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.