You have a lot of questions, and we have the answers, with options ranging from basic fixed-rate loans to complex government-guaranteed programs.
Maine State Housing Authority Loans (MSHA) Loans
Excited, anxious and overwhelmed, we know! Don’t worry, we’ve helped thousands of people buy their first homes, and we'll help you every step of the way.
You’ll find fixed rate loans with reduced interest rates and favorable terms, only available to first time home buyers. The program also allows you to buy a lower-cost home that needs refurbishing by offering very low interest rate loans for improvements.
Fixed Rate Mortgages - The most popular option guaranteed for the life of the loan
Have the security of knowing your principle and interest amount will never change. A variety of terms are available with or without points so you can choose between a lower interest rate and lower closing costs.
Adjustable Rate Mortgages (ARMs)
Monthly payments are adjusted annually to move with the market. ARMs are also available with fixed rate up-front terms. After the fixed rate term ends, the loan rate varies for the remainder of the loan term. The earlier your loan begins to vary, the lower the initial rate. ARMs are excellent for people who expect their income to increase over the next five years, or for those who plan to sell (or refinance) within that time.
With down payments as low as 3.5% of the purchase price and your loan funding fee included in the loan, an FHA loan is an affordable option. To learn if you qualify, click here to contact one of our mortgage lenders.
If you're buying land, we offer adjustable rate loans with a very reasonable down payment.
Second Home Loans
Maine is a great place to have a second home. We can help you finance your vacation home, whether you live in or out of state, and provide a complete range of mortgage options.
If you're a Veteran, be sure to let us know. You may be able to qualify for 100% financing on either a new home or to refinance your existing home. Click here to visit the VA website.
If current mortgage interest rates are more than 1% lower than your existing mortgage rate, refinancing may save you money—both on your monthly payment and on the long term cost of your loan. You can roll closing costs right into your new loan amount, so you'll pay nothing out-of-pocket. We can also adjust the term to match your existing loan, or set it up to 30 years, whichever suits your budget.
Home Equity Loan and Line of Credit Programs
Live life at your pace—on your budget with the help of a Northeast Bank Home Equity Loan or Line of Credit. Hassle-free loans that tap into your home’s value for that dream vacation, college tuition, or simply the peace of mind knowing your bills are under control. Whether it’s a flexible Line of Credit or a Fixed Rate Loan, we’ll find the right solution for you.
Click here to learn more about Northeast's Home Equity Loan options.
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