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W W W. M A I N E B I Z . B I Z 11 S E P T E M B E R 1 9 , 2 0 1 6 P ortland and South Portland were the fifth- highest markets for home values in August, according to a recent survey by Pro Teck Valuation Services. And real estate tracking website Zillow said July marked the 48 th straight month of rising home values, meaning we now are entering the fourth year of consistent appreciation of home values in the United States. For those finding Portland and South Portland too steep for their wallets, financial technology company SmartAsset recently ranked the best counties for places in Maine to get a mortgage. It looked at overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments. Ranking first in the Top 10 for the easiest place to get a mortgage at the lowest cost was Piscataquis, followed by Knox, Hancock, Somerset, Sagadahoc, Washington, York, Penobscot, Franklin and Androscoggin. In terms of the percentage of loans applied for and approved, Piscataquis still topped the list with 66.6% of loans approved, followed by Cumberland, Penobscot, Hancock, Sagadahoc, Androscoggin, York, Knox, Lincoln and Franklin. Looking at borrowing costs — the mortgage pay- ment plus closing costs over five years — Knox topped the list with the lowest cost of $74,680, followed by Piscataquis, Somerset, Hancock, Sagadahoc, Washington, York, Franklin, Androscoggin and Penobscot. SmartAsset made the calculations based on expected costs over the first five years of a $200,000 mortgage with a 20% down payment, including closing costs. Property taxes were lowest in Hancock, fol- lowed by Lincoln, Franklin, Waldo, York, Oxford, Kennebec, Piscataquis, Washington and Knox. Knox had the lowest annual mortgage pay- ment at $14,111, followed by Piscataquis, Somerset, Hancock, Sagadahoc, Washington, York, Franklin, Androscoggin and Penobscot. SmartAsset used data from the Mortgage Bankers Association, U.S. Census Bureau, Bankrate, govern- ment websites and its own information to calculate the various rankings. SmartAsset recommends shopping around, com- paring rates and choosing carefully, as rates posted online can vary depending on credit score and how likely the lender feels the borrower is to stop making payment (if they've had late payments on other loans in the past). SmartAsset says the lowest interest rates likely will go to someone with a credit score of 750 to 850, enough assets to make the 20% down payment on the house and net income more than three times the monthly mortgage payment. B I Z M O N E Y B Y L O R I V A L I G R A Portland real estate still hot, so where's the best place in Maine to get a home loan? Best places to get a mortgage in Maine S O U R C E : SmartAsset 1 2 3 4 5 6 7 8 9 10 1. Piscataquis 2. Knox 3. Hancock 4. Somerset 5. Sagadahoc 6. Washington 7. York 8. Penobscot 9. Franklin 10. Androscoggin

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