Maine Purchase Loans / Maine Home Loans

Choosing a Maine mortgage can be as confusing as finding a home.  Here at Sunstate Mortgage Company we explain each type of mortgage, help you determine which Maine mortgage is in your best interest, and how you can get the best Maine mortgage rate.

With each mortgage you must factor in risk, the term of your loan, and the size of the mortgage you need.

Maine Fixed Rate Mortgages

Evidently, the interest rate on a Maine fixed rate mortgage remains the same for the term of the loan. And so your monthly payment (principal balance and interest) also remains the same. The entire mortgage loan is repaid in equal monthly installments over the entire length of the loan.

Maine Mortgage loans that are 30 plus years are considered long-term loans and any amount less than 30 years are short-term loans.  Typically, Maine mortgage loans are from 10 to 40 years.  The length of your loan depends on the amount of your loan.  However, Maine fixed rate loans are from 15 to 30 years. 

Maine Adjustable Rate Mortgages (ARMs)

MaineAdjustable rate mortgages are also known as Maine variable rate mortgages.  With an ARM, your interest rate is adjusted periodically.  The interest rate increases or decreases with changes in the market interest rate.  This does not change the length of your loan.  Your monthly payment is adjusted to reflect the interest rate change.

Maine Federal Housing Administration (FHA) Loans

Maine FHA mortgages are conceptually the same as Maine fixed rate mortgages, but in addition, they are insured by the federal government.  The consumer pays the Maine mortgage insurance premiums.  The initial premium is determined by the length of the loan and the amount of the down payment. The insurance provides consumers with security.

Maine Department of Veterans Affairs (VA) Loans

A Maine VA mortgage is conceptually similar to a Maine fixed rate mortgage.  A Maine VA loan consumer is provided by the assurance that if the consumer defaults on their loan, the federal government will pay a portion of the loan.

Sunstate Mortgage Company helps get you the best home loan / purchase loan mortgage rates in Portland, Lewiston, Bangor, South Portland, Auburn, Biddeford, Augusta, Saco, Westbrook, and Waterville.

Sunstate Mortgage Company can help you purchase your new home and help you decide on a Maine loan that will suit your needs.  Click on the Banner Below to have a Maine mortgage expert assist you to find the loan that is right for your needs.