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Review mortgage rates in Maine if you’re preparing to buy a new home. Select your zip code to find the most accurate mortgage rates.

Mortgage Rates in Maine

When looking for a mortgage in Maine, there are many different factors to consider, but few will make as a bigger difference over time as the mortgage rate you are able to secure. Mortgage rates can vary by a variety of factors outside of your individual credit rating and ability to repay a loan. One of the most critical factors is your state, as it impacts the lender operating costs, the amount of competition and foreclosure rates and laws. That’s why LendingTree provides real-time Maine mortgage rates for buyers who want a variety of mortgage products, lenders and other options.

How mortgage rates in Maine trend is one important factor to consider, but buyers also need to think about how the rate will potentially be impacted by the terms of their mortgage. For many borrowers, this means deciding between a 30-year fixed mortgage or a 15-year mortgage. With a 30-year fixed-rate loan, a borrower maintains the same interest rate and payment over a term of 30 years, which can help keep their payment low. A 15-year mortgage, on the other hand, often secures a lower mortgage rate combined with a shorter payment term. This may mean larger monthly payments than a 30-year loan, but it can also mean significantly lower overall interest paid.

Borrowers can also consider the adjustable rate mortgage (ARM). An ARM gives a borrower more flexibility by offering a stable interest rate and payment for a term of one to 10 years, followed by an ongoing, scheduled rate fluctuation based on the movement of an index tracking lender interest rates. While the initial interest rate on an ARM is often lower than that of a 30-year or 15-year fixed, if rates rise during the adjustment period, the borrower can end up paying much more. This also makes the payment unpredictable, which many borrowers might find unsuitable.

In addition to essentially adding a premium to the cost of the property you purchase, the mortgage rate you qualify for affects your overall monthly payment, which becomes a factor in how much house you can afford to buy — yet another reason it’s so important to compare Maine mortgage rates. No matter what state you live in and what loan terms you want to explore, LendingTree can help you find real-time Maine mortgage rates.