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Should I Pay Mortgage Points?

If you are buying a home or refinancing, you have probably heard about “mortgage points.” This form of pre-paid interest can save you thousands of dollars over the course of your loan but in many circumstances is not worth the upfront cost. How do you know whether to pay points or not? Here’s a quick guide to help you figure it out. What are Mortgage Points? Mortgage points – also known as discount points - are essentially a way to pay some of the interest upfront on your home loan. One point is equal to 1% of your mortgage amount. For example, one point on a $100...

July 18th, 2018 | Purchasing a Home, Interest Rates, Should I Pay Mortgage Points?

Happy Independence Day 2018!

We wish you a Happy Independence Day and hope that your day is filled with great food, fun, friends, family and fireworks. Let us all remember the founding of our great nation and the freedoms we enjoy and all those that have sacrificed so much for us and our country. May we all come together to strengthen and protect freedom, liberty and independence for all. If you know of anyone looking for a mortgage in Maine? Please let them know that they can contact Acadia Lending Group LLC at 207-899-4500 today and we can go over the best mortgage options for them.

July 3rd, 2018 Happy Independence Day 2018!

4 Things Every Borrower Needs to Know About Mortgage Brokers

Buying a home in Maine, whether for the first time or the last, is an exciting event. Yet before you even take a look at a single home for sale, it is a smart idea to have your mortgage financing lined up. While it is possible to get a home loan directly with your local credit union or bank, the most common mortgage-makers are mortgage brokers. If you are ready to apply for a home loan, here are 4 things you need to know about mortgage brokers before starting the process. A broker is a middleman Mortgage brokers act as go-betweens for you and many different potential lenders. Instead o...

June 20th, 2018 | mortgage brokers, 4 Things Every Borrower Needs to Know About Mortgage Brokers

Should I Rent or Buy?

While homeownership has long been the American dream, buying a home is not necessarily the best choice for every person or every situation. There are many factors to consider in determining if a home purchase is the right decision for you right now. Can you Afford It? If the cost to own a home – mortgage, homeowners insurance and property taxes included – if less than roughly 28% of your gross income and you have few other debt obligations, you can probably afford to buy. Do not underestimate the additional costs of maintenance though. Replacing appliances or paying for a plu...

June 14th, 2018 | Purchasing a Home, Should I Rent or Buy?

Millennials spend almost $100k on rent by age 30

Millennials on average pay $92,600 in total rent by the time they turn 30, according to a report by the real estate website RentCafe. While this generation’s total median income is higher than previous generations – $206,600 in eight years – they spend about 45% of their pay on rent. Financial expects typically recommend spending just 30% on rent. Millennials are generally defined as people born between the early 1980s and the mid-1990s. Baby Boomers, on the other hand, earned $195,700 and spent $71,000 on rent – a rent burden of about 36%. Gen Xers brought hom...

April 4th, 2018 Millennials spend almost $100k on rent by age 30

Don't have 20% down? No problem!

When talking to renters who are considering making the leap to homeownership, there is usually one thing in particular that they say is holding them back: the down payment. According to the National Association of Realtors, 87% of first-time buyers think they need at least 10% to put down to buy a home. That means they would have to save up $20,000 to buy a $200,000 home. That simply isn’t the case. In fact, 61 percent of first-time buyers made an average down payment of zero percent to 6 percent, according to the November 2017 REALTORS® Confidence Index Survey.  ...

March 14th, 2018 Don't have 20% down? No problem!

Acadia Lending Group LLC

10 Donald B. Dean, Suite 2
South Portland , Maine 04106

Phone: 207-899-4500

Fax: 207-899-4503

NMLS: 370636

 

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