About First Portland Mortgage Corp.

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How We Do Business President's Message 16 Mortgage Myths Contact Us

Choosing a mortgage lender is an important decision. Selecting the right lender can save you time and money and cut down on financing headaches and worries. When it comes time to shop for a mortgage, many people automatically think of their local bank, where they have their checking and savings accounts.

However, your local bank is probably not your best source of mortgage money. Mortgages are only one part of a bank's business, and they simply cannot afford to offer the same range of products and rates that a mortgage bank has available. First Portland Mortgage gives Maine and New Hampshire  consumers more variety and flexibility in mortgage products, because we work with a number of major lenders nationwide. And mortgages are all we do! For something as important as your mortgage, talk to a specialist!

We are in our second decade of being a fully-licensed, Maine mortgage banker, helping people finance their homes. We are regulated by the State of Maine Department of Professional and Financial Regulation in Augusta, which audits our industry on an annual basis. We invite consumers to verify our impeccable credentials by contacting this Department at 207-624-8527. If you're thinking of buying a house -- or refinancing the one you own -- please talk to First Portland Mortgage Corp.

Give us a call today at 207-878-7770 for a free, personalized consultation. You can also apply online. It is fast, secure, and easy.

Why wait? Let us go to work for you!

How We Do Business:

At First Portland Mortgage our only allegiance is to the home buyer. Here you deal in complete confidence because we are the only mortgage lender/broker in Maine and New Hampshire which does not solicit referral business from real estate brokers who represent the seller.

Unless you are working with an exclusive buyer broker who can never be in a position of conflict with a seller client, you should not rely on the real estate agent to recommend a mortgage lender. In fact, you should choose your lender before you even talk to an agent! Get pre-approved and find out how much house you can afford.

Remember that real estate brokers who work for the seller should not know your financial situation - it may be used against you! Be wary if they try to steer you to or from certain lenders. And watch out for loan officers at open houses or in real estate brokers' offices!

Our only referrals come from previously satisfied customers who are happy to tell their family and friends, and from exclusive buyer brokers who just work with buyers and have a fiduciary duty to their clients to assist in obtaining the most attractive financing terms and conditions. By answering directly to the best interests of the consumer, we can pass on savings by simply offering the lowest rates and best service to you, the buyer. Existing home owners are served by our wide range of refinancing options, including no points and no closing costs!

President's Message:

Thank you for contacting First Portland Mortgage Corp through the World Wide Web!

We established our Web site in the hopes of making it easier for consumers to reach an informed decision about mortgages in general and about First Portland as a mortgage lender in particular! Without the right knowledge, obtaining a mortgage becomes an incredibly daunting endeavor. The mortgage industry is currently undergoing major changes in the way a borrower can obtain a mortgage. But that doesn't mean you can't still find a competitive local mortgage Lender to help you all the way.

Please see the section How We Do Business to learn more about our unique and innovative business practices. Our commitment to provide the best possible service and the lowest rates for an educated consumer, is reflected not only in our embrace of the latest technology, but also in our unique recognition of you, the borrower, as the prime focus of customer service. Our competitors still rely primarily on the Realtor, who actually represents the seller adversary in the home purchase transaction, to provide buyer referrals and then reward those Realtors with misguided loyalty and customer service.

Just as the mortgage industry is undergoing rapid change, the real estate industry has experienced the single most significant change of the century in the way a real estate agency is conducted. The advent of Exclusive Buyer Brokerage is revolutionizing how real estate is transacted in that for the first time, you, the home buying consumer, can obtain 100% loyal representation from a real estate agent who works 100% exclusively with buyers, thus removing any conflicts of interest and questionable legal, economic, and ethical behavior.

At First Portland Mortgage we welcome this change and encourage our clients to seek exclusive buyer broker representation. We are pleased to provide these links to the only exclusive buyer broker agency in Southern Maine: Buyer's Resource Real Estate of Greater Portland, in Maine.

First Portland Mortgage does business throughout the entire states of Maine and New Hampshire. Please enjoy your perusal of our Web site and with our compliments become an educated consumer better able to make informed choices. We look forward to being of service in meeting your mortgage needs.

Sincerely,

Eduard P. van Loenen
President

16 Mortgage Myths:

During our years of mortgage lending we've found that many people have misconceptions about home financing. We would like to set the record straight--and help you get the mortgage you need!

Please take a few moments to read the 16 mortgage "myths" listed here (most of them will probably be familiar to you!). Along with each myth, you'll find the facts about home financing. We hope this information will be helpful to you in buying and financing a home.

If you have any questions about home financing--or would like more information about getting a mortgage--please send us some Email, or call First Portland Mortgage, toll-free: 1-800-370-5222.

Or visit our offices at:
1321 Washington Avenue
Portland, ME 04103.

1. "I should choose a house before I choose a lender."
This is a very common misconception. In fact, you should choose your lender first--and find out how much house you can afford. Talk to your lender, and learn what kind and size of mortgage you qualify for -- and even get mortgage pre-approval. This will save you time, give you more control over the house-hunting process, and put you in a stronger negotiating position.

2. "My real estate broker can help me get a good rate."
Be wary of brokers who try to steer you to or from certain lenders. You should remember most real estate brokers work for the seller--not the buyer. They are not financing experts, and they don't (and shouldn't) know enough about you to give you specific mortgage advice. Do your own research, and talk to a mortgage professional. You can discuss your financial situation in complete confidence, and get the advice you need.

3. "Financing a home is an unpleasant experience."
An informed home buyer can have a smooth, worry-free experience. Don't rely solely on the real estate broker for information. Take charge, ask questions about home financing, and learn all you can to avoid unwelcome surprises.

4. "All lenders offer the same mortgage products."
This simply isn't true. Most banks offer only a limited number of mortgage options--because mortgages are just one part of their business. At First Portland Mortgage, we specialize in mortgages--and we work hard to earn your mortgage business. We deal with a variety of major lenders nationwide, so talking to us is like contacting six or seven lenders at the same time--only easier! (Think of us as a travel agency for mortgages!) We can offer you variety, flexibility, and low rates that may be unavailable from other lenders. When it comes to mortgages, work with a specialist!

5. "Fixed rates are always best."
Just one more myth! A fixed rate may be ideal for one home buyer--a different kind of mortgage may be right for you. Ask about the advantages and drawbacks of all kinds of rate structures. The loan officers at First Portland Mortgage can help by discussing a variety of mortgage products with you. Just ask!

6. "I always have to pay points when I buy or refinance a house."
This is not true. There are all kinds of mortgage products that do not require the buyer to pay points--or even closing costs! At First Portland Mortgage we can show you different mortgage products, and help find one to suit you.

7. "A local bank will administer my mortgage locally."
The truth is all lenders, including local banks, sell at least a portion of their mortgages to the secondary market. This practice helps make more
mortgage money available to the community. "Local" only matters at the application and approval stages.

8. "I'm self-employed. I can't get a mortgage."
While this may be true with most mortgage banks, at First Portland Mortgage we work with a variety of major lenders nationwide. This allows us to offer the widest range of mortgage products--and some of these are perfect for the self-employed and professionals. Let us evaluate your particular situation, and we'll do all we can to help. Don't rule yourself out for a mortgage without talking to us first!

9. "My permanent financing has to come from my construction lender."
The choice of a lender is entirely up to you. And you might want to think about the permanent financing first--it could make it easier to get your construction loan. At First Portland Mortgage we've helped many people build a home with construction and permanent financing. We can help you, too.

10. "Mortgage companies don't have competitive rates."
One call to First Portland Mortgage will dispel this myth! For your convenience we have posted our rates here on our Web site. For the latest rates please call 1-800-370-5222.

11. "There's no financing available for second homes or investment property."
If you want to finance a vacation home, or a residential investment property, mortgage money is available. Talk to us about finding financing.

12. "Mortgage lenders care about numbers, not people."
First Portland Mortgage cares very much about people, and our community. You'll find that we treat you as a person, not a number. And you'll be glad to know that for each mortgage we write, we donate an amount to Habitat for Humanity. This self-help program builds and finances houses for people who could not otherwise afford a decent home in which to raise a family. We're proud to support Habitat for Humanity because it lets people help themselves, with pride and dignity.

13. "I need a large down payment to qualify for a mortgage."
Different mortgages have different requirements--and many of them require only a minimal down payment. Let us work with you to find a
mortgage that fits your financial situation.

14. "My regular bank will give me the best rate."
When it comes time to shop for a mortgage, many people think of their local bank, where they have their checking and savings accounts, believing they'll get a better rate because they are customers. However, your local bank probably does not have the lowest rates and you should definitely do comparison shopping. A mortgage company, which specializes only in mortgage products, can offer you lower rates, and a wider variety of mortgage options.

15. "There's no money available for jumbo mortgages."
Money is available for mortgages large and small. You simply need to talk to the right lender. At First Portland Mortgage we offer the widest variety or mortgage products, and the most attractive jumbo rates in the state.

16. "I won't qualify for a mortgage because I've had some credit problems."
Another big myth! At First Portland Mortgage we understand economic circumstances have made it difficult for many people to maintain perfect credit histories, so we have available a wide variety of programs that provide mortgage money for people who have less than excellent credit.

Call us to discuss your situation in complete confidence. 1-800-370-5222