On Friday, November 6, 2009 President Obama signed into law an extension and expansion of the homebuyer tax credit that extends the $8,000 First-time Homebuyer Tax Credit to next spring. Under the new law, qualifying buyers would have until April 30, 2009 to go under contract on a home and until June 30, 2010 to close on that home.

The new law also helps current or recent homeowners. Under the new law, any qualifying buyer who has lived in their previous residence for at least 5 consecutive years of the past 8 would have the opportunity to purchase a new home and receive up to $6,500 in tax credit. Neither tax credit would have to be repaid as long as the new home was retained for a minimum of 36 months.

The expansion of the old law will hopefully help out one issue that this law has caused in many areas of Maine and New Hampshire, a lack of “entry-level” priced homes. For example, as the first deadline drew near, many prospective buyers who did not act quickly were found with a very limited selection of homes in the $150,000 or less range in the Southern Maine area. Similar situations were reported in other areas.

Another issue that came up beginning in mid-October was that so many buyers came in to the market all at once to take advantage of the credit last minute that many Realtors, Mortgage Brokers, Mortgage Underwriters, Appraisers and certain government agencies, such as the Rural Housing Service found themselves swamped causing major delays in the process. Many professionals involved in the process wondered how so many deals would get closed on time, prior to the November 30 deadline.

Luckily, this extension takes some of the pressure off and will allow everyone to get caught up and get everything back to normal for a while.

If any lesson was learned from, it was this: Don’t wait until late winter or early spring to start shopping if you think you might want to take advantage of this program before it likely goes away once and for all. As this latest deadline neared inventories got tight, the availability of professionals was stretched thin and the turn-around times at all the lenders sky-rocketed.

Get in touch with a Mortgage Broker , get your pre-approval letter and start shopping. Even if you don’t make contact with a Realtor right away a pre-approval letter will at least open up your communications with a lender and will give you an idea of how much home you can afford. With this information you can search listings online and see what areas and types of homes you can likely afford. Once you get an idea of where and what you want to “seriously” start viewing then it is time to call a Realtor and start physically looking.

The other advantage of starting right away? If your credit needs a little improvement, starting now will give your Mortgage Broker adequate time to advise you on ways to boost your credit scores and get your report where it needs to be before the next deadline looms.

For a free credit and mortgage analysis call our office today at (866)602-9751. Click here to get approved online 24/7 or call us toll-free during regular business hours.

Home refinancing is a serious decision. Not having sufficient knowledge about the process can cause you to run into serious financial dilemma. If you are considering a mortgage refinance loan, it is necessary that you and your Portland mortgage broker understand your goals as well as your limits.

Mortgage Refinance in Maine

Home owners who have limited assets sometimes choose to refinance their home if they come into needing a large amount of money in a short period of time. When you refinance your home, you essentially place your home up for collateral as a means of collecting a loan from a willing lender.

The mortgage is the agreement between the borrower (the home owner) and the lender (possibly a bank or lending institution that specializes in home refinance). The lender issues the home owner a certain amount of money that is equal or less than the net worth of the borrower’s property. A payment plan is agreed upon, and the borrower makes payments to the mortgage broker until the amount of the loan is paid. Interest will also be collected in these payments, which are usually divided into monthly amounts over several years. In the end, the borrower will have repaid the amount of the loan plus any interest that will have accrued over time.

Benefits of Home Mortgage Refinancing in Portland

Home refinance in Portland can be a lengthy process, but beneficial overall. Parents who have been unable to save enough money for their children’s college will sometimes refinance their home as a means of paying for expensive university tuition. Or, you may simply want to refinance as a means of obtaining a lower rate on your home and lower your monthly payments. Whatever your reason for refinancing, you will find that it is a wise decision that can help you reach your financial goals.

Portland Mortgage Refinance Rates

The price of the loan is in the interest. Because most borrowers are unable to repay a Maine home refinance loan in full, it must be done over time. This is why low rates are a must when choosing a mortgage broker in Portland. Dedicated Mortgage Associates can help you refinance your home in Portland without the outrageous fees and interest rates offered by other companies.

As with most loans, home mortgage rates in Portland will vary based on a number of factors. These include your credit, net worth of your home, your assets, and your income. It also depends on your age and number of individuals in your family. The list continues, but the main issue of concern is credit and worth of your home compared to the amount that you intend to borrow.

What Home Mortgage Companies Have to Offer You

The best home mortgage broker in Maine will offer a variety of services to make sure that your needs are met. We, at Dedicated Mortgage Associates, have now been in the business for 20 years since our beginning in 1989. Throughout the years, we have perfected our service and increased our knowledge of what is best for our customers all over the country. Indeed, we have expanded our mortgage company in Portland to other states such as New Hampshire, Massachusetts, and even Florida.

When you obtain a mortgage with Dedicated Mortgage Associates, you will not need to worry about the credit worthiness of our company. Our organization is accredited by the Better Business Bureau and rated with an A+. We are also members of the National Association of Mortgage Brokers. Visit our office today to witness for yourself the exceptional customer service offered by our professional staff.

The Top Rated Mortgage Broker Services

When researching mortgage brokers in Maine you will want to make sure that the broker offers whatever services you need in order to set you on the right course financially. Depending on your financial situation, you may require some services that other mortgage brokers in Portland do not offer. Here at Dedicated Mortgage Associates, we offer a variety of services tailored to meet your needs. Work too much during the week? We are available days, nights, and weekends to work with you. Interested in a VA mortgage? We are one of the few brokers in the area who are qualified to issue Veterans mortgage benefits for former servicemen and women.

If you require professionals who specialize in bad credit mortgages, we may be able to help. Our low Portland mortgage rates are designed to cater to your financial situation. We also offer programs to make it possible for those with poor credit to obtain a mortgage. In addition, we do not charge credit report fees or application fees, so you will not have that extra burden when trying to get your loan.

Choosing a mortgage broker in Portland can be a lengthy process. Why not choose a broker who specializes in multiple areas of financial interest? Mortgages are not our only area of specialization, and we are one of the few mortgage companies in Maine that can assist you with your finances. Some of our other services we offer include debt consolidation, rural development, home refinancing in Portland and renovation loans. Call our office for more information concerning our financial services.

What is a Mortgage?

A mortgage is an agreement between you and a mortgage lender. The mortgage lender will lend you a predetermined amount of money, and the borrower agrees to repay this amount within the specified time period. The borrower also agrees to use their home or property as collateral should they become unable to repay the funds on time.

Many Americans find themselves needing large amounts of money in a short amount of time. Our families and lifestyles often require such. For example, you may be struggling to pay for your son or daughter’s education. Obtaining a Portland home mortgage loan can help you do so. Using a mortgage calculator will help you assess the possible rates that a Portland mortgage would accrue.

Different Types of Mortgages in Maine

There are different types of mortgages that Dedicated Mortgage Associates offers. Our wide variety is to better suit your financial needs and preferences. Different loans offer different mortgage rates, so work with your Portland mortgage broker to determine what is best for you.

Home Mortgage

A home mortgage is sometimes called a home equity loan. While credit does play a part in obtaining this kind of loan, it is not too difficult for those with less than perfect credit to get a mortgage in Maine. We, at Dedicated Mortgage Associates, are just that dedicated to helping you pursue your financial goals. We will work with you and offer you some of the best mortgage rates in Portland. It is best for those who have not yet reached retirement age.

Reverse Mortgage

A reverse mortgage is available to those homeowners who are at least 62 years of age. The main difference between a reverse mortgage and a traditional home mortgage is the repayment plan. Those who participate in reverse mortgages do not begin paying back the mortgage until a later time. This can be when you no longer own the home, when you pass away, or when you enter into aged care.

Factors to Consider

Credit

Dedicated Mortgage Associates is experienced in handling all types of cases with all kinds of credit. Borrowers will often suspect that they could never qualify for Portland mortgages as a result of their poor credit history. The truth is, however, that our business offers programs for all types of credit, and our top lenders will work with you to help you reach your financial goals. Also, when you choose Dedicated Mortgage Associates, you will not need to worry about application fees or credit report fees. As you begin the process you will be provided with a mortgage quote in order to better help you determine whether or not a mortgage in Portland is right for you.

Home Mortgage in Portland

Before you attempt to obtain a home mortgage loan in Portland, you should educate yourself on the types of mortgages available to you. Dedicated Mortgage Associates specializes in each of the following mortgages.

Reverse Mortgages

The definition of a reverse mortgage is what it sounds like; the process is very much reversed when you compare it to a regular home mortgage. The broker will pay the borrower one large lump sum that is not to be repaid until later. This can be when the borrower no longer owns the home, passes away, or enters into retirement care. This loan is ideal for the elderly; it is only available to those who are of retirement age, 62 years. Reverse home mortgage rates in Maine are determined on a case by case basis.

Jumbo Mortgages

The largest market lenders in the country, Fannie Mae and Freddie Mac, set the maximum loan amount to be lent to an individual. This amount varies by region and changes often, but an average amount is approximately $417,000.

There are instances, however, when Americans wish to borrow more than the confirming loan limit that the government has approved. Individuals who own large, luxury homes, for example, can technically borrow more money against their home if it is worth more than the confirming loan limit. These individuals can apply for jumbo mortgages. This means that their mortgage will be equal or less than the value of their home but greater than the standard refinancing home mortgage in Portland. Even larger mortgages are referred to as super jumbo mortgages.

VA Mortgages

A qualified home mortgage broker in Portland, such as Dedicated Mortgage Associates, has the ability to issue VA mortgages. Former United States service men and women or their spouses may obtain a VA Mortgage to help them purchase their home in situations where they could not otherwise afford it. This also means that no down payment is necessary.

Eligibility requirements for a VA Mortgage vary depending on the income of the applicant, the location of the home, and whether or not the loan is a second mortgage. Homes that are located in urban areas generally do not apply. Rural and suburban homes are among the more eligible properties for a VA home mortgage in Maine

FHA Mortgages

Another type of home mortgage in Portland that can only be lent by qualifying institutions is the FHA Mortgage. The Federal Housing Administration insures these loans to help qualifying families obtain housing. Since low income individuals and families often present the most risk to a home mortgage lender, the FHA provides lenders with necessary funds and insurance in order to make the loan possible. The home mortgage rate for a FHA mortgage is designed to be as low and affordable as possible for the borrower.

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