Augusta, ME Mortgage Rates today
Total Mortgage is one of the most trusted service providers in Maine's mortgage lending history, and it has years of proven expertise. We are dedicated to offering the most competitive mortgage rates in Maine. Our expert team, on a continued basis, meticulously assesses the existing mortgage rates in the state after extensively studying the prevailing rates of various mortgage companies and credit unions. We ensure optimal financing options to achieve your dream of buying a home in the Pine Tree State. Whether you want to purchase your first home in Maine or refinance your existing place, we guarantee the best Maine mortgage rates. As one of the leading mortgage lenders in Maine, we are here to steer you toward finding the right financial option for your home. We aim to reduce your monthly payments significantly. We are a phone call away if you have any questions. Our team helps you navigate the financing landscape to secure the most competitive current mortgage rates in Maine that are aligned with your financial aspirations.
If you have any questions about securing the best mortgage rates in Maine, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
Compare today's mortgage rates for Augusta, ME
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6.125%
7.135% APR
$2,375/mo
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6.990%
7.371% APR
$2,393/mo
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6.250%
6.874% APR
$3,087/mo
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6.125%
6.706% APR
$2,215/mo
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7.125%
7.695% APR
$2,425/mo
infoLatest revision - November 16 2024 12:15pm EST.We update the table twice every day with the current mortgage rates.
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Frequently Asked Questions
What are mortgage rates in Maine?
Maine Mortgage rates are the interest rates that borrowers must pay to lenders when they apply for a home loan or refinance a home loan.
What are the current mortgage rates in Maine?
The table above contains the current mortgage rates in Maine. We update the rates twice every day so that our clients always have the correct information when deciding about home financing options.
How do Maine interest rates affect mortgages in the state?
Interest rates in Maine directly impact mortgage payments every month and the overall affordability of homebuyers' loans. The rates also affect the loan for homeowners refinancing in the state.
Where can Maine residents find the best mortgage rates?
Maine residents can compare mortgage rates from different local banks, credit unions, online lenders, and mortgage brokers at the Total Mortgage site.
How can Maine borrowers lock in a favorable home interest rate?
The best time to lock in a favorable home interest rate in Maine is after you have compared loans and lenders and chosen a rate and monthly payment that you are comfortable with and that suits your budget.
How does the Maine real estate market impact mortgage rates?
Like all other real estate markets, Maine mortgage rates are directly proportional to the rise and fall in the market. As the market shows positive trends, the mortgage rates are likely to increase, and vice versa.
Maine Homebuyer Assistance Programs
FHA Federal Housing Administration
This program is designed specifically for low- to moderate-income groups. Compared to many conventional loan programs, the down payment is low. The eligible credit score is low, too. It is a great first-time home buyer program in Maine. Characteristic features are -
- 3.5% down payment
- Can provide $5,000 toward a down payment or closing cost assistance.
- A minimum borrower contribution is a must that is 1% of the loan amount.
- The borrower needs to complete a Homebuyer Education class from a hoMEworks-approved provider.
RD Rural Development
This housing program is a significant advantage for people from rural areas in Maine. Homeowners can take loans to purchase or refurbish their existing homes. The loans are meant for families that do not have adequate housing or finances to own a house upfront but can afford to pay the mortgage rates in Maine. The down payment is 0%. Other inclusions are -
- 30-year fixed rate on all property types except mobile homes
- Up to $35,000 in home improvements, including ENERGY STAR® appliances
VA Veterans Administration Loan
As the name suggests, this home-buying assistance is for veterans and military personnel still active in the profession. The benefits are plenty. Some of these are -
- No down payment is required.
- Flexible credit requirements.
- Private mortgage insurance is not required.
- Property types - Existing 1-4 units, new 1-units, condos, mobile homes ≤ 20 years old on owned land
- Borrowers will be offered $5,000 toward a down payment or closing cost assistance.
MaineHousing Conventional No MI
MaineHousing Authority offers this program where homebuyers can secure a loan minus mortgage insurance. Thus, the monthly payments are comparatively low. This program is perfect for those who have purchase and income limits. The other inclusions are -
- 20% down payment assistance
- Property type - Existing 1-4 units, new 1-units, condos, mobile homes ≤ 20 years old on owned land
- Borrowers need to complete a Homebuyer Education class from a hoMEworks-approved provider.
MaineHousing Self-Insurance for Mobile Homes
This is a self-insurance loan program for mobile home borrowers. If you are looking for a non-conventional housing scheme like mobile homes, up to 5% down payment assistance is provided. The property type requirement is that the mobile home be less than 20 years old and on owned or leased land. The purchase price and loan limits are $200,000 on leased land and $250,000 on owned land.
Arch PMI
In this program, the down payments are as low as 3%. The monthly premiums are risk-rated. At the same time, Financed MI is not allowed. There is a 30-year fixed rate on all property types. Additionally, home buyers are offered up to $35,000 for home improvements, including ENERGY STAR® appliances.
First-time Homebuyer Programs in Maine
MaineHousing First Home Loan Program
This MaineHousing first-home loan program gives borrowers a 30-year fixed-rate mortgage on conventional loans or VA, FHA, or USDA loans. Almost no down payment has to be paid. The interest rate is either 0% or 2%. There is payment protection in case the buyer loses their job.
MaineHousing Salute ME
This program by MaineHousing Authority is focused on active-duty, retired, and veteran military personnel. A 0.5% discount with a 30-year fixed-rate mortgage on home loans exists.
MaineHousing Purchase Plus Improvement Program
The PPI program from MaineHousing finances between $500 and $35,000 for home improvements. Home purchase financing options are also provided.
Maine Down Payment Assistance
MaineHousing Advantage
In this program, borrowers receive up to $5,000 down payment and closing cost assistance. They must combine the program with a MaineHousing loan program.
Other Maine Homebuyer Programs
The below mentioned programs are for informational purposes only and may not be offered by Total Mortgage. We strive to provide comprehensive information about various mortgage assistance options available in the market. Eligibility requirements and program availability vary depending on your location, income, and loan type. We recommend you contact a Total Mortgage Loan Officer directly for details on qualification and enrollment. Check your eligibility(app.totalmortgage.com/apply?utm_source=assistance-programs)
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
First Generation Program
This program is specifically aimed at people who have mostly spent their childhood in foster care or have hardly been in a home owned by their biological parents or guardians. Fixed-rate mortgages and closing cost funds of up to $10,000 are offered for applicants who have done the educational requirements.
USDA Loan
Homeownership is affordable with this loan program from USDA. It is best for home buyers with low and moderate incomes. It is aimed at borrowers residing in particular rural areas who need help affording conventional mortgage requirements.
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
*Terms and Conditions Apply. For complete details click here.
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Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.
