The Best Mortgage Lenders in Troy, ME
Compare verified mortgage lenders serving Troy, Maine. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Troy
Featured Mortgage Lenders
Caliber Home Loans
Caliber Home Loans Inc.
Caliber Home Loans is a highly-rated national mortgage lender with a strong regional presence in Maine, including service to Troy. Founded in 2008, they are known for competitive rates, a wide range of loan products, and excellent customer service. Their team specializes in guiding borrowers through the mortgage process with personalized support, and they have consistently high ratings for reliability and transparency. With physical offices in South Portland, they offer local expertise combined with national resources.
Loan Types:
New American Funding
New American Funding LLC
New American Funding is a top-rated mortgage lender with a dedicated office in Portland, ME, serving Troy and surrounding areas. Established in 2003, they have built a reputation for exceptional customer satisfaction, offering diverse loan options including specialized programs for first-time homebuyers. Their local team provides personalized service, and they are praised for fast closings and competitive rates. With a focus on community engagement and education, they are a trusted choice for Maine residents.
Loan Types:
SoFi
Social Finance Inc.
SoFi is a reputable online mortgage lender founded in 2011, serving Troy, ME, and nationwide with a focus on digital convenience and competitive rates. They are highly rated for their user-friendly platform, quick pre-approvals, and no lender fees on certain loans. SoFi offers unique products like student loan cash-out refinances, appealing to a broad range of borrowers. Their customer service is noted for responsiveness and clarity, making them a strong option for those comfortable with online processes.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Troy, ME
What are the current mortgage rates like for homes in Troy, Maine?
Mortgage rates in Troy typically align with national averages but can be slightly influenced by Maine's rural lending market. As of late 2023, rates for a 30-year fixed mortgage in the area generally range from 6.5% to 7.5%, but it's best to check with local lenders like Bangor Savings Bank or Kennebec Savings Bank for the most current Troy-specific quotes, as property types (e.g., rural vs. village) can affect terms.
Are there any first-time homebuyer programs available specifically for Troy residents?
Yes, Troy homebuyers can access MaineHousing's First Home Loan Program, which offers competitive interest rates, down payment assistance, and closing cost help. Additionally, some local credit unions may have special programs for first-time buyers in Waldo County. These programs are particularly beneficial in Troy's affordable market, where median home prices are below state averages.
How does Troy's rural location impact the mortgage process?
Troy's rural classification can affect appraisals, as comparable home sales may be limited, potentially requiring appraisers to look at broader areas like Unity or Dixmont. Some lenders might have stricter requirements for properties with well and septic systems, which are common in Troy. It's advisable to work with lenders experienced in rural Maine properties to navigate these considerations smoothly.
What types of properties in Troy might qualify for USDA loans?
Given Troy's designation as a rural area, most properties outside the village center likely qualify for USDA loans, which offer 100% financing. This includes single-family homes on larger lots, as long as they meet USDA property standards and the borrower's income falls within Waldo County limits. These loans are popular in Troy for their no-down-payment advantage.
Are property taxes in Troy typically included in mortgage escrow accounts?
Yes, most lenders in Troy will include property taxes in your escrow account, especially since Troy's property tax rate (around $14.50 per $1,000 of assessed value in 2023) is manageable compared to some Maine towns. Lenders often require escrow to ensure taxes are paid on time, which is particularly important in rural areas where municipal budgets rely heavily on property tax revenue.
Why Choose a Mortgage Lender in Troy?
Local Market Knowledge
Lenders who understand Troy'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 Troy and get competitive rates on your home loan.