Mooers Realty Maine Real Estate Blog
Financing Your Maine Home, Lots Of Bank Mortgage Options.
We don't just list and sell houses, but help folks thinking about financing a Maine home to consider lots of bank mortgage options.
As a real estate broker in Maine, people often think of MOOERS REALTY just peddling houses. That's what comes to mind for many whever real estate comes up in conversations. In many markets, that is the case. Houses, homes, condos, apartments but go fish on the other types of real estate. So the way it is in other markets, the broad brush gets applied to this one in Maine, any other one from experience. With Maine land, owner financing or cash seems to happen more often because banks holding the mortgage are not so cranked to make dirt loans. They can not sell those land mortgages. Not able to package them up for investors on the secondary mortgage market to allow investors to do their thing. For folks to buy into a piece of the paper on the Maine home mortgage loan.
But homes loans in Maine, financing a house, lots of nank mortgage flavors to consider.
The VA, Maine State Housing First Time Home Loan Programs all worth scoping out to test drive for the best financing fit. To see how well they dove tail with your income level and financial situation. Making sure the Maine home and house loan are a match and work together. Just good business for the go together when buying the home in Maine. The one you plan to make quite a few payments on before the mortgage burning free and clear debt free celebration party.
Because the pickier the bank lending program for a Maine home loan, the harsher the eagle eye scrutiny of the sticks and bricks, regulations, underwriting that needs a mortgage clear to close approval report card grade. It makes it NOT one size of financing mortgage lending fits all real estate buyers and property listings.
Lots of layers of thick paperwork documentation associated with getting the lowest Maine bank home loan interest rates.
Your hand will be tired from application scribbling and formal signing at the Maine real estate home mortgage closing. But it is all worth it to stop renting, to start owning what's over your head, surrounding you for four walls.
Ask anyone buying a Maine home what they are looking for in financing and one answer comes up every time. All want the cheapest rate, the lowest down payment and monthly installment. Oh and one more thing, the rock bottom lowest real estate legal closing costs for the bank loan on the house in Maine.
We are brought up to be frugal, not cheap but careful with our money. Because it comes hard, does not grow on trees or flow like water. And it is just good business to get the best deal. On anything we kick tires on, reach deep into the pocket to part with the cash to make our own.
What are the Federal Housing Administration (FHA) lending limits for Maine's sixteen counties? It varies so check for your FHA Maine home loan 2020 ceiling to make sure you even qualify before considering this route for a house mortgage.
The smart thing to do before stumbling through lots of Maine houses is to make sure you can buy one.
Have your lending lined up, ready to go once you find the home in Maine for you! The timing is right before getting all excited to get pre-approved for mortgage lending. Wasting everyone's time and your own when you might not be ready is what seat of your pants, spur of the moment buying a home looks like. Why get ready to buy a home filling out the paperwork and getting the green approval light to shine brightly?
Because the bank financing on a Maine home can run into a snag and takes time.
Your house seller is not going to wait if you need some time to fix what a peek under the credit hood shows. On a check of FICO scores, debt ratios, other factors stuck like a burdock in the credit report that surprises the heck out of you. Because buying a home in Maine is not something you do every day. A little more complicated than the weekly shopping for what's to eat to stock the shelves for meal time.
When what is found for credit problems is shared and the lender, banker, mortgage broker says forget about buying the Maine home of your dreams. Just cool your jets, heels Chummy. It's back to the drawing board for getting ready to buy a home in Maine time.
Repair efforts need to be started and it all takes a while to get ready to buy a Maine home.
Because credit takes years to build and repair. But very quickly takes a hit when big ticket over spending, neglect in paying monthly bills, a nasty divorce or job layoff, a stint of medical setbacks to wipe out happens.
And oh yeah that reposessed car that was a lemon but still tow trucked back to the dealership. But still leaves an ugly black and blue bruise or stain on the financing of you getting a Maine home. Removing the ugly credit dings and dent marks off the credit report is not so easy. All the scrubbing requires monitoring, fixing, letters, calls, follow up correspondence if anyone is serious about improving their credit score and debt ratios.
To move on up to the next step of home ownership. Let's kick some tires and take some test spins. To look over all the current market houses for sale in Maine in my price range.
So when you enter the side, front or back door, you know this can be mine to buy if I like it. If it works and matches my Maine real estate needs for housing. And size of the wallet or purse I carry and lug around to pay all my monthly bills.
Check into no down payment mortgage Maine home loans.
Not just for first time Maine Rural Development loans, one way we get lots of real estate buyers into their own Maine home.
Knowing the programs, the match to the property the buyer wants helps know how this Maine home movie is going to end up. Happily ever after or not so fun, warm and fuzzy comfortable.
The USDA Rural Home loans for a house , a single family purchase lending program.
This nifty financing option for buying a home in Maine fits lots of peoples needs to a "T". Gone are the days of scrimping and saving and putting together a twenty five percent down payment. Take your time, reach out and ask us lots of home buying questions. We are here to help. Financing your Maine home, lots of bank mortgage options to make a house your own to enjoy.
MOOERS REALTY 69 North Street Houlton ME 04730 USA