The Best Mortgage Lenders in Stonington, ME
Compare verified mortgage lenders serving Stonington, Maine. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Stonington
Featured Mortgage Lenders
Bangor Savings Bank Mortgage Department
Bangor Savings Bank
As one of Maine's most trusted community banks with deep roots across the state, Bangor Savings Bank has built an exceptional reputation for mortgage lending in coastal communities like Stonington. Their local loan officers understand the unique needs of waterfront properties and seasonal homes common in the Deer Isle/Stonington area. With consistently high customer satisfaction ratings and personalized service, they offer competitive rates and flexible loan options tailored to Maine residents. Their extensive branch network throughout Hancock County ensures convenient local service and community-focused lending decisions.
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Pine Tree Mortgage
Pine Tree Mortgage
Pine Tree Mortgage has established itself as one of Maine's premier mortgage brokerage firms, specializing in serving coastal and rural communities throughout the state. Their team has extensive experience with properties in the Stonington area, including waterfront homes, fishing industry properties, and unique coastal real estate. As a broker with access to multiple lenders, they can secure highly competitive rates and creative financing solutions. Their exceptional 4.9-star rating reflects their commitment to personalized service, local expertise, and smooth closing processes for Down East Maine homebuyers.
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Union Home Mortgage - Ellsworth Branch
Union Home Mortgage
Union Home Mortgage's Ellsworth branch provides specialized mortgage services to the entire Blue Hill Peninsula region, including Stonington. Their local loan officers have deep knowledge of the coastal Maine market and understand the specific challenges and opportunities of purchasing property in fishing communities and seasonal markets. With strong ratings for customer service and communication, they offer comprehensive mortgage solutions with competitive rates. Their physical presence in nearby Ellsworth makes them easily accessible for Stonington residents while maintaining the resources and stability of a national mortgage lender with decades of experience.
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Frequently Asked Questions
Common questions about mortgage lending in Stonington, ME
What are the current mortgage rates like in Stonington, ME, and are they different from the rest of the state?
Mortgage rates in Stonington are generally consistent with statewide Maine averages, but lenders may slightly adjust rates based on the town's specific market factors, such as its coastal location and seasonal economy. Currently, rates for a 30-year fixed mortgage in the area typically range from the mid-6% to low-7% range, but it's best to get quotes from local lenders familiar with Hancock County's unique property types.
Are there any special mortgage programs for first-time homebuyers in Stonington?
Yes, MaineHousing offers several first-time homebuyer programs that are accessible to Stonington residents, including down payment assistance and competitive fixed-rate mortgages. Additionally, some local lenders may offer specialized products for Hancock County buyers. These programs can be particularly helpful given Stonington's waterfront properties, which often come with higher price points.
How does Stonington's coastal location affect the mortgage process?
Stonington's coastal location can impact mortgages in several ways, including potential requirements for flood insurance due to the town's position on Deer Isle. Lenders may also have specific appraisal considerations for waterfront properties and may scrutinize properties more closely for issues like saltwater corrosion or erosion concerns, which could affect loan approval.
What should I know about property taxes when getting a mortgage in Stonington?
Stonington's property tax rate is currently around $11.70 per $1,000 of assessed value, which is important to factor into your monthly mortgage payment calculations through escrow. The town's tax assessment process and rates can impact your debt-to-income ratio, so it's crucial to work with a local lender who understands how these costs affect mortgage qualification in this specific community.
Are there any local down payment assistance programs specific to Stonington homebuyers?
While there aren't programs exclusive to Stonington, the Town of Stonington participates in statewide programs through MaineHousing that offer down payment assistance to eligible buyers. Some local credit unions and banks may also offer special terms for year-round residents looking to purchase in the area, particularly given the challenge of competing with seasonal buyers in this popular coastal community.
Nearby Cities
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Why Choose a Mortgage Lender in Stonington?
Local Market Knowledge
Lenders who understand Stonington'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 Stonington and get competitive rates on your home loan.