Compare Bangor, ME mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Bangor.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Bangor. Plus, shopping lenders is free and there is no obligation.
August 13, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Bangor. Understand how much you need to earn to afford a home in Bangor, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Bangor fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Bangor is right for you.
The median home value for Bangor, ME (Penobscot County) is $203,059
Based on current mortgage rates and a 10% down payment, you need to make $33,270 per year to buy the median priced home in Bangor
With this income, you could qualify for a $182,753 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Bangor is $770
The median household income for Bangor, ME (Penobscot County) is $54,529
Based on this income, you can afford a home valued at approximately $332,806
The home price you can afford to buy based on household income in Bangor is 164% of the median home value which means housing prices are average. Bangor (Penobscot County) ranks 9 out of 16 counties in Maine and 2,408 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Bangor, ME is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Bangor (Penobscot County) below.
Conforming loan limits for Bangor, ME
FHA loan limits for Bangor, ME