Mortgage Rates in Maine

If you're house hunting in Vacationland, start your search by looking for a mortgage lender with the most competitive rates and terms. Finding out the mortgage rates in Maine will help you save on interest costs throughout the lifetime of your loan.

5 affordable places to live in Maine:

If you’re nervous about the impact of a home purchase on your finances, look into buying in one of these affordable communities.

1. Waterville

On the banks of the Kennebec River, Waterville offers residents above-average schools and an arts scene. It's also home to two private colleges, Colby College and Thomas College. Just over half of its 16,577 residents rent. Median home values are $125,00, which is much lower than the national median of $217,500, according to Niche. Property taxes are high compared to other parts of the country, but Waterville has one of the lowest in the state -- Tax-rates.org reports them at 1.12% of a property's fair assessed value.

2. Standish

Standish, a town with a population of 10,078, is a suburb of Portland and includes the villages of Standish Corner, Sebago Lake Village, and Steep Falls. There are also "localities" Richville, Standish Neck, and Two Trails. Although the median home value is above the national median at $234,600, the vast majority of its residents own their homes. Like the rest of Maine, Standish offers historical sights and access to areas such as Sebago Lane and Dundee Park. Property taxes are 1.20%.

3. Bangor

Offering residents and visitors access to Acadia National park and numerous amenities, Bangor has a median home value of $157,000 with 1.14% property taxes. Bangor used to be a timber hub, and there's a towering Paul Bunyan statue on Main Street. A little more than half its residents rent their living quarters, with many young professionals living here. Schools are very highly rated.

4. Auburn

Auburn offers nature enthusiasts mountain hiking, skiing in the Lost Valley, and activities along the Androscoggin River. More than half of its 23,187 residents own their homes and pay 1.40% in property taxes. The median home value is $165,200, and schools here are rated average.

5. Windham

Like much of the state, Windham offers plenty of coastal and outdoor recreation. Located between Standish and Portland, Windham also offers access to Sebago Lake, Highland Lake, and Cummings Preserve. A staggering 87% of residents own their homes. Most are families and young professionals. Costs are the highest on our list -- homeowners pay 1.20% in property taxes, and median home values are $248,400.

Lobster lover or not, shopping around for the best mortgage rates will mean you save money on one of the biggest expenses in your budget. Buying a home within your budget is just as important, because it lowers your costs for decades, keeping your mortgage payments down.