Mooers Realty Maine Real Estate Blog
Getting A Maine Home Loan, Help!
Getting a Maine home bank loan, it can all seem like Greek to you.
If you only deal with all those buzz words, banking terms and mortgage program conditions once or twice in your lifetime. VA and Maine State housing home loans are two sweet mortgage vehicles to get you the property financing you need. A lot of armed forces folks seem in the dark about VA bank home loans. The veteran who served and meets the test for a home buyer seems lost and the pair of eyes gloss over on which direction to take. To get on the right path to buy a home in Maine.
And it is fun to show how to use a just gathering dust, often forgotten VA eligibility certificate. For a straight VA loan blended with the MSHA first time home buyer's program. To end up with sweeter, lower cost home loan monthly payment, closing cost result for the veteran.
To get you off the going nowhere fast, rid of all those painful splinters from sitting too long on renting fence.
Where we all know in Maine owning vs renting just makes sense with the low cost property listings available around Vacationland. If you have the credit score, not crazy high debt ratios from over spending. Or baggage wreckage strewn around your financial past history behind you.
Banks in Maine, anywhere want, need to make loans. And to create loyalty, have all the products to get you into their lobby for all your lifetime financing needs. Not just to make one Maine home loans but to cover all the bases for one stop shopping when you need moneyof any type. It is a partnership. The bank has requirements to underwrite the loan, set up the installments. For your own good, not just to protect the Maine bank's assets. Tried and tested rules, requirements, ratios, based on hard and fast history, practices of what works or does not from experience in banking circles.
So where to start when you want to buy a Maine home, to climb, no pull yourself out of the rent rut? Where there is now nothing to show for where you are living month in and out except rent receipts. Saving money is hard when the place where you live is expensive to operate. Because besides the above market rent shelled out, if you are paying utilities, the Maine home or apartment renter is is tapped on the shoulder for other big expenses.
Windows that are loose as a goose, old and more like wind filters mean dig deep into your wallet.
The Maine renter does not own the rental but is saddled with the extra burden keeping the utilities current it creates. Maybe though, if all cozy, comfortable and in a below market Maine rental, the urge to own your own place, to leave that rented nest would not happen. No pain, no gain.
So where to start to get a Maine home loan, to be on the right team?
The desire to own your place is a strong one. That tugs at the heart, is the American Dream. To have a house in Maine to raise a family.
A yard to mow, garden to tend, open porch to sit on. And a financial stake in the local community. So you care more about where the tax dollars go.
Pay attention to school budgets, municipal spending. Have some skin in the game. A dog in the fight so to speak. For yourself, family members.
But are you bankable for a Maine home loan? The only way to know if you are means a sit down talk. With a real estate professional in Maine needs to take place. Partnering up with a Maine bank home loan lender. To first see how you look on paper. If the time is right to even consider getting a set of Maine house keys to your own place is in the tea leaves.
And to eenie meenie miney moe figure out which Maine home loan program is best suited for you if you are holding the right house buying cards.
And to consider the type, condition, price range of the property listing that the local Maine bank would finance too. To actually be able to give you a mortage on the sticks and bricks, four walls you have in mind.
Where it all boils down to "you pay, you stay, you don't and you won't" to stay under that home sweet home roof.
Sit down with a local Maine mortgage lender, start first with the bank where you have a checking or savings account.
Because you already have a banking relationship, are established and all set up at the place you will be making mortgage home loan payments. Saving trips and paperwork at a whole new bank.
But if the product you need for a home loan in Maine is not offered at that local bank, let the real estate professional help guide.With property acreage, trip to a financial institution and often custom made, owner financing Maine land loans happen.
To navigate to another financial institution to consider obtaining a mortgage on the property you want to raise a family in and settle down.
Maine home loans, exciting, scary at the same time but oh oh so worth the investment of time and your hard earned money.