A Low Fixed Rate Mortgage Making it Easy to Buy A Home In These Places

A Low Fixed Rate Mortgage Making it Easy to Buy A Home In These Places

Did you know every year, millions of Americans move from one residential area to the next, from one city to another and even to another State? Yes, and the majority of the reasons for moving include - for better financial opportunities, a safe neighborhood with a low crime rate, affordable property prices, and shorter transportation times. These reasons, along with other factors, can make a difference in the quality of life.

As the pandemic lockdowns are opening around the world, the effects of it are still lingering in the US. One of the positive aspects for borrowers is that the current 30-year fixed-rate mortgage has dropped considerably. That means getting a good deal on refinances as well as being able to purchase property that was previously unaffordable due to high-interest rates. It also implies property owners will probably be able to sell at a good price since buyers will have more purchasing power because of the low-interest rate.  Many of the realtors are saying that this is the best time to buy or sell a property; just make sure if you purchase, you get your property financed by the best mortgage companies. We are going to mention three places within Maine that are ideal places to live within the State of Maine.

Brewer

Having a population of around 9,000 and a median home value of $162,000, Brewer Maine allows its residents to benefit from a lower cost of living as compared to other areas. The cost of goods and services at about 10% less than that of the nationwide average. With low crime, below the national average, this city promotes itself as a business-friendly city and as per recent stats, the industries are doing well there. It has a low 5-year unemployment rate as compared to other places as well, at around 2.6% with an average household income of greater than $50,000 per annum*. (stats are pre-pandemic)

Cape Elizabeth*

This town has a population of around 9,200 residents; Cape Elizabeth in Cumberland County Maine is a perfect place to live. People living here get a rural feel and most of them own their homes. The crime rate is extremely low as compared to the national average. Having ample restaurants, cafĂ©’s and scenic parks, the people are friendly, and the schools are one of the best in the State. The Median household income here is an excellent $111,884 almost twice the national average and the unemployment rate is 2.5% again a very low amount if we take into consideration the US average of 3.9%. Although the price of the Median Home Value is around $408,800 higher than the national average, people will find that the low 30-year fixed-rate mortgage will help them in getting a place.

*stats are pre-pandemic

Hampden

Hampden has a population of around 7,300 residents and is near Bangor in Penobscot County and is considered to be one of the best places to live in Maine. It gives a rural feel and is an excellent place for education, the schools here have a high graduation rate of more than 95% and over 75% of the students go for college. Housing here is relatively affordable at a Median Home Value of $219,200; it is more than the national average of $184,700, but the low crime rate makes it an ideal place to raise a family. The Median Household Income is around $87,000 and the unemployment rate is approximately 4.6%*

*2018, and pre-pandemic stats.

In Conclusion

They say to everyone cloud there is a silver lining. The recent pandemic has negatively affected the global economy, yet for some, the new low rates are a hope to afford previously unaffordable homes and properties. A lot of people will jump at the opportunity to refinance their mortgages, that is a given; the only advice that we have is that they do them from reliable companies. 

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