Best Mortgage for a First Time Home Buyer in Maine
Are you a first time home buyer in Maine? If so, now may be the best time to purchase your first home. According to Zillow, median home values in Maine are at $195,900, marking an increase of 12.8 percent in the past year alone.
Increasing values are great for those that already own a home, but they make it challenging for Maine first time home buyers hoping to get competitive mortgage rates.
To compete with steadily rising rates, Maine first time home buyers will have to determine whether they can get the best rates and terms from local or online lenders, detailed below.
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Banks vs Online Mortgage Lenders for Maine First Time Home Buyer Loans
In the past, getting Maine first time home buyer loans meant sitting down with a representative and filling out paperwork in an office.
Today, Maine first time home buyers looking for the best mortgage rates have the advantage of using online mortgage lenders and applying for a mortgage from the comfort of their own home.
As a first time home buyer in Maine, should you choose a local bank or an online lender? Which one will offer the best rates for Maine first time home buyers?
See the below sections for a quick explanation of what sets these mortgage lenders apart.
Banks
While most banks will offer online mortgage applications, the bulk of the mortgage application process will occur in-person for a first time home buyer in Maine.
For some borrowers, having a loan officer work directly with them throughout the process is a huge benefit, since first time home buyers in Maine can receive one-on-one, in-person support.
If you have an established relationship with a local bank, you may be able to get better Maine first time home buyer rates.
However, because banks have higher overhead, rates for a first time home buyer in Maine may reflect higher percentages to cover maintenance costs.
Additionally, the application process may be more time-consuming for a first time home buyer in Maine, since you’ll need to make an appointment with a loan officer and wait anywhere between 30-45 days for processing.
Online Mortgage Lenders
With the rise of online mortgage lenders, searching for mortgage rates for first time home buyers in Maine is more convenient than ever.
For many Maine first time home buyers, the online application process will be much easier, too. Rather than using physical copies, these lenders use digital copies or automatic retrieval to fill out forms.
Without the operational costs of running a physical office, online lenders often have the best rates on Maine first time home buyer loans.
No matter what kind of Maine first time home buyer lender you choose, you’ll want to do your own research to ensure that they are offering the best rates for your unique financial situation as a first time home buyer in Maine.
Ogunquit, ME
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Tips for First Time Home Buyers in Maine
Buying a home is equal parts exciting and nerve-wracking. After all, purchasing a home is one of the most significant financial decisions that you will ever make.
As a first time home buyer in Maine, there are plenty of new procedures and paperwork that you will have to be prepared for, which can certainly make the process confusing.
Below, please find a set of tips to help make the process of purchasing a home as straightforward and simple as possible first time home buyers in Maine.
- Take the time to explore different neighborhoods to find the right location
- Prioritize your preferences like condition, location, size, neighborhood, and price
- Be prepared to make sacrifices on your conditions as a first time home buyer in Maine
- Discuss your options with a lending professional to get exact numbers on your budget, monthly mortgage payments, and closing costs
- Be prepared to accept defects and make your own renovations later on
- Get prequalified for a Maine first time home buyer loan before talking to a seller
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Conclusion – Getting the Best Mortgage as a First Time Home Buyer in ME
When it comes to buying a new home, finding the best mortgage for first time home buyers in Maine is crucial.
Short-term costs from insurance, fees, and closing can quickly add up, and it certainly helps to have the best mortgage rates to carry first time home buyers in Maine through the next few decades.
Not only will a great rate make a loan more manageable over time, but purchasing or a home with flexible mortgage rates can help set new home buyers in Maine up for financial success throughout the life of their mortgage.
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