Home Loans In Lewiston, Maine

Lewiston may be a small city in Maine, but it has a very competitive housing market due to the influx of new residents in recent years.

Are you interested in purchasing a home in Lewiston, Maine?  If you’re like most homebuyers, getting a mortgage is your first significant step toward homeownership. 

Whether you are a first-time home buyer or an experienced real estate investor, Capital Home Mortgage can help you secure the right financing for your new home.

Essential Questions To Ask Your Mortgage Lender

Your first mortgage application is the most critical one you’ll ever make, especially if you’re still building credit. Finding the appropriate mortgage lender might make all the difference as a first-time borrower.

The following are pertinent questions to ask when in the market for a mortgage lender.

• What’s your credit score requirement?

Credit score criteria vary by lender and mortgage program. For instance, conventional loans typically require a credit score of 640, whereas borrowers can obtain an FHA loan with a credit score as low as 500.

Having a good credit score might put you in a favorable position when applying for a home loan. On the other hand, a low credit score can result in denial or unfavorable mortgage terms.

• How do you determine the interest rates?

The interest rate is determined by several factors, including the property’s final valuation, the loan amount, the loan period, the borrower’s income, debt-to-income ratio, and credit rating. Still, interest rates can vary from one lender to another. This is why home buyers should compare quotes from several lenders.

The mortgage professionals at Capital Home Mortgage can assist you in locating mortgage options that fit your budget and demands.

• Do you offer a mortgage rate lock?

A mortgage lock guarantees that the interest rate stays the same for a specific period, usually between the loan application/approval and closing. If you are offered a 3.50 percent interest rate, any increase until the loan is closed will not affect the rate offered initially.

A mortgage lender that offers a rate lock is a considerable advantage, as small rate hikes significantly influence your future interest payments. Generally, you can lock your rate for 30 – 45 days, which should be sufficient time to complete the process and close your mortgage.

• May I prequalify or get pre-approved for a mortgage?

Mortgage prequalification and preapproval can expedite and simplify your search for a home. Prequalification for a mortgage is a less formal process where the lender provides a general estimate of the loan amount.

If you want to be in a better position with a property seller, we suggest getting pre-approved by a lender. You need to present required documents such as W-2s, bank statements, and tax returns, among others. Once pre-approved, the lender will give you a pre-approval letter that you can present with your offer. This will prove to the seller that you can secure funding.

Lewiston, Maine Mortgage Lender

Capital Home Mortgage can assist you through the entire mortgage process, ensuring that no time is wasted on insignificant matters.

As a direct mortgage lender in Lewiston, our loan process, from application to funding, is often faster and more streamlined than other providers. This unique position also allows our clients to offer reasonable interest rates, low processing fees, and flexible underwriting.

Start Your Application for A Home Loan In Lewiston!

The mortgage professionals at Capital Home Mortgage can assist you in locating mortgage options that fit your budget and demands.

To find out more about our mortgage products and offers, contact (207) 910-6282. Our experienced and professional loan officers will be more than happy to assist you and provide expert mortgage advice.