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Today's Mortgage Rates in Maine

Today’s mortgage and refinance rates plus current home buying and refinance advice for Maine residents

Buying a home in Maine

In Maine, a buyer typically purchases a property in either a private negotiation or through a real estate agent. If the buyer uses the first method, it is extremely important that they have a home inspection carried out on the home before signing anything that is binding. In the last century, the owner of a property was under no obligation to offer any information about problems with the house unless you asked a specific question about a possible issue. Only then was the homeowner obligated to answer to the best of his or her knowledge. Luckily, these days, Maine law offers better protection for the buyer. Pursuant to 33 M.R.S.A. § 173 (1999), a homeowner selling a property without the assistance of an agent must make a written disclosure about any known problems. Issues can range from insulation problems, leaky roofs and hazardous materials such as lead-based paints or asbestos to whether there is a radon problem or even whether there is a problem with the waste disposal. The seller also has to be able to guarantee there is nothing wrong with the title or deeds.

Refinancing a home in Maine

There have been a few changes to Maine law governing mortgage refinances over the last decade or so. But these have mostly been intended to bring state regulations in line with federal ones. So, for example, since 2011, you can’t "flip" a high-cost mortgage loan or higher-priced mortgage loan — what used to be called a subprime loan. What’s flipping? Well, it’s when such a loan is refinanced without delivering a "reasonable, tangible net benefit" to the borrower. [Public Law 2011, Chapter 427] So you need to get a lower rate or a lower monthly payment if you want to refinance a subprime mortgage. Chances are, that’s not going to bother you one bit. And, like other Mainers, you’re going to be as free to refinance your mortgage as most other people in the United States. Still, you should think carefully before refinancing yours unless you are going to get a lower rate or monthly payment. Of course, it’s fine for you to do so if you’re in urgent need of money and require a cash-out refinancing. Though, even then, you might expect a lower rate unless you’ve refinanced very recently. Cash-out refinances fulfill a necessary function. But they pretty much inevitably increase the total cost of your mortgage borrowing so you’ll want to weigh your options carefully before deciding to go ahead.

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