Portland, ME

FHA, VA, and USDA Rural Development Loans in Portland, ME

Are you looking for a home mortgage loan in the Portland, ME area?

Then you've come to the right place! Northeast Community Mortgage is a mortgage broker serving Portland, ME, and many of the surrounding areas.

When you decide to buy a home or refinance a mortgage in Portland, ME or in the surrounding area, your search for a home mortgage loan should start and end here. With so many lenders to choose from in the greater Portland area, you should choose one you can trust to find the mortgage loan that will best meet your needs.

As a mortgage broker, we help our clients obtain a loan from the lender who has the terms that best matches their needs. In terms of mortgage programs, we specialize in FHA, VA, and USDA Rural Development loans. We also offer fixed and adjustable rate conventional and conforming jumbo loans. So, before your first house-hunting trip, whether it's in Portland or in any of the surrounding areas, we'll help you select the best financing program for your needs.

Sure, there are dozens of big bank mortgage lenders nationally, but you need a lender in Portland. Why? Because we know Portland and the surrounding areas. We know the local real estate agents, appraisers, inspectors, and so much more.

We also have state-of-the-art technology that makes the mortgage loan process as easy and fast as possible, all while delivering personal customer service that can't be beat. We'll also take care of all the details, and make your transaction as smooth and worry free as possible.

Our services and financial resources enable us to make loans other lenders do not. We pride ourselves on being a mortgage broker with experience. We are also well-respected within the wholesale loan community, as evidenced by our relationships with lenders such as Provident Funding, Wells Fargo, and Flagstar, to name a few.

Don't gamble your family's largest investment with a big name lender that may not know Portland. Choose us, the Portland mortgage and loan specialists!

Home mortgage loans in Portland:

• We'll help you find the perfect home loan or mortgage.

Refinance mortgage loans, or refinancing your current home in Portland:

• We help Portland families lower their mortgage payments and/or lock in lower interest rates for their home loans every day.

FHA Loans, VA Loans, USDA Rural Development Loans, and so much more!

• No matter what type of home loan you need, we're ready to help.

We'll give you the personal attention you deserve and treat you as a valued customer. Click here to get the best available rates for your situation in Portland, ME!

The Mortgage Interest Rate Lock Advisory for Portland ME for September 24, 2009

Here are some of the events affecting mortgage interest rates today in Portland, Maine.

What the Mortgage Backed Securities Market is Doing Today:

The price of the FNMA 30-Year 4.5% MBS coupon opened up 1/32 this morning to 100.69.

The price of the FNMA 30-Year 4.5% MBS coupon closed up 1/32 yesterday at 100.66 (as shown by the white line). MBS is currently trading up 5/32 at 100.81 (as shown by the blue line). Remember, on mortgage backed securities (MBSs), as the price goes up, the yield comes down - and mortgage interest rates come down with it. I expect that mortgage interest rates will be 0.125% - 0.25% better in price this morning as compared to yesterday.

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• Existing Home Sales Report for August - existing home sales fell 2.7% to 5.10 million in August - less than the 5.35 million that was expected. The supply of homes for sale fell 10.6% to 3.622 million. There's now a 8.5 month supply of homes, down from 9.3 months in July, and 10.6 months a year ago. The supply of homes on the market indicates how long it will take to sell the current inventory of home for sale if no other homes were put on the market. While this data indicates the current trend on home sales, it's usually not considered to be very important to the mortgage market.
  
  
• Jobless Claims - There were 530,000 new claims for unemployment last week. Analysts predicted that 555,000 new claims would have been filed. This is the third week in a row that we saw a decline in the news claims for unemployment. The 4-week average is down to 553,500 - the lowest level since January. Continuing claims for unemployment also fell - it now stands at 6.138 million. With the continuing high rate of people unemployed, the threat of wage based inflation remains subdued. Employers do not have to pay higher wages to attract new employees during high unemployment times as people will be happy just to have a job. This data is usually not considered to be very important to the mortgage market.
  
  
• Fed's MBS Purchase Program - The results of this week's purchases of mortgage backed securities by the Feds will be released in the afternoon. As of last Thursday, the Feds have purchased over $862 billion in mortgage backed securities this year. The Feds plan on purchasing up to $1.25 trillion in mortgage backed securities through December 31st.

The FOMC meeting adjourned yesterday with no change in the key short-term interest rates. The Fed stated that while economic activity has improved, they expect that "inflation will remain subdued for some time." The only surprise was the FOMC's announcement that they will ease the purchase of mortgage backed securities. The program will be extended to the end of the first quarter of 2010 to minimize the risk of a yield spike when the Fed finally exits the market. The purchase of mortgage backed securities is still capped at $1.25 trillion.

The 5-year Treasury Note auction that was held yesterday was met with lackluster demand. This had a negative impact on bonds and mortgage backed securities that led to a rise in mortgage interest rates. However, the FOMC's comments indicating that inflation will remain subdued had a positive impact on mortgage backed securities yesterday afternoon, which in turn led to lower mortgage interest rates.

What's Happening With Mortgage Interest Rates Today:

Low to Moderate Volatility. Overall, look for less volatility in the mortgage market today as compared to yesterday. But the results of the 7-Year Note auction are due out at 1 PM this afternoon. If the results of yesterday's 5-Year Note auction is any indication, volatility could pick up this afternoon.

My Mortgage Interest Rate Lock Advice for Today:

If I were considering financing/refinancing a home, I would...

• Lock if my closing was taking place within the next 7 days
• Float if my closing was taking place between 8 and 30 days
• Float if my closing was taking place between 31 and 45 days
• Float if my closing was taking place between 46 and 60 days

This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of any or all other borrowers.

For the best mortgage interest rates in Portland, ME, click here.

If you are a first time homebuyer or have not owned a home in 3 years and meet certain income requirements- you may qualify for the $8000 Tax Credit.

However you must close on the sale of a home by November 30, 2009

This means you should be looking now and get a house under contract by the beginning of October - or sooner!

From Under Contract to Closing can take 45-60 days and the week before the deadline is Thanksgiving week.

Call me at 207-741-2006 for more info on the process or to talk to me about representing you in the Southern Maine areas of York, Cumberland and southern Oxford Counties.

View some of my listings that would make a great first home at http://dkr.mreis.mlxchange.com

Limington MLS#944865

Limington MLS#948769

Fryeburg MLS#945740

Scarborough MLS#943450

Most of my posts center around the Maine real estate markets in Portland, but I thought I would give a brief overview of the Portland Maine rental market in this post. Generally I find the best place to locate rentals is still on Craigs List, but there are a few companies such as Schneider Property Management, Port Property, CT Management and Dirigo that all offer rental finding services. If you google them, they should be very easy to find.

The first choice one needs to make is do you want to be on the peninsula ie Portlands' East End or West End or out in a more suburban type locations such as Deering. Generally a decent 2 bedroom unit will run around $1000 to $1200. A one bedroom can be found for as little as $600ish and if you are looking for a roomate type situation, expect to pay aroudn $500 for a room.

Thanks for reading,

John