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Maine Second Mortgage
The Consumer Lending Division for the State Department of Maine issued a statewide restriction for broker related fees to limit the loan costs for second mortgages to 5% of the amount financed. The fee limitations only apply to closed-end mortgages (fixed rate loans). Open-end financing, like home equity lines of credit are not subject to theses fee restrictions. Unfortunately, because of the rising costs to process a loan, many consumers can only qualify for a HELOC if the loan amount is less than $30,000. Unfortunately many homeowners are forced to get unsecured loans if they are seeking fixed rate loans under $30,000. In most cases, the unsecured loans do not offer the same tax advantages as the secured 2nd mortgages offer.
Local Tips From The Underwriting Mortgage Pros:
"D.T.I = Debt to income ratio means your liabilities monthly divided by your income monthly. Underwriters evaluate your ratios to see if you qualify."
- D. Campbell, Maine Mortgage Broker at Portland Mortgage INC
- No Pre-Pay Penalty Options for ME residents
- 1st-time Homeowners OK
- Low Rate Intro’s for HELOC’s
- Competitive interest rates
- No PMI or Mortgage Insurance Required
- All Types of Credit up to 100%
- Refinance 1st and 2nd Mortgages together
- Convert ARMs to Fixed Rates
- 125% Combined Loan to Value
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 Nationwide Mortgage Loans offers Maine residents a Free AVM (Automated Values). |
Home values have been dropping across the state of Maine. With home sales lower across the Atlantic North-East, it may be a good opportunity to lock into a fixed rate loan. You are really gambling with your home finances, if you have a loan payment adjusting this year.
Maine State Loans |
Are your Home Equity Credit Line Interest Rates Rising? Check the Current Home Equity Rates - ME
Lock the rate of your variable HELOC and get a fixed payment and term. Maine 2nd mortgage application volumes have been on the rise in cities like; Portland, Lewiston, Bangor, South Portland, Auburn and Brunswick.
Portland is one of the areas in Maine that show a significant increase in consumers taking out Home equity loans. These 2nd liens are more popular than ever because they give you access to your home’s equity at any time. Choose from variable credit lines to fixed rate installment loans. |
Get a new home equity loan or refinance your existing second mortgage while the interest rates are still at record lows.
Nationwide specializes in 2nd mortgages and we have helped thousands of homeowners in the Northern Atlantic consolidate credit card debt and refinance loans that have higher adjustable rates. Take a moment and complete our secure form online and a professional loan officer will contact you promptly with a Free Loan Quote. Remember there is no cost and no obligation. To speak with an experienced loan officer, call 1-800-242-6986.
Mortgage Market News and Real Estate Updates |
Maine's economy will be notably slower in the period from 2008-2010, despite a slightly more optimistic outlook for 2007. Employment growth in 2008 is expected to fall to a barely perceptible 0.1% in 2008 and rise to just 0.6% in 2009. And housing will take a big hit. Maine home sales fell 16% in September 2007 compared with 2006, and new housing permits are forecast to fall by nearly 25 % in 2007 and another 19% in 2008 before rebounding in 2009. "Even when the rebound occurs, however, it will be to levels nearly one-third below the peak activity of 2004," said Charles Colgan, professor of Public Policy and Management in the Edmund S. Muskie School of Public Service at the University of Southern Maine, and Maine Forecast chair. "House prices are falling, with the median price dropping from $193,600 in 2006 to a forecast $178,100 in 2008.
Maine Anti-Predatory Lending Legislation
The state of Maine recently amended its High Cost Statute. The new law amends the high cost points and fees threshold and expands the definition of points and fees. The law is effective January 1, 2008 for all owner- and nonowner-occupied (including second homes), first and second liens, open- and closed-end, purchase and refinance loans that do not exceed the FNMA conforming loan limits for a 1-4 single family dwelling and applies to loan applications taken on or after the effective date.
Maine's Anti-Predatory Lending Legislation includes requirements for brokers regarding residential mortgage loans. Brokers originating any owner or non-owner occupied (including second homes) first or second lien, open or closed-end loan that does not exceed the FNMA conforming loan limits for a 1-4 single family dwelling are subject to the new requirements which include documenting a net tangible benefit by signature of the lender, broker, and borrower on Maine's Reasonable, Tangible Net Benefit Disclosure Form
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