Which mortgage lender in the Portland, ME area typically has the best rates? To help you narrow down where to shop for a mortgage, MortgageWaldo.com provides an objective and data driven ranking of mortgage lenders operating in the Portland, ME area by interest rate and market share. We maintain our independence by not accepting any compensation from the mortgage lenders we rank, and use data on all fixed rate mortgages that were closed in the past year to generate our rankings.
Going by historical data, the best mortgage lender in the Portland, ME area in terms of interest rate is CUSO Mortgage Corporation, with an average “Rate Difference” of -0.23%. This means that, comparing similar borrowers, CUSO Mortgage Corporation provided a -0.23% lower interest rate for its customers than other lenders in the area. CUSO Mortgage Corporation has a market share of 1.7%. On the other hand, the most popular lender in the Portland, ME area is Residential Mortgage Services, with a larger market share of 13.0%. Residential Mortgage Services is an average lender in terms of the interest rate it offers, with a “Rate Difference” of -0.02% compared to those of other lenders in this area.
Our detailed ranking of mortgage lenders in the Portland, ME area is shown in the table below. In the table, we also give our assessment of whether they are, on average, a cheap/expensive lender through a star rating system. You can choose to tailor our ranking table to a specific mortgage type (Conventional/Jumbo/FHA/VA) and purpose (purchase/refinance) through the drop-down menu. For example, going by historical data, the cheapest lender for Conventional mortgages in Portland, ME is CUSO Mortgage Corporation. If you want to take out a loan that is above conforming limits (above $548,250 or $822,375 depending on the area in 2021), the cheapest Jumbo mortgage provider is Bank of America. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is CMG Financial. The cheapest VA mortgage provider is Navy Federal Credit Union. Note that as a consumer advocate we always recommend shopping among several of our top ranked lenders in order to get the best rates and fees.
Ranking of Mortgage Lenders in Portland, ME
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Bank of America | -0.04% | 7.89% | |
| Bangor Savings Bank | -0.04% | 16.45% | |
| TD Bank | -0.03% | 5.26% | |
| Wells Fargo Bank | -0.03% | 5.92% | |
| KeyBank | -0.02% | 6.58% | |
| Camden National Bank | 0.00% | 19.41% | |
| Machias Savings Bank | 0.01% | 1.97% | |
| HarborOne Mortgage | 0.01% | 1.32% | |
| Mortgage Network, Inc | 0.01% | 2.30% | |
| US Bank | 0.01% | 1.32% | |
| USAA | 0.01% | 0.33% | |
| Quicken Loans | 0.01% | 0.66% | |
| Town & Country Federal Credit Union | 0.01% | 0.33% | |
| People’s United Bank | 0.02% | 2.96% | |
| Northpoint Mortgage | 0.02% | 0.66% | |
| Evergreen Credit Union | 0.02% | 0.66% | |
| Navy Federal Credit Union | 0.02% | 0.99% | |
| Caliber Home Loans | 0.02% | 1.97% | |
| Guaranteed Rate | 0.02% | 0.66% | |
| Flagstar Bank | 0.03% | 0.33% | |
| Five County Credit Union | 0.03% | 0.33% | |
| loanDepot | 0.03% | 0.66% | |
| Academy Mortgage Corporation Utah | 0.03% | 2.63% | |
| Northeast Home Loan | 0.03% | 0.99% | |
| JPMorgan Chase Bank | 0.04% | 2.63% | |
| Cumberland County Federal Credit Union | 0.04% | 0.33% | |
| Residential Mortgage Services | 0.05% | 5.59% | |
| Total Mortgage Services | 0.06% | 1.97% | |
| Bath Savings | 0.06% | 3.29% | |
| First National Bank Maine | 0.08% | 3.62% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Bank of America | -0.05% | 10.81% | |
| Wells Fargo Bank | -0.04% | 6.49% | |
| TD Bank | -0.04% | 5.95% | |
| Bangor Savings Bank | -0.03% | 14.59% | |
| KeyBank | -0.01% | 5.41% | |
| Camden National Bank | -0.01% | 19.46% | |
| Machias Savings Bank | 0.01% | 2.16% | |
| People’s United Bank | 0.01% | 1.62% | |
| Evergreen Credit Union | 0.01% | 0.54% | |
| US Bank | 0.01% | 1.62% | |
| USAA | 0.02% | 0.54% | |
| Town & Country Federal Credit Union | 0.02% | 0.54% | |
| Mortgage Network, Inc | 0.02% | 1.62% | |
| Quicken Loans | 0.02% | 0.54% | |
| HarborOne Mortgage | 0.02% | 0.54% | |
| Northpoint Mortgage | 0.02% | 0.54% | |
| Caliber Home Loans | 0.03% | 2.70% | |
| Navy Federal Credit Union | 0.03% | 1.08% | |
| Flagstar Bank | 0.03% | 0.54% | |
| Five County Credit Union | 0.03% | 0.54% | |
| Northeast Home Loan | 0.04% | 1.62% | |
| loanDepot | 0.04% | 0.54% | |
| Academy Mortgage Corporation Utah | 0.04% | 2.70% | |
| JPMorgan Chase Bank | 0.06% | 2.16% | |
| Total Mortgage Services | 0.06% | 3.24% | |
| Residential Mortgage Services | 0.06% | 6.49% | |
| First National Bank Maine | 0.08% | 2.70% | |
| Bath Savings | 0.09% | 2.70% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Bangor Savings Bank | -0.06% | 19.33% | |
| KeyBank | -0.03% | 8.40% | |
| TD Bank | -0.02% | 4.20% | |
| Wells Fargo Bank | -0.02% | 5.04% | |
| HarborOne Mortgage | 0.00% | 2.52% | |
| Mortgage Network, Inc | 0.00% | 3.36% | |
| Quicken Loans | 0.00% | 0.84% | |
| Navy Federal Credit Union | 0.01% | 0.84% | |
| US Bank | 0.01% | 0.84% | |
| Machias Savings Bank | 0.01% | 1.68% | |
| Northpoint Mortgage | 0.01% | 0.84% | |
| People’s United Bank | 0.02% | 5.04% | |
| Caliber Home Loans | 0.02% | 0.84% | |
| Academy Mortgage Corporation Utah | 0.02% | 2.52% | |
| Guaranteed Rate | 0.02% | 1.68% | |
| JPMorgan Chase Bank | 0.02% | 3.36% | |
| Evergreen Credit Union | 0.02% | 0.84% | |
| Bank of America | 0.02% | 3.36% | |
| Camden National Bank | 0.02% | 19.33% | |
| Residential Mortgage Services | 0.02% | 4.20% | |
| loanDepot | 0.02% | 0.84% | |
| Bath Savings | 0.03% | 4.20% | |
| Cumberland County Federal Credit Union | 0.04% | 0.84% | |
| First National Bank Maine | 0.07% | 5.04% |
* Data is compiled for the Portland, ME commuting zone area, which comprises of counties of Androscoggin County, ME, Cumberland County, ME, Franklin County, ME, Kennebec County, ME, Knox County, ME, Lincoln County, ME, Oxford County, ME, Sagadahoc County, ME, Somerset County, ME, and Waldo County, ME. This includes cities/towns/communities of Portland, ME as well as Scarborough, ME, South Portland, ME, Lewiston, ME, Westbrook, ME, North Windham, ME, Auburn, ME, Gorham, ME, Cumberland Center, ME, Brunswick, ME, Augusta, ME, Topsham, ME, Little Falls, ME, Gray, ME, South Windham, ME, Standish, ME, Bath, ME, Bridgton, ME, Searsport, ME, Waterville, ME, Casco, ME, Naples, ME, Camden, ME, Rockland, ME, Yarmouth, ME, Thomaston, ME, Wiscasset, ME, Freeport, ME, Belfast, ME, Bowdoinham, ME, Mechanic Falls, ME, Farmingdale, ME, Winthrop, ME, Waldoboro, ME, Winslow, ME, Lisbon Falls, ME, Falmouth, ME, Oxford, ME, Cousins Island, ME, Gardiner, ME, Winterport, ME, Randolph, ME, Brunswick Station, ME, Unity, ME, Fairfield, ME, Norway, ME, Damariscotta, ME, Farmington, ME, Newcastle, ME, Richmond, ME, and Skowhegan, ME. Lenders must have made at least 30 loans in the area to be included. Source of the data is Federal Financial Institutions Examination Council (FFIEC). Rate Difference (the average difference of interest rates relative to those of other lenders) were computed by subtracting the rate at origination from the average predicted rate conditional on the commuting zone, borrower LTV, DTI, Loan Amount, Loan Type, and Loan Purpose, and then regularized based on a Bayesian approach to account for smaller sample sizes. Above-average mortgage closing costs were then added to the rate difference at a rate of +0.15/point. Star ratings were determined in intervals of 0.10% in rate difference per half star.
Mortgage Lender Rankings in Other Cities
This page contains information about the top mortgage lenders in the Portland, ME area. For mortgage lender rankings in other cities, click here.