|Recommended for||Lender||Minimum credit score||Highlights|
|First-time homebuyers||TD Bank||620|
|Online loans||Guaranteed Rate||620|
|VA loans||Veterans United Home Loans||620|
|Poor credit||Regency Mortgage||580|
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.
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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.
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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.
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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.
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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.
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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.
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, 2013–2019
|Rank||Company||Mortgage originations||Average mortgage amount|
|1||Bangor Savings Bank||14,248||$144,563|
|2||Residential Mortgage Services||10,173||$195,760|
|3||Camden National Bank||8,937||$166,331|
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.
|MDI Mortgage Group, LLC||59 Cottage St., Bar Harbor, ME 04609||(207) 288-2881|
|Big Horizon Mortgage Corporation||37 Western Ave., Kennebunk, ME 04043||(207) 985-4808|
|Carriage House Mortgage||170 US-1 Suite 160, Falmouth, ME 04105||(207) 517-9499|
|The Hive Mortgage Solutions||386 N Main St., Brewer, ME 04412||(207) 570-5051|
|Northstar Mortgage Group||8 Turning Leaf Dr. #4, Windham, ME 04062||(207) 893-8499|
|Vision Mortgage||352 Warren Ave. #6, Portland, ME 04103||(207) 842-6854|
|Blue Stripe Mortgage||32 Kenneth Rd., South Portland, ME 04106||(207) 761-8277|
|Travis Penny-Maine Mortgage Broker||316 Center St., Auburn, ME 04210||(207) 835-9087|