Maine Mortgage Refinance

Refinance Rates

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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Situated on the eastern coast of the US, Maine is bordered by New Hampshire, the Atlantic Ocean, and the Canadian provinces, Quebec and New Brunswick. Most people assume that Maine is best known for its shellfish. Indeed, its state fish is the landlocked salmon, and it is a well-known fact that the best lobster comes from Maine, but the state is important for other agricultural reasons, too. For example, it is the largest producer of blueberries in the country, and it produces ninety percent of the toothpick supply in the US. Its largest cities are Portland, Lewiston, Bangor, South Portland, Auburn, Brunswick, Biddeford, Sanford, Augusta and Scarborough with Augusta as the state's capital.

In regards to home ownership, Maine foreclosures continually increased from 2008 until 2010. The period between 2008 and 2009 saw a substantial increase of at least twenty percent. Additionally, high rates of defaults began to surface, as home owners suffered financially and had difficulties paying their bills. For individuals in this position, Maine mortgage refinance is an option, as well as selling the home before the situation becomes more dire. In 2009, legislation existed to make home owners aware of their alternatives. Brochures were sent from Maine's Bureau of Consumer Credit Protection to all those in the process of foreclosure. Incredibly, more than eleven thousand information packages were sent out between July and February of the next year.

As the prices of houses increased, attractive interest rates were offered to encourage buying. And as long as the rates stayed the same or fell, everything was okay. In fact, the rates were continually increasing, and those who purchased homes at lower rates were stuck with mortgages that they could ill-afford as monthly payments increased, too. Home owners who reacted quickly saw relief from Maine mortgage refinance, but regrettably, many have not been to improve their situations, and as a result, over two thousand homes per month are in various stages of foreclosure.

In addition to the law sponsored by Representative Sharon Anglin Treat to provide counseling, the Maine Housing Counselor Network held summer seminars to help Maine home owners find solutions and alternatives to foreclosure. HUD certified counselors and legal service providers were present to assess individual cases, as long as participants brought along their relevant documents including foreclosure notices, mortgage statements, list of creditors, and income verification. A toll-free telephone number called the Maine State Foreclosure Prevention Hotline was also put into place to help home owners find ways to obtain Maine mortgage refinance.

Indeed, the people of Maine are eager and proud of their state. Tourism is important and the residents are eager to welcome visitors year round.

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