Mooers Realty Maine Real Estate Blog
Financing Your Maine Home, Lots Of Bank Mortgage Options.
We don't just list and sell Maine homes, but when folks think about an agent, a real estate broker, thoughts of just peddling houses come to mind.
With Maine land, owner financing or cash seems to happen more because banks are not so cranked to make dirt loans.
They can not sell those mortgages. Package them for investors on the secondary market. 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 flavors to consider.
The VA, Maine State Housing First Time Home Loan Programs are all worth scoping out.
To see how well they fit your income level, financial situation.
Making sure the Maine home and house loan are a match.
Can work together. Fit the home in Maine you plan to buy.
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.
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, 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 cheaper rate, the lowest payment, the rock bottom closing costs for the 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 2014 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 lending lined up, ready to go once you find the home in Maine for you!
The timing is right before getting all excited.
And wasting everyone's time when you might not be ready.
Because the bank financing on a Maine home runs into a snag.
Or you need some time to fix what a peek under the credit hood shows. On a check of scores, debt ratios, other factors stuck like a burdock in the credit report that surprises the heck out of you.
When what is found is shared and the lender, banker, mortgage broker says forget about buying the Maine home of your dreams. Just cool your jets, heels Chummy.
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, twenty minutes of big ticket over spending, neglect in paying monthly bills, a nasty divorce or job layoff, a stint of medical setbacks to wipe out.
And oh yeah that reposessed car that was a lemon. But still an ugly black and blue on the financing of you for a Maine home.
Getting the credit ugly marks scrubbed off the credit report is not so easy. And requires monitoring, fixing, letters, calls, follow up if you are serious about improving your credit score, debt ratios.
To move on to the next step. To look over all the current market houses for sale in Maine in your 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. You lug around.
Check into no down payment, not just for first time Maine Rural Development loans too, one way we get lots of real estate buyers into their own 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 purchase lending program fits lots of peoples needs to a "T".