| As the eastern most of the lower 48 states, | | | | populated with wide stretches of pine forest |
| Maine is nearly in a category all of its own | | | | between developments. Housing prices in rural |
| with more French speaking residents then any | | | | areas are very reasonable although Maine |
| other state. Having more in common with | | | | property taxes are amongst the highest in the |
| neighboring Canadian provinces Quebec and New | | | | nation relative to home value. |
| Brunswick, Maine is also one of the least | | | | |
| densely populated states in America. Are you | | | | Two types of loans are popular in Maine: |
| buying a home in the Pine Tree state? Have | | | | adjustable rate and fixed rate mortgages. The |
| you finalized your financing yet? If you | | | | typical adjustable [or variable] rate |
| answered yes and then no respectively to | | | | mortgage can be had for one quarter percent |
| these questions, please keep reading for some | | | | or more below the rate of a 30 year fixed |
| tips on how you can make Maine your home | | | | rate loan. Rates remain constant for the |
| state. | | | | first 3, 5, 7 years before the adjustment |
| | | | period kicks in. |
| From Boothbay Harbor to the Quebec border, | | | | |
| Mainiacs as some residents like to call | | | | 15 and 30 year fixed rate mortgages are |
| themselves, have an independence streak that | | | | common with 20, 25, even 40 year rates also |
| rivals the weather. Quite frankly, to live in | | | | available. The latter is the least known of |
| Maine means you must enjoy long, harsh | | | | them all and may be available only through a |
| winters as summer is brief and colder weather | | | | national mortgage company. |
| dominates. | | | | |
| | | | Besides financing through a mortgage company |
| Home prices in the state are most reasonable | | | | or bank, borrowers may want to explore the |
| away from the coast. Kennebunkport and other | | | | FHA, VA, and HUD programs for what is |
| resort areas are very pricey given that the | | | | available through them. Eligibility for VA |
| number of seasonal residents easily | | | | loans is for former and current military |
| outnumbers locals throughout the summer. | | | | members and their immediate families while |
| While true Maine residents understand the | | | | HUD homes are typically available through |
| importance of this seasonal industry, the | | | | their website for eligible buyers. |
| presence of outsiders does push up housing | | | | |
| prices. | | | | Finally, check with your Maine realtor for |
| | | | special state operated or local financing |
| Further inland beyond Augusta to points | | | | programs as they come and go almost like |
| further north, most of the state is thinly | | | | Maine summers. |