refinance loans, Maine ME

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refinance loans - Maine ME: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

Last time rates were this low was May 1966, when the average FHA rate was 6 percent.

What is Prepaid Interest? This is interim interest that accrues on the mortgage loan from the date of the settlement to the beginning of the period covered by the first monthly payment. Since interest is paid in arrears, a mortgage payment made in June actually pays for interest accrued in the month of May. Because of this, if your closing date is scheduled for June 15, the first mortgage payment is due August 1. The lender will calculate an interest amount per day that is collected at the time of closing. This amount covers the interest accrued from June 15 to July 1.

Closing

One way you used to be able to distinguish a direct lender was from the fact that the loan documents were drawn up in their name, but this is no longer the case. Even the tiniest mortgage broker can make arrangements to fund loans in their own name.

Adjustable Rate Mortgages (ARMs)

In the case of new construction, the lender will want the appraiser to inspect the home just prior to closing. This is to ensure that it is in accordance with the plans and specifications furnished by the builder or contractor.

How do I get pre-approved for a loan?

Why should I buy a home?

What is the minimum down payment? Different interest rates, loan terms, and private mortgage insurance are based on your down payment. Some programs require 20 percent down payment. There are special low down payment programs available if you qualify.

Most often, your home purchase signals the beginning of a long relationship with a financial institution. You should not only look for a lender with competitive rates, but one you will be compatible with -- and who can take care of your needs over the years.

When does it make sense to pay points? Points are a one-time fee that a borrower pays to lower the interest rate. Points are defined as a percentage of your loan amount, with one point being equal to one percent of your loan. For example, if you borrow $200,000, one point would be equal to $2,000. Paying one point will generally reduce your interest rate by approximately .25%.

Forbearance Plans - These are written agreements which may call for a short period of reduced or suspended payments followed by a period of regular and increased payments. Detailed financial information and proof of hardship caused by circumstances beyond your control will be required for this option to be considered and may not be available on all mortgage types.

Our No-Cost program will lower your rate at no cost to you. We pay all of the closing costs such as title fees, appraisal fees, and credit report fees. There are no loan fees or prepayment penalties, and nothing is added to your loan balance.