Maine Mortgages

Due to the incredibly low interest rates and the rising appreciation rate, now is a great time to purchase a Maine mortgage. There are many great Maine mortgages available to suit any type of mortgage need. For instance, if looking for a long-term mortgage, the Maine fixed rate mortgage is a good loan to consider. Maine fixed rate mortgages are typically offered in 15 or 30-year terms, but they are available in 10 and 20 year terms as well. A Maine fixed rate mortgage offers the security of a fixed interest rate and monthly mortgage payment throughout the entire term of the loan. A potential downfall to a Maine fixed rate mortgage is that they often come with higher premiums than do Maine ARM products (adjustable rate mortgages).

A great mortgage for investment purchases or second home mortgages are Maine interest only mortgages. Favorable appreciation rates make a Maine interest only mortgage a safe investment. Popular Maine interest only loans are the 6 month MTA (Monthly Treasury Average) and the 1 month LIBOR loan. Maine interest only mortgages are calculated based on an economic margin and index. It is important to discuss the index and margin tied to your loan with a representative because each is different. Maine interest only mortgages offer some of the lowest interest rates available today, which results in lower monthly payments. Many borrowers opt for this type of mortgage because it allows them to purchase more house than they could otherwise afford.