Your first home starts with good guidance.

Start with a conversation with us and a local mortgage lender. We’ll talk about your timing, wish list, and questions. Your lender can review your finances and help turn “what can we afford?” into a realistic monthly payment and savings goal. We can meet over Zoom or in person—even if buying is still months away.

We value a loan officer who is easy to reach, knows Maine properties, and can coordinate directly with us and your closing team. Familiarity with private roads, wells, septic systems, and Maine assistance programs can be useful when a property raises questions. Ask about their experience with your loan type and how they handle deadlines. Local does not automatically mean lower rates or guaranteed approval; compare service, fees, and loan terms. You choose your lender.

Lenders use these terms differently. Ask what they have actually reviewed: income, employment, assets, debts, and credit. A document-reviewed pre-approval gives us a stronger starting point than an online estimate. Neither is a final loan guarantee; the lender must still approve the property, complete underwriting, and clear any conditions.

Expect requests for identification, recent pay stubs, bank statements, W-2s or tax returns, and details about your debts and employment. Self-employment, gift funds, or other income may require more documentation. Ask your lender for a personalized checklist and send financial documents through their secure system. Please don’t send account numbers or Social Security numbers through our website.

We start with a buyer consultation, a lender pre-approval, and a written buyer agreement before private showings. We’ll explain our services, the agreement’s term, and how compensation works before you sign. That preparation helps us focus on homes that fit your financing and your budget.

Not necessarily. Some conventional, FHA, VA, and USDA options allow lower down payments—or no down payment for eligible borrowers and properties. Each has different requirements and costs. Ask your lender to compare the down payment, mortgage insurance or program fees, monthly payment, and cash to close. A small down payment doesn’t eliminate other purchase expenses.

Ask for an itemized estimate early. Plan for lender and title charges, recording and applicable transfer taxes, prepaid interest, homeowners insurance, initial tax and insurance escrow, and any buyer-agent compensation you owe. Inspections, tests, and sometimes the appraisal are paid before closing. Keep money available for moving, repairs, and emergencies too. The checklist below helps you ask the right questions; your lender and closing agent calculate the actual figures.

If your loan uses escrow, the lender collects money to pay future property tax and insurance bills. Closing may include an initial escrow deposit; monthly contributions follow. The amount depends on bill timing and lender requirements. Tax prorations between buyer and seller are a separate adjustment, so ask the closing agent to explain both.

It is common to pay the first year’s premium before or at closing, then fund an escrow account toward future bills. Those payments serve different purposes. Get an insurance quote early, confirm when coverage must begin, and tell your lender if you already paid the premium so the closing paperwork reflects it. Ask whether flood coverage is needed separately.

Our written buyer agreement explains the services and compensation you agree to. Compensation is fully negotiable; there is no standard commission. We can request a seller or listing-broker contribution, but it is not guaranteed. Any amount you remain responsible for needs to be in your budget. We’ll review this before showings and discuss each offer with your lender rather than assume it is covered or can be financed.

Earnest money is a deposit handled according to your purchase contract, usually due shortly after an offer is accepted. If you close, it is generally credited toward the money you owe; don’t count it twice in your savings plan. The amount, due date, and whether it can be returned depend on the contract and its contingencies. We’ll walk through those terms before you commit.

You can ask for a seller credit in your offer. Acceptance is negotiable, and your loan program limits the amount and what it can cover. Credits generally cannot replace your required down payment. A lender credit may be another option, often in exchange for a higher interest rate. We’ll work with your lender to compare the tradeoffs before making an offer.

MaineHousing’s First Home Loan program offers mortgages through participating lenders, with down payment and closing cost assistance options for eligible buyers. Ask about Advantage, First Generation, and approved homebuyer education classes. Income, purchase price, property, and other requirements apply. Assistance terms can change, so have a participating lender confirm current eligibility and any repayment conditions.

Your approval ceiling and your comfortable budget may be different. Add taxes, homeowners insurance, mortgage insurance if applicable, and any association fees to the loan payment. Then allow for heat, electricity, water, road maintenance, repairs, and everyday life. We want your first home to leave room for living, not just the mortgage.

No. An appraisal helps the lender assess value. A home inspection helps you understand condition and maintenance concerns. An appraisal does not replace an inspection. Depending on the home, consider separate radon, well-water, septic, or specialist evaluations. Inspections have limits, and your contract sets the deadlines for acting on the results.

Possibly, but talk to the lender before falling in love. Property condition, condominium approval, occupancy, and the number of units can affect financing, insurance, and cash requirements. A home needing repairs may require a specific renovation loan. For a duplex, include maintenance, vacancy, and landlord responsibilities in the plan. We’ll help identify questions for the right professionals.

We’ll review your contract protections and deadlines with you. Depending on the terms, options may include requesting repairs or credits, renegotiating the price, or ending the purchase under a valid contingency. A low appraisal can create a financing gap. Neither situation automatically guarantees a refund or requires the seller to agree; the contract and lender’s requirements guide the next step.

Talk to your lender before opening credit, financing furniture or a car, changing jobs, moving large sums, or making unusual deposits. Keep paying bills on time and respond promptly to document requests. Changes to credit, income, or available funds can affect approval—even after you receive a pre-approval letter.

For most purchase mortgages, you receive a Closing Disclosure at least three business days before closing. Compare it with your Loan Estimate and ask about changes. Its “Cash to Close” reflects your deposit, credits, and other adjustments. Confirm the final amount and payment method directly with your closing agent. Independently verify any wire instructions using a trusted phone number before sending funds.

Before closing, we’ll walk through the home to check its condition and the items agreed upon in the contract. Raise any concerns before signing. At closing, you review and sign the purchase and loan documents and provide the required funds. Key delivery and possession follow your contract and the closing agent’s confirmation; don’t schedule your move around an assumed handoff time.