As of March 23, 2023Program Features and General Information:
- Borrower must be a member of the Credit Union.
- Property must be located in the State of Maine.
- Credit Union offers fixed-rate first mortgages. Current loan rates are:
5.75% APR* for 10 years 6.00% APR* for 15 years 6.25% APR* for 20 years 6.50% APR* for 30 years Note: Add .50% APR to rates above for a single or double-wide mobile home with land loan.
- The minimum loan amount is $100,000.00 for a 30-year loan.
- The maximum mortgage loan amount is $300,000.00.
- The maximum loan term for a single-wide mobile home with land is 15 years.
- The maximum loan term for a double-wide mobile home with land is 20 years.
- The maximum age for a single or double-wide mobile home is 25 years.
- The maximum loan term for camp loans or land loans is 15 years.
- For land loans, the interest rate is fixed at 7.50% APR*.
- The maximum acreage that will be financed with a land loan is 50 acres.
- Home equity loans are variable rate and adjust monthly. (Currently 7.25% APR*)
- Mortgage loan payments can be made as often as weekly.
- Pre-payment Penalty: There is a penalty if a fixed-rate first mortgage loan is paid off within the first 6 months.
- There are no origination fees or points associated with our mortgage loans.
- Borrower pays for the following: title work, appraisal, recording fees, express mailing fees, and any work performed by the Credit Union’s attorney for the closing of the mortgage. These fees may be financed into the mortgage loan.
- Credit Union does not offer escrow accounts for real estate taxes or property insurance. However, if the mortgage is for the purchase of a property, 12 months of real estate taxes may be collected from the borrower at the time of closing so it can be remitted to the appropriate municipality.
- Once approved, the borrower has the right to select an attorney for title work.
- Credit Union finances up to 80.0% of appraised value. For single and double-wide mobile homes with land, the Credit Union will finance up to 75.0% of appraised value.
- Completed loan application. Residential Mortgage Application
- Copies of current pay-stubs and last 2 years of IRS tax returns.
- Copy of deed to property.
- Copy of current tax bill from town.
- Copy of Purchase and Sale Agreement (If applicable).
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207-377-2124 or 1-800-511-1120