RAYMOND, Maine — Historically low-interest rates are resulting in a surge of Mainers refinancing their mortgage loans to first-time homebuyers trying to take advantage of low rates.
Experts say people should apply today because those rates aren't expected to stay this low forever.
Tired of paying rent, Chris Madura and his partner Stephen Mosley took the plunge into the housing market, but they didn't expect to have so much competition.
The couple beat out multiple offers for this 60's ranch with sweeping views of lakes and mountains. They were able to lock in a 2.8 percentage rate on a 30 year fixed mortgage.
'We always have always had this dream to get a house, all these things came together at the perfect time, the rates especially,' Madura said.
Mortgage lenders say it's also a perfect time to refinance, thanks to low-interest rates.
Maine Community Bank which operates both Mechanics and Biddeford Savings is offering rates three and a half percent and lower.
Loan officers are seeing an uptick in refinancing activity from customers looking to lower monthly payments or shorten the life of their loans.
'We have seen people who have been coming to us with a five and half percent mortgage rate and saving hundreds of dollars per month refinancing with the same term they have,' Abi Arsenault, Mortgage Loan Originator at Biddeford Savings said.
Another reason to act quickly when it comes to refinancing your home. Beginning December First, mortgage companies will be required to tack on a half percent fee on all refinance loans.
Not all lenders offer the same rate or mortgage terms, which is why it is important to "shop" rates by inquiring with multiple mortgage lenders.
Information on refinancing loans and mortgages go here.