Somerset Mortgage Lenders Mortgage Refinance, Reverse Mortage, Home Loan
  Reverse Mortgage Divorce Buyouts Debt Consolidation Home Improvement Purchase Refinance
Search Somerset:
Print this page    E-mail this page

ME Mortgage Refinance in Maine

We make it easy to get the lowest mortgage refinance interest rate in ME.

Our loan specialists can customize a loan that is perfect for your needs. In no time at all, ME residents can be on the way to a lower interest rate, a lower monthly payment, or switching from an adjustable rate mortgage to a fixed rate mortgage.

When Should I Refinance?

The best time to refinance is when interest rates in Maine drop below the rate of your current mortgage.  With a lower interest rate, you'll save money on your mortgage payment every month.  Be sure to read our article titled Reasons to Refinance Now.

Turn Your Adjustable Rate into a Fixed Rate

With adjustable rates on the rise ME residents can benefit greatly from refinancing your home for a low fixed rate.  These benefits include a lower monthly mortgage payment, and the security of knowing your mortgage payment won't increase.

Cash-Out Refinancing

Using the equity in your home, you can refinance your mortgage for a higher amount than your current principal balance and receive the extra funds as cash.  You can use this money however you would like, including, remodeling your home, paying off high-interest rate credit cards, paying off student loans, or consolidating all your debt.  How much cash out you can receive by refinancing depends largely upon the principal balance remaining on your mortgage and the amount of equity in your home.

Eliminate PMI

Private Mortgage Insurance is usually required if your downpayment on your home was less than 20 percent.  If your home equity has increased since your purchase, you may have enough equity to elimate that PMI payment by refinancing your mortgage.

Save Thousands in Interest

When you refinance your home you can decide to switch your mortgage to a shorter term, such as 10, 15, or 20 years.  Depending on how much lower the refinance rate is, you will likely pay more per month for this shorter term home loan.  However, in the long-term you are saving thousands in interest.  And because more of your monthly mortgage payment goes towards the principal, your home equity will increase much quicker.

Mortgage Refinance Calculators

Mortgage Payment Calculator
Refinance Savings Calculator
Refinance APR Calculator
Refinance Points Calculator 

Refinance Articles

Reasons to Refinance Now
Beat the Subprime Mortgage Crisis 
Understanding Your Credit
Your Interest Rate

" Traditional banks make their customer fit the loan; at Somerset Mortgage Lenders we make our loan fit the customer. "
Local mortgage refinance directory for ME :
Abbot Alfred Anson Auburn
Acton Alna Ashland Augusta
Addison Andover Athens Aurora

Return to our mortgage refinance page

Bad Credit? click here.

Call for COMPLETE details NOW!

(800) 675-9783

Maine News
As Gas Prices Rise, Mainers Get Smart

The Smart Car, an environmentally friendly vehicle imported from Europe, is gaining popularity amongst drivers looking to own a simple fuel efficient vehicle.

Natalie's Executive Chef Lawrence Klang Wins Maine Lobster Chef of...


McCain Realizes Tough Fight In Maine

John McCain said he realizes he's the underdog, especially in Maine, but he's comfortable with that.

Maine energy plan readied to fight winter fuel prices

John Baldacci is awaiting presentation of a report that will include recommendations to address what could become dire energy issues this winter stemming from high fuel prices in Maine.

Storm rampage in Maine leaves many in the dark

PORTLAND, Maine- Mainers grappled yesterday with damage left by a powerful band of thunderstorms that swept across the region the day before, killing two people in a lightning strike in Standish and leaving ...

The National Mall needs help

Americans planning to spend some time here this summer -- those who can afford the transportation costs -- probably will want to stroll a few moments on the Mall, Pierre Charles L'Enfant's effort to preserve a ...

Senator John McCain Arrives In Maine

Republican presidential candidate John McCain flew into Maine Sunday evening, making his first visit to the Pine Tree State since clinching his party's nomination.

Maine First Lady Unveils $3 Million Research Grant

Karen Baldacci, the wife of Gov. John Baldacci and chairwoman of the governor's children's cabinet, is announcing a $3.1 million research grant to study two community-based intervention programs and their ...

90,000 people can't be all wrong

AUGUSTA : Below is a news release distributed this week by FED UP WITH TAXES. Despite highly organized opposition that attempted to suppress voter participation , citizens throughout the state have demanded the ...

Baldacci To Make Several Major Nominations

Gov. John Baldacci is preparing to announce several major nominations. According to gubernatorial advisers, Commissioner Rebecca Wyke of the Department of Administrative and Financial Services is to be ...

Maine's only container cargo facility idled

The future looks uncertain for Portland's International Marine Terminal and its container-handling operation, which was closed last week after barge service was suspended.

Maine woman shocked to find 8-foot snake in washer

Nuisance wildlife specialist Richard Burton, left, holds an 8-foot long non-venomous reticulated python as wildlife rehabilitator Jen Lewis calls a friend to positively identify the type of snake, at The Kennel ...

Northeast lawmakers want to triple home heat aid

House members from the Northeast worried about rising energy prices asked Wednesday to more than triple federal home heating aid this winter.

Maine airport posts record passenger traffic

Portland International Jetport's passenger traffic grew by nearly 12 percent during the fiscal year that ended June 30, a time when airlines are shedding jobs and reducing the number of flights, airport ...

Cutting torch caused fire at Maine boatyard

The Maine fire marshal's office says a blaze that destroyed a well-known boatyard was caused by sparks from a cutting torch.

Dropouts alter rosters for Maine Legislature

"Not insubstantial, but also not uncommon," said Secretary of State Matthew Dunlap while the final list was being developed.

Homeowners who use heating oil seek alternatives

PARIS, Maine : Mark Bancroft's new pellet-burning furnace hasn't been installed, but he's already counting how much money he'll save over his old oil-fired burner.

Fire, explosions strike commercial boatyard on Maine coast; homes, businesses evacuated

BOOTHBAY, Maine _ A spectacular fire Friday destroyed a boatyard that turned out commercial fishing boats, tugs, barges and ferries on the Maine coast.The 50,000-square-foot building at Washburn & Doughty ...

No Plan For 4-Day Workweek For Maine State Government

Some state governments are making the move to a four-day workweek to save on energy costs, but Maine is not among them.

Beverage Tax Repeal Effort Nears Goal

With the deadline just days away, the head of the Maine State Chamber of Commerce said he is confident enough signatures have been collected to force a November ballot initiative seeking to repeal new taxes on ...

Save time with our easy online mortgage application.
With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
"Our family would like to thank Somerset Mortgage Lenders for getting us out of foreclosure. Without your help we do not know what would have become of our family. When we first called, we were in Chapter 13 bankruptcy...Not only will we now be able to keep our home, but we'll be able to put ourselves on track financially, thanks to all the efforts of the wonderful people at Somerset. We will be forever grateful to you all." - Scott & Amy
© 2006 Somerset Investors Corp. All rights reserved.
home | about us | Mortgage Blog | contact us | privacy policy | state licensing | search | links | link to us | site map
mortgage calculators | refinance | purchase | fha | reverse mortgage | divorce buyout | debt consolidation
Eqaul Housing Lender Member of the Better Business Bureau (BBB) Member of the National Reverse Mortgage Lenders Association (NRMLA)