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The Best Rates Among Maine Mortgage Lenders
We've compiled a list of the lenders with the lowest mortgages rates in the state of Maine. The rates below reflect the cost of a 30-year fixed-rate mortgage for $200,000 with a 20% down payment and a 740 credit score in Maine. Click on one of the lenders from the table or read more for our top lender picks in the state.
Among the companies we compared, direct lenders offered the best rates and monthly payments, but these lenders may not be the best choices when weighing other significant factors such as accessibility and loan product variety. For example, if you prefer a mortgage lender with brick-and-mortar locations, the online lenders above won't work for you. To help narrow down your search for a mortgage lender, we determined the best lenders for several common borrower scenarios.
Best Mortgage Lender for First-Time Homebuyers: Bank of America
Consider this if you want to use a traditional bank with low rates to finance your first home.
If you're purchasing your first home in Maine, Bank of America is a good option because it offers more branch locations in the state than other large traditional banks such as Chase or Wells Fargo. In contrast to local banks that may have more locations in Maine, Bank of America is able to offer more loan options and helpful online resources, which local lenders may not have the capabilities of providing.
First-Time Purchase Mortgages in Maine
|Lender||Rate||APR||Monthly Payment||Down Payment|
|Bank of America||4.25%||4.81%||$1,028||5.0%|
Estimates are for a 30-year fixed-rate mortgage for $200,000 with a minimum down payment and a 740 credit score.
Bank of America may require a higher down payment than the other lenders on our list, but the mortgage company also offers qualified homebuyers an Affordable Loan Solution mortgage to help borrowers that can only afford a 3% down payment. However, Bank of America's APR and monthly payment were significantly lower than the lenders we compared—with the addition of only 2% more in down payment required.
Bank of America has multiple locations throughout Maine, which gives borrowers the option of in-person support. Chase, Wells Fargo and Quicken Loans do not have any locations throughout the state, preventing borrowers from resolving issues by going to a location. Borrowers will either have to call or chat with a representative online, which may be less effective than in-person service.
Best Online Mortgage Lender: Guaranteed Rate
Consider this if you're looking for a reliable and transparent online lender with helpful mortgage tools.
There are plenty of online mortgage options, but Guaranteed Rate is one of the top online lenders in the country thanks to its diverse loan offerings and its simple-to-use website.
Guaranteed Rate Mortgage Loan Rates
|Loan Type||Rate||APR||Monthly P+I|
|30 Year Fixed||4.50%||4.60%||$811|
|15 Year Fixed||3.99%||4.17%||$1,183|
|5 Year ARM||4.13%||4.30%||$775|
|7 Year ARM||4.13%||4.29%||$775|
Estimates are for a $200,000 home purchase loan with a 20% down payment and a 740 credit score. After a set period of time, the APR and monthly costs for ARMs can increase based on changes in the index rate.
If you prefer an online mortgage lender, you should consider Guaranteed Rate. In addition to providing competitive rates, the company focuses on transparency and customer satisfaction. We found that Guaranteed Rate had knowledgeable loan officers who were able to give detailed information to aid borrowers in finding mortgage products.
There are definitely other online lenders to consider if Guaranteed Rate doesn't provide the loan you're looking for, but we recommend checking what options you qualify for and comparing them to other popular online lenders such as J.G. Wentworth and Quicken Loans. These lenders' rates were higher than Guaranteed Rate, but your rates may differ based on your credit history or loan amount.
Best Lender for In-Person Service in Maine: TD Bank
Consider this if you want a home loan lender with multiple loan options and several branch locations throughout Maine.
TD Bank provides the most branch locations in Maine and has a high customer satisfaction rate compared to most big banks. There are some regional lenders in Maine that have more branches, but the companies have few loan options, leaving very little flexibility for the borrower.
Mortgage Products at TD Bank
|Loan Type||Rate||APR||Monthly Payment|
Estimates are for a $200,000 home purchase loan with a 20% down payment, no points and a 740 credit score.
The main benefit of applying for a home loan at TD Bank is its network of locations in Maine. TD also provides flexible options between lender credits and points, with four or five different options for each mortgage product. These allow you to pay more or less upfront in order to alter your interest rate and monthly payment. If you prefer to check your options online before visiting a branch, TD provides multiple tools and educational resources to help you find a loan that you can afford.
TD Bank has a high customer satisfaction rating, with a lower ratio of CFPB-complaints-to-mortgage-originations than other major banks like Chase, Wells Fargo and Bank of America. Unlike most banks, TD keeps its locations open seven days a week, in accordance with their tagline of being "America's Most Convenient Bank."
Best Lender for a VA Home Loan: Navy Federal Credit Union
Consider this if you're looking for a VA loan from a lender with expertise in helping military personnel find and finance a home.
Navy Federal Credit Union is a great option for VA loans due its to low rates and veteran-specific services such as its RealtyPlus real estate assistance program, with agents experienced in finding homes that fit the needs of veterans.
Best VA Lenders in Maine
|Lender||Rate||APR||Monthly P+I||Estimated Fees and Points|
|Wells Fargo||4.50%||4.73%||$1,035||$9,023 (includes closing costs)|
Estimates are for a fixed-rate 30-year VA loan of $200,000 to $225,000 with a 0% down payment, a VA funding fee of 2.15% to 3.30% and a credit score of 740.
Navy Federal provides competitive rates and will even help finance the VA funding fee for qualifying applicants. If you don't qualify for that, it will provide a reduced VA funding fee that can be rolled onto the loan so long as you put at least 5% down. You'll also have access to the RealtyPlus Program, which provides discounts for moving costs and up to $5,050 cash back depending on the price of your home. Navy Federal has even pledged to match lower rates received from accredited mortgage lending institutions for your first mortgage. If matching a rate isn't possible, Navy Federal will deposit $1,000 into your bank account after closing.