Maine Mortgage Center
Financial information for your new home

You are wondering which kind of mortgage is best. The answer: There is no one correct answer. Deciding which type of mortgage will best fulfill your needs can be difficult. There are so many types of loans and different term lengths. Your choice is extremely important and can take some time and effort to research. While often neglected by homebuyers, a little research before choosing your mortgage can save you thousands of dollars in the long run.

To assist you in the entire mortgage process, we have put together several important features that help explain what you need to know to obtain a favorable mortgage to finance your property. Key mortgage terms, a review of the process, understanding the credit scoring system, mortgage calculators, interest rates and of course FAQ’s are all included. Consider downloading our Buyer Guide for other valuable tips (below).

Approval vs Qualification

A pre-approval and pre-qualification are two distinct stages in the mortgage application process. Pre-qualification is the initial step, where a prospective buyer provides basic financial information to a lender, who then estimates the amount they may be able to borrow. It’s a helpful initial assessment but isn’t as rigorous as pre-approval. Pre-approval, on the other hand, involves a more in-depth evaluation of the buyer’s financial background, including a credit check and verification of income and assets. It provides a concrete loan amount a lender is willing to offer.

While pre-qualification gives a rough idea, pre-approval is a stronger signal to sellers that the buyer is serious and financially prepared, making it a more valuable tool when entering the competitive real estate market.

Your Home's Value

Monitoring and managing your home’s equity is a wise financial practice for homeowners. Equity represents the portion of your home that you truly own, which increases as you pay down your mortgage and as the property’s value appreciates.

Keeping up with your home’s equity allows you to tap into this valuable asset when needed, whether for home improvements, debt consolidation, or as a source of emergency funds.

Refinancing

Refinancing a home is the process of obtaining a new mortgage to replace the existing. Homeowners typically refinance for various reasons, such as securing a lower interest rate, reducing monthly mortgage payments, or accessing the equity in their home. By refinancing, you can potentially save money over the life of the loan, change the loan term, or even consolidate debt. The decision to refinance should be made carefully, taking into account current interest rates, closing costs, and financial goals.

Realization of a Vision

We work closely with many Maine banks, mortgage companies and financial institutions. We can recommend trusted professionals to guide you through the process and obtain the lowest interest rates available. Contact us for recommendations.

Everything you can imagine is real.

At Maine Home Connection, we channel our unwavering commitment and passion into delivering unparalleled real estate excellence.

If you’re contemplating a real estate transaction, seize the opportunity to empower your decision with our most current Buyer or Seller guides.

Imagine More!