Areas We Serve
Griffin Funding can provide financing virtually anywhere in the state of Maine. Some of the areas we serve include:
- South Portland
What Types of Mortgage Loans Are Available in Maine?
If you’re interested in applying for a traditional mortgage loan in Maine, there are many choices available. Some of the traditional home loans we offer at Griffin Funding include:
- Fixed-rate mortgages – These types of mortgages can be great for home buyers who want a consistent mortgage payment with a rate that never changes, in order to ensure payments remain the same throughout the entire mortgage.
- Adjustable-rate mortgages – With an adjustable-rate mortgage, your interest rate can change based on market conditions. You may be able to lock in a low rate for a few years, but once the introductory period has ended your rate will move up or down depending on the market.
- Investment property loans – If you’re interested in purchasing a second home that will function as an investment home, then this type of loan may be best for you.
Non-QM Mortgage Loans in Maine
If you’re interested in a Non-QM mortgage loan, then Griffin Funding is the Maine mortgage lender for you. Below are some of the Non-QM loans we currently offer:
- Bank statement loans – Bank statement loans in Maine are intended for individuals who can’t qualify for conventional mortgages yet have a significant amount of money in the bank. With a bank statement loan, you can qualify for financing through bank statements rather than tax returns or pay stubs.
- Jumbo loans with 10% down – If you’re interested in borrowing a large sum of money to purchase a home, then a jumbo loan may be for you. Jumbo loans from Griffin Funding allow home buyers to borrow large sums with an affordable down payment.
- DSCR loans – Debt service coverage ratio (DSCR) loans are designed for real estate investors. With a DSCR loan, investors can qualify for financing based on the income being generated by existing investment or rental properties.
- Asset-based loans – Instead of determining what you can comfortably afford to pay for a home based on income, asset-based loans allow you to qualify solely through the assets you own.
- Foreign national loans – This type of mortgage enables those who aren’t U.S. citizens to obtain the funds necessary in order to become a homeowner in the United States.
- Interest-only loans – This type of loan is appropriate for those looking to pay off a significant amount of interest for the first few years and delay payment on the principal balance of the loan.
- Recent credit event loans – This loan is for individuals who have had issues with their credit, whether they’ve declared bankruptcy or failed to pay back certain debts. With a recent credit event loan, those with poor credit can potentially qualify for a mortgage loan in Maine.
What Is the Current Mortgage Rate in Maine?
It is a good idea for anyone currently interested in obtaining a mortgage to look into the current mortgage rates. As of October 2022, the mortgage rate in Maine for a 30-year fixed is 7.18%, while the rate for a 15-year fixed is 6.23%. However, keep in mind that interest rates are constantly changing.
What Is the Minimum Down Payment for a Home Loan in Maine?
Most mortgage loans in Maine require a down payment, but the amount of the down payment will depend on the type of loan you’re applying for. The required down payment will also depend on your specific financial circumstances.
Most mortgage lenders in Maine recommend that home buyers put down about 20% when taking out a traditional home loan. However, the minimum down payment for a mortgage loan in Maine will vary depending on the type of loan you choose.
For example, an FHA loan allows first-time home buyers to secure a mortgage with as little as 3.5% down. A VA loan allows active duty service members and qualifying veterans to purchase a home with no down payment at all. So, ultimately, the minimum down payment for a mortgage loan in Maine depends on the loan you take out.
How to Apply for a Maine Mortgage Loan
The application process when working with many Maine mortgage lenders can be long, complex, and stressful. However, our application process has been streamlined so that you can easily apply for a mortgage in Maine.
After having a discovery meeting to determine relevant details related to your financing eligibility, we can help you determine which type of loan is best for your circumstances. Then, you will complete a loan application and have your rate locked in. Once the home you are buying is appraised and inspected for pests, approval can be finalized. The last step is to sign the final loan document and receive funding.
Work With a Mortgage Lender in Maine
Griffin Funding is one of the best mortgage brokers in Maine because we offer flexibility and competitive rates to borrowers. Whether you’re self-employed and are unable to qualify for a traditional mortgage loan or you’re a first-time home buyer in need of an FHA loan, the team at Griffin Funding is ready to help. So, if you’re ready to begin the application process and purchase your dream home, reach out to our team to discuss your options.