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From Boothbay Harbor to the Quebec border, Mainiacs as some residents like to call themselves, have an independence streak that rivals the weather. Quite frankly, to live in Maine means you must enjoy long, harsh winters as summer is brief and colder weather dominates.
Home prices in the state are most reasonable away from the coast. Kennebunkport and other resort areas are very pricey given that the number of seasonal residents easily outnumbers locals throughout the summer. While true Maine residents understand the importance of this seasonal industry, the presence of outsiders does push up housing prices.
Further inland beyond Augusta to points further north, most of the state is thinly populated with wide stretches of pine forest between developments. Housing prices in rural areas are very reasonable although Maine property taxes are amongst the highest in the nation relative to home value.
Two types of loans are popular in Maine: adjustable rate and fixed rate mortgages. The typical adjustable [or variable] rate mortgage can be had for one quarter percent or more below the rate of a 30 year fixed rate loan. Rates remain constant for the first 3, 5, 7 years before the adjustment period kicks in.
15 and 30 year fixed rate mortgages are common with 20, 25, even 40 year rates also available. The latter is the least known of them all and may be available only through a national mortgage company.
Besides financing through a mortgage company or bank, borrowers may want to explore the FHA, VA, and HUD programs for what is available through them. Eligibility for VA loans is for former and current military members and their immediate families while HUD homes are typically available through their website for eligible buyers.
Finally, check with your Maine realtor for special state operated or local financing programs as they come and go almost like Maine summers.
Category: Real EstateYou Can Afford a Maine Home was written by:Author:Adam HeistAdded: Mon, 18 Dec 2006 20:05:57 -0500 This Article Has Been Read 352 times View all Adam Heist's articlesAbout the Author: Adam Heist has been writing on the internet for many years now. Adam currently works day and night on his website Secured Loan. For more information on this topic please visit his website today. |
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