Maine Refinance Rates & Programs 2026

Maine homeowners benefit from no state mortgage tax and moderate refinancing costs. From Portland to Bangor and coastal communities, here's what you need to know about refinancing in the Pine Tree State.

Current Maine Refinance Rates

As of March 2026:

| Loan Type | Average Rate | |-----------|--------------| | 30-Year Fixed | 6.22% | | 15-Year Fixed | 5.54% | | FHA 30-Year | 6.17% | | VA 30-Year | 5.50% |

Coastal and island properties may see higher rates. Use our refinance calculator.

Maine-Specific Refinance Programs

Maine State Housing Authority (MaineHousing)

FirstHome Program:

• Down payment assistance for purchases
• If you used MaineHousing assistance, check subordination before refinancing

Advantage Program: Conventional loan with down payment assistance.

Mortgage Credit Certificate: MCCs provide up to $2,000 annual tax credits.

USDA Refinancing

Much of Maine qualifies for USDA loans outside Portland, Bangor, and Lewiston-Auburn.

Coastal Property Considerations

Maine coastal properties have unique challenges:

• Seasonal markets affect appraisals
• Waterfront properties may have higher rates
• Island properties (accessible by boat) have limited lender options

Cost of Refinancing in Maine

Moderate costs:

| Cost Item | Typical Amount | |-----------|---------------| | Lender origination fee | $0 - $2,000 | | Appraisal | $450 - $650 | | Title insurance | $700 - $1,200 | | Recording fees | $40 - $80 | | Attorney fees (optional) | $500 - $1,000 | | Total typical closing costs | $3,500 - $6,500 |

Maine has no state mortgage tax on refinances.

Use our break-even calculator.

When to Refinance in Maine

Refinance if rates dropped 0.75%+, you want to eliminate PMI, or consolidate debt. See our cash-out guide.

Types of Refinance Available

Conventional, FHA Streamline, VA IRRRL, USDA Streamlined, Cash-Out all available.

Maine Refinance FAQ

1. How long does refinancing take? 30-40 days. Island properties or rural areas may take 40-50 days.

2. Will property taxes change? No.

3. Can I refinance a seasonal/waterfront property? Yes, but:

• Expect higher rates for second homes
• Limited comparables for coastal appraisals
• Some lenders won't finance island properties

4. What credit score needed? 580 FHA, 620 conventional, 740+ best rates.

5. Can I keep my MaineHousing MCC? Yes, with participating lender.

Bottom Line

Maine's moderate costs and lack of state mortgage tax make refinancing attractive when rates drop 0.75%+.

Get quote: See rates here.

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About the Author: Bill McCoy, licensed mortgage broker, 15 years experience.