Mortgage Refinansing Help

Mortgage Refinancing Help: Maine

“Be Ready. After your loan is approved, you'll need to sign your loan documents and provide a check for any out-of-pocket closing costs. Make sure the funds are available in your account, and be ready to make room in your schedule to read and sign your loan documents as soon as possible. ”

Mortgage Refinancing Help : Business: Financial Services: Banking Services: Credit Unions: Regional: United States : Maine (25)

Be specific about the loan you want. The more precise you are, the easier it will be for a loan officer or mortgage broker to find the best rate. For example, do you want a 15-year or 30-year mortgage? Do you need a "jumbo" mortgage (more than $333,700)? Are you willing to pay points to reduce the interest rate? The answers to these questions will depend on several factors, including when you plan to sell the house and how soon you want to retire your debt. Only you know the answers, but the sooner you know them, the better.

See also:

NorState Federal Credit Union »
Madawaska. Membership is open to residents and employees in Northern Aroostook, within a 40 mile radius of Eagle Lake.

Brewer Federal Credit Union »
Brewer. Serves people who live or work in select Maine communities.

Winthrop Area Federal Credit Union »
Winthrop. Serving sponsor groups in central Maine.

Bangor Federal Credit Union »
Bangor. Membership is open to select employer groups.

Infinity Federal Credit Union »
Membership is open to those in the city of Bangor, Maine, and York and Cumberland Counties. Outlines member services and rates.

Cumberland County Teachers Federal Credit Union »
Falmouth. Membership is open to Cumberland County teachers.

Evergreen Credit Union »
Westbrook. Membership is open to residents or those who work in the areas of Westbrook and Windham.

Semiconductor of Maine Federal Credit Union »
South Portland. Open to select employer groups and organizations.

University Credit Union »
Orono. Serving students and employees of the University of Maine.

Gardiner Federal Credit Union »
Gardiner. Membership is open to municipal employees of Gardiner and the educational communities of Gardiner, West Gardiner, Pittston, Randolph, Farmingdale, Hallowell, and Chelsea.

Eastmill Federal Credit Union »
East Millinocket. Serving persons living in select county groups.

Maine Education Credit Union »
Augusta. Membership is open to teachers in Augusta.

The County Federal Credit Union »
Caribou. Membership is open to 23 communities in central Aroostook.

Seaboard Federal Credit Union »
Bucksport. Membership open to employees of Champion International and their families.

Saco Valley Credit Union »
Saco. Membership is open to residents in Saco Valley.

Otis Federal Credit Union »
Jay. Membership is open to residents in select communities.

Town and Country Federal Credit Union »
Providing financial services to the people of Cumberland and York Counties.

Greater Portland Municipal Credit Union »
South Portland. Membership is open to employees in Greater Portland.

Maine State Credit Union »
Membership is open to anyone who lives, worships, works or attends school in Kennebec County; employees of the State of Maine and their families.

Rainbow Federal Credit Union »
Lewiston. Membership is open to select employer groups.

Winslow Community Federal Credit Union »
Winslow. Membership is open to anyone who lives or works within Winslow.

Bangor Hydro Federal Credit Union »
Bangor. Full-service banking for Bangor Hydro members and their families.

E.M.M.C. Federal Credit Union »
Bangor. Membership is open to select employer groups.

Five County Credit Union »
Bath, ME. Membership includes anyone working or residing in the counties of Androscoggin, Cumberland, Lincoln, Kennebec and Sagadahoc.

Lisbon Community Federal Credit Union »
Lisbon. Membership is open to those who live and work in Lisbon.

Weigh the costs carefully of how long you will be staying in your home vs. how much of a savings you will be getting in a refinance. Make sure you include closing costs in your decision.

The length of time that you expect to keep the mortgage helps you determine whether it is worthwhile to pay points up front to reduce your interest rate. Unlike points paid on your original mortgage, points paid to refinance may not be fully deductible on your income taxes in the year they are paid.

Be Patient. Processing all of the paperwork that's required for a new loan takes time. Be patient while your loan moves through the system. Protect your credit score by paying your bills and making your mortgage payments on time and not taking on any more new debt than you absolutely have to.

Before you refinance a loan, make sure that you carefully analyze any fees that your lender is including on the loan. The Department of Housing and Urban Development can provide you with a list of standard fees. Use it to make sure that your lender isn't tacking on anything extravagant. And by all means, compare their fees with other lenders in the market.