Understanding Credit
Updated Oct. 9, 2013
Credit is one of the most important components in the mortgage approval process.. Lenders look at a borrower's credit score, number of open accounts, payment history, type of credit borrowed and a series of other factors when determining what level of risk to assess to each lending scenario.Down payment...

USDA Rural Housing Mortgage - A Maine Favorite
Updated Oct. 9, 2013
It is hard to beat the flexibility and great rates of Maine's USDA rural housing loans. These programs are geared toward home buyers who live in rural areas of the Country (that's most of Maine according to USDA)and who have little to no money to put down. USDA rural housing loan programs offer flexible,...

WHAT IS A REVERSE MORTGAGE?
Updated Oct. 9, 2013
WHAT IS A REVERSE MORTGAGE?. Essentially a home loan with four distinct advantages:1. There is no income or credit score qualification.2. It offers a very attractive interest rate.3. It gives the flexibility of making or not making monthly payments.4. Receive a one time "lump sum payment" or line of credit.. A reverse...

How to Apply for a VA Loan in Maine
Updated Oct. 9, 2013
A VA (Veterans Administration) guaranteed home loan is the preferred loan program for active, non-active, Reserve, National Guard, and retired military of the armed forces because there is no down payment needed and no private monthly mortgage insurance required.. A VA home loan can be used to purchase a home...

1st And 2nd Mortgage Refinance Loan
Updated Oct. 9, 2013
Refinancing a first and second mortgage requires some extra considerations. Depending on your equity, you may find that combining the two mortgages results in a higher interest rate. You may also find that you have to carry PMI with the refinanced mortgage.. Will Refinancing Benefit You?. Refinancing two...

5 Important Questions To Ask Before You Invest In Solar Power For Your Home
Updated Oct. 9, 2013
If you've been considering taking your home in a green direction, April is the perfect month to make an environmentally friendly update.Installing a solar energy system may be a very smart way to help the environment.Plus, solar panels turn sunlight into energy that can save you money!The federal...

Existing Home Sales Numbers Show Value Gains Across America
Updated Oct. 9, 2013
�. The National Association of REALTORS� released its Existing Home Sales report for March on Monday.. Sales dipped from February’s seasonally adjusted annual rate of 4.95 million to 4.92 million existing homes sold in March, a decrease of 0.6 percent month-to-month.�. This reading was lower than Wall...

7 Fun and Easy Housewarming Gifts for A New Homeowner
Updated Oct. 9, 2013
7 Fun and Easy Housewarming Gifts for A New Homeowner. �. Whether you have new neighbors next door or old friends moving across town, a housewarming gift is a great way to show you care.. �. New owners always appreciate anything that relieves the pressures of moving and settling in to an unfamiliar neighborhood.. Here...

Three Tips To Get The Best Financing On Your Second Home In Maine
Updated Jan. 24, 2014
Are you buying a Maine property as your second home? Perhaps you are looking for a small cottage or apartment where you can escape to for your vacations, or maybe you want to have another home closer to your relatives?. Maybe you want to rent out your second property and make a steady income from your investment....

A Few Red Flags To Look For When Buying Maine Real Estate
Updated Jan. 24, 2014
If you’re looking to purchase real estate, keep in mind that the homes you are considering might be in need of repairs or improvements.. In a recent study done by a major home inspection company, at least 40 percent of previously owned homes on the market have at least one serious issue or defect.. When buying...

Its Important To Follow These Specific Steps When Using Gift Funds For Your Down Payment
Updated Oct. 24, 2014
As lenders tighten mortgage guidelines for Maine home buyers, minimum down payment requirements are increasing.. Several years ago, you could finance a home with nothing down. Today, most conventional mortgages require at least 5 - 10 percent.. Incidentally, these guideline changes have led to an increase in...

Five Steps To Buying A Home in Maine
Updated Oct. 24, 2014
Five Steps To Buying A Home in Maine. 1. How much can you afford?. Getting in touch with a lender is the best way find out what you qualify for. Your Maine loan officer will take your debt to income ratio, run your credit and give you what is known as a "prequalification letter". Once you have been pre-qualified by your loan...

How Does An Interest-Only Mortgage Work?
Updated Dec. 10, 2013
When you have been researching your different options for a mortgage on your home, you might have heard of an Interest-Only Mortgage. What exactly does this type of mortgage mean and how does it work?. Usually when you take out a loan, you must pay back the capital debt (the amount you borrowed) and the interest on...

When Do You Pay More Than The Cost?
Updated Oct. 24, 2014
Never confuse the amount of your monthly payment with the actual cost of owning. A typical monthly payment includes principal, interest, taxes, insurance and, in some cases, mortgage insurance.. Example:. $250,000 home. $4,000 per year taxes. $800 per year insurance. $200,000 30 Yr. Fixed Loan at 4% = $1355 Monthly...

f you have tax liens civil judgements or no credit at all, July 1 could be a big day for you.
Updated Mar. 29, 2017
Credit scores for millions of Americans may soon increase due to two major changes in credit scoring.. Starting July 1, the three major credit agencies -- Experian, Equifax and TransUnion -- are dropping certain negative information from credit reports, including tax liens and civil judgments.. This...