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fha home mortgage loans interest only first time home buyer
Maine Mortgage - What to Expect When Buying a Home in Maine
Maybe youre buying your first home in Maine, or perhaps youre relocating to Maine from another state. Either way, its important that you educate yourself on Maine home loans before shopping for a home and mortgage. This article explains what youll need to know before buying a home in Maine:
The median price of a home in Maine is $98,700. Recently, homes in Maine have been appreciating at rates comparable to the national average. However, in some parts of Maine, appreciation rates are at an all time high. As a result, income levels in many parts of Maine are too low to purchase a median-priced home with a conventional loan. In fact, homeowners in many Maine cities pay more than the recommended 30% of their incomes toward housing.
The state of Maine does not regulate home radon levels. This means that home buyers must test for radon levels in the home they are purchasing and decide for themselves how much radon is acceptable in their home. Additionally, Maine has certain state environmental laws that are used to upkeep Maines shoreline.
Maine law prohibits prepayment penalties and reduced rate options on adjustable-rate mortgages and fixed-period adjustable-rate mortgages. Fixed-period adjustable rate mortgages are only allowed in the state of Maine if the start rate is below the indexed rate at loan closing.
Maines Truth-In-Lending law is an anti-predatory lending law that prohibits high-rate high-fee mortgages from charging defaults in excess of 5% of the default amount and limits the fees that may be charged during multiple refinancing, deferrals, and extensions of these mortgages. The Bureau of Financial Institutions and Office of Consumer Credit Regulation preside over lenders that issue high-rate high-fee mortgages.
Jessica Elliott recommends that you visit Mortgage Lenders Plus.com for more information about Maine Mortgage Rates and Loans.
More Useful Resource and Updates on fha home mortgage loans interest only first time home buyer
- TD Canada Trust increases home equity line of credit and variable interest rate mortgage rates (CNW Group via Yahoo! Finance)
TD Canada Trust has increased its home equity line of credit and variable interest rate mortgage rates, effective October 7, 2008. While TD Canada Trust has endeavored to not pass on the increases in rates to its customers, this change reflects steadily increasing costs of funds in the current economic environment.
- How Countrywide-BofA mortgage settlement helps California homeowners (San Francisco Chronicle)
More than 120,000 struggling California homeowners could see their monthly mortgage payments lowered, after Bank of America Corp. agreed to provide $3.5 billion in loan and foreclosure relief to settle lawsuits it inherited with its takeover of Countrywide...
- Lawsuit Filed Against Home Equity Mortgage Trust 2006-5 and Others (Marketwire via Yahoo! Finance)
A lawsuit is pending in the United States District Court for the Southern District of New York captioned New Jersey Carpenters Health Fund v. Home Equity Mortgage Trust 2006-5, Credit Suisse First Boston Mortgage Securities Corporation, Andrew A.
- High-end home market feeling pain from market, credit messes (Dallas Morning News)
Wall Street gyrations and the mortgage market mess are hammering Dallas' high-end home market. Sales of top-priced homes are falling, and the number of costly houses on the market is growing.
- Bad mortgage settlement includes Ohio (The Cincinnati Enquirer)
Facing a lawsuit over deceptive mortgage practices, an arm of Bank of America Corp. has agreed to the largest program ever to modify home loans, as part of a settlement with officials in 11 states, including Ohio, just days after the federal government adopted a giant financial rescue package without any relief for distressed homeowners.
- Some Ohioans Likely To Get Subprime Home Loans Reworked (News Channel 5 Cleveland)
A hot line has been set up to help Countrywide mortgage holders find out if they qualify to get their home loans reworked.
- Interest.com - Mortgage Rates
Offering mortgage market information services including a compilation of lenders from across the country.
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