Maine is one of the nation’s finest destinations. It is best known for great lobster and as a refuge for our nation’s political leaders. In addition, Maine boasts some of the most beautiful and untouched landscapes in the world. Destinations such as Kennebunkport have been popular tourist destinations for years. Phenomenal scenery that differs from season to season also makes Maine an amazing place to see throughout the course of the year. With all of these factors in mind, it is no wonder that Maine has become a popular place in which to live. This popularity, however, has come at a price. Rising costs with regard to homeownership have forced many residents of Maine to live in an increasingly limited way. This problem, however, has a solution. Many residents of Maine could benefit from refinancing. Refinancing is the process by which one obtains a loan that pays the balance remaining on his or her existing mortgage, which in turn gives them access to better interest rates and loan packages. Refinancing ultimately results in lower mortgage payments each year and could potentially allow individuals to access much needed funds found within their home’s equity.
Quick Maine Housing Facts:
- Percent of homeowners in Maine: 71.6%
- Percent of renters in Maine: 29.4%
- Median annual income in Maine: $37,240
- Average credit score in Maine: 699
- Median Maine home value: $98,700
When to Refinance in Maine
Refinancing your current home loan is supposed to be a process that saves you a significant amount of money in the short-term and in the long run. To that end, it is important to consider several items prior to refinancing your current mortgage. First of all, it is important to price out the entire refinancing process by comparing what you will pay in the long-term with your current loan to what you will pay with the new rates and terms of a refinancing package. In the event that you discover that your current home loan will cost you less than refinancing, even if you are looking to spend less each month, refinancing at this point may not be the best idea. It is also important to consider any fees or penalties associated with refinancing your current mortgage. Many older mortgage packages make refinancing difficult because of expensive fees and charges associated with paying your mortgage early. Be sure to do your research before deciding on a refinancing package.
How much house can I afford in Maine
One of the biggest problems facing Maine homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Don’t forget there are many other home options out there specifically for Maine residences. We work with local and national lenders to make sure that you get the best rate possible.
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