The Best Mortgage Lenders in Scarborough, ME
Compare verified mortgage lenders serving Scarborough, Maine. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Scarborough
Featured Mortgage Lenders
Bangor Savings Bank Mortgage Team
Bangor Savings Bank
As one of Maine's most trusted community banks with a physical branch located right in Scarborough, Bangor Savings Bank offers exceptional local mortgage services with deep community roots. They consistently receive top ratings for their personalized service, competitive rates, and extensive knowledge of the southern Maine real estate market. Their mortgage team provides comprehensive guidance through the entire home financing process, making them a preferred choice for Scarborough homebuyers seeking reliable, local expertise with the stability of a long-established Maine financial institution.
Loan Types:
Norcom Mortgage
Norcom Mortgage
Norcom Mortgage is a highly-rated regional lender with a strong presence throughout Maine, including dedicated service for Scarborough residents. With over three decades of experience, they've built an exceptional reputation for competitive rates, streamlined processes, and outstanding customer service. Their Portland office location ensures local underwriting and decision-making, while their extensive product portfolio caters to all types of borrowers. Norcom consistently receives praise for their responsive communication and ability to close loans efficiently, making them a top choice for Scarborough homebuyers.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage has established itself as a premier mortgage lender serving the Scarborough area with their nearby South Portland office. As a nationally recognized company with strong local presence, they combine the resources of a large lender with personalized local service. They're particularly noted for their competitive rates, innovative loan products, and exceptional customer satisfaction ratings. Their team of local mortgage professionals has extensive knowledge of the southern Maine market and provides comprehensive guidance from application through closing, earning them consistent top reviews from Scarborough area homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Scarborough, ME
What are the current mortgage rates like in Scarborough, ME compared to the rest of Maine?
Scarborough mortgage rates typically align with statewide Maine averages, but may be slightly lower due to the town's desirable coastal location and strong property values. Currently, rates in Scarborough range from 6.5% to 7.25% for 30-year fixed mortgages, though this varies by lender and borrower qualifications. Local credit unions like Town & Country FCU often offer competitive rates for Scarborough homebuyers.
Are there any special mortgage programs for first-time homebuyers in Scarborough?
Yes, Scarborough homebuyers can access MaineHousing's First Home Loan Program, which offers competitive interest rates and down payment assistance. Additionally, the Town of Scarborough occasionally offers local housing programs, though these are limited. Many Scarborough buyers also benefit from FHA loans, which are popular given the area's higher-than-average home prices.
How does Scarborough's coastal location affect mortgage lending requirements?
Scarborough's coastal properties often require additional flood insurance, which lenders mandate for homes in flood zones. This can increase your monthly housing costs by $1,000-$2,000 annually. Properties near the marshlands or coastline may also require specialized inspections, and lenders may have stricter requirements for homes in designated coastal hazard areas.
What should I know about property taxes when getting a mortgage in Scarborough?
Scarborough has a property tax rate of approximately $12.90 per $1,000 of assessed value, which is relatively high for Cumberland County. Lenders will factor these taxes into your debt-to-income ratio calculations. Many Scarborough homeowners escrow their property taxes with their mortgage payment, given the significant tax burden in this desirable coastal community.
Are jumbo loans common in Scarborough's real estate market?
Yes, jumbo loans are frequently used in Scarborough, particularly for homes in the $750,000+ range common in neighborhoods like Prouts Neck and along the coastline. These loans typically require higher credit scores (700+) and larger down payments (15-20% minimum). Local lenders familiar with Scarborough's high-value market can provide the best jumbo loan options.
Nearby Cities
Explore mortgage lenders in cities near Scarborough, ME
Why Choose a Mortgage Lender in Scarborough?
Local Market Knowledge
Lenders who understand Scarborough's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Maine.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Scarborough and get competitive rates on your home loan.