
3Camden National Bank8,937$166,331
4TD Bank7,761$159,319
5Quicken Loans6,454$174,079

Remember to compare each company's record for customer service in addition to its rates. Things like accessibility and complaint rates should be factored in when getting preapproved with multiple lenders.

How We Chose the Best Mortgage Lenders in Maine

We looked at each lender's terms and conditions when picking the best ones. In our research, lenders who offered the same interest rate could end up thousands of dollars apart when fees were factored in. We therefore chose to weigh the following categories.

  • Total cost: interest rates and fees
  • Product: terms, loan types and specialty
  • Servicing: transparency, complaint rates and branch network

Any terms a lender offered that weren't common across the industry were highlighted. For example, while almost every mortgage company offers conventional fixed-rate home loans, fewer lenders provide specialized financing programs like USDA home loans or second mortgages. We underlined the presence of these terms when applicable.

The number of complaints logged through the Consumer Financial Protection Bureau were compared against the total number of mortgages originated to forecast how likely it was for issues to arise during either the origination or servicing process. Lenders with higher complaint rates were penalized relative to lenders who registered fewer infractions. Each lender's accessibility and online interface were factored in to gauge their capabilities and user friendliness.

Mortgage Brokers Near Me in Maine

Mortgage brokers compare loans on your behalf and can be a useful asset to first-time homebuyers and anyone who might have trouble qualifying for a mortgage on their own. A mortgage broker takes the legwork out of finding a home loan that works for you. Find a licensed mortgage broker near you in the table below.

NameAddressPhone number
MDI Mortgage Group, LLC59 Cottage St., Bar Harbor, ME 04609(207) 288-2881
Big Horizon Mortgage Corporation37 Western Ave., Kennebunk, ME 04043(207) 985-4808
Carriage House Mortgage170 US-1 Suite 160, Falmouth, ME 04105(207) 517-9499
The Hive Mortgage Solutions386 N Main St., Brewer, ME 04412(207) 570-5051
Northstar Mortgage Group8 Turning Leaf Dr. #4, Windham, ME 04062(207) 893-8499
Vision Mortgage352 Warren Ave. #6, Portland, ME 04103(207) 842-6854
Blue Stripe Mortgage32 Kenneth Rd., South Portland, ME 04106(207) 761-8277
Travis Penny-Maine Mortgage Broker316 Center St., Auburn, ME 04210(207) 835-9087
Madison Miller

Madison is a Research Analyst at ValuePenguin and focuses on student loans and personal loans. She graduated from the University of Rochester with a B.A. in Financial Economics with a double minor in Business and Psychology.

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