Compare mortgage rates and fees for leading lenders in Portland, ME. 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 lender offering the best mortgage rates in Portland.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Portland. Plus, shopping lenders is free and there is no obligation.
July 6, 2020
The current average rate for a 30 year fixed rate mortgage in Portland is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we provide helpful information on the real estate market, home prices and housing affordability in Portland. Understand how much you need to earn to afford a home in Portland, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Portland 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 Portland is right for you.
The median home value for Portland, ME (Cumberland County) is $319,431
Based on current mortgage rates and a 10% down payment, you need to make $57,489 per year to buy the median priced home in Portland
With this income, you could qualify for a $287,488 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 Portland is $1,331
The median household income for Portland, ME (Cumberland County) is $69,292
Based on this income, you can afford a home valued at approximately $385,011
The home price you can afford to buy based on household income in Portland is 121% of the median home value which means housing prices are average. Portland (Cumberland County) ranks 16 out of 16 counties in Maine and 2,856 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Portland, ME is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Portland (Cumberland County) below.
Conforming loan limits for Portland, ME
FHA loan limits for Portland, ME
VA loan limits for Portland, ME