Home Loans

Conventional Home Mortgage

Looking to buy a new home? Our Mortgage Loan Officers will guide you toward the right mortgage solution.

Adjustable Rate Mortgage (ARM)

This mortgage option offers an introductory fixed rate for a set term, then the rate adjusts as the market changes. 

Jumbo/Non-conforming Loan

This mortgage is for an amount that exceeds the loan size limits set by the Federal Government. 

Home Equity Line of Credit (HELOC)

As your financial needs shift, we can help you use your home's equity for access to funding when you need it.

Home Equity Loan

Use the equity in your home to fund your next project, pay for emergencies, consolidate debt, or any other one-time expense.

Land Loan

Purchase land for recreational purposes, construction of a house or another type of property, or simply enjoy all that Maine has to offer.

Federal Housing Administration (FHA) Loan

Popular with first-time homebuyers, this loan typically offers a lower down payment. 

VA Loan

Available for service members, veterans, and their families, this home loan is guaranteed by the U.S. Department of Veterans Affairs. 

USDA/Rural Development (RD) Loan

For rural areas, this home loan is a no-down payment mortgage for low and moderate-income homebuyers.

Home Loan Rates

Adjustable Rate Mortgages (ARMs)

Effective as of March 1, 2024
Type of Adjustable Rate MortgageAs Low As
Fixed Rate - First 3 years6.50% APR
Fixed Rate - First 5 years6.75% APR
Fixed Rate - First 7 years7.00% APR
APR = Annual Percentage Rate. Rates are adjusted quarterly after initial fixed rate period based on the Prime Rate +/- a margin. Stated rates reflect first mortgage lien position. Maximum rate is 18%. Maximum term is 30 years. Second position ARMs also available with maximum term of 15 years. Add .25% APR for second position.

Home Equity Lines of Credit

Effective as of March 1, 2024
Type of Home Equity Line of Credit As Low As
Open-End Variable Rate 7.50% APR
Interest Only 7.50% APR
3-Year Fixed Rate, Interest Only7.50% APR
APR = Annual Percentage Rate. Rate adjusted quarterly based on Prime Rate +/- a margin and based on first mortgage lien position. Stated rate is based on certain creditworthiness criteria. Maximum rate is 18%.

Home Equity Loans

Effective as of March 1, 2024
Fixed Rate ProductsAs Low As
Up to 5 years6.00% APR
Up to 10 years6.50% APR
Up to 15 years6.75% APR
APR = Annual Percentage Rate. Rates are fixed for the life of the loan. Stated rate is based on certain creditworthiness criteria. Maximum rate is 18%.

Land Loans

Effective as of March 1, 2024
Loan TypeTerm As Low As
Land Loans*Up to 5 Years7.00% APR
Up to 10 Years7.50% APR
Up to 15 Years7.75% APR
APR = Annual Percentage Rate. Stated rate is based on certain creditworthiness criteria.
* Rates are fixed for the life of the loan.

Frequently Asked Questions

The specific amount of your closing costs vary by situation. Appraisal fees, title charges, closing fees may all vary from state to state and also from lender to lender. To evaluate your closing fees, we've created three categories of which you should remain aware: 

  1. Third party fees
  2. Taxes and other unavoidable costs
  3. Lender fees 

Third Party Fees

  • Appraisal fee
  • Credit report fee
  • Settlement / closing fee
  • Survey fee
  • Tax service fee
  • Title insurance fee
  • Flood certification fees
  • Courier / mailing fees  

We collect any third-party fees and pass them on to the person who actually performed the service.

Taxes and Other Unavoidable Costs

  • State/Local Taxes and   
  • Recording fees

These fees will most likely have to be paid regardless of the lender you choose. If some lenders don't quote you fees that include taxes and other unavoidable fees, don't assume that you won't have to pay it. It probably means that the lender hasn't done the research necessary to provide accurate closing costs.

Lender Fees

  • Points
  • Document preparation fees
  • Loan processing fees 

These fees are retained by the lender and are used to provide you with the lowest rates possible. This is the category of fees that you should compare very closely from lender to lender before making a decision.

Please note, this may not be an exhaustive list.

Mortgages are bought and sold by investors on the Secondary Market. Rates are determined by the amount an investor will spend on your mortgage.

To calculate the cost of refinancing your first mortgage use one of our Financial Calculators or speak with one of our Mortgage Loan Officers for professional assistance. 

A mortgage is a loan to finance the purchase of your home. When you close on a mortgage, your home becomes collateral for the loan. You will be required to sign a legal contract stating that you promise to pay the debt, including interest and other costs, typically over the course of 15 to 30 years.

We offer a wide range of mortgage options to fit your needs and lifestyle:

  • First mortgages on primary residential homes, second homes, investment properties, 2-4 unit properties, condominiums, and modular homes
  • Fixed rate mortgages with terms from 5 to 30 years
  • Adjustable rate mortgages (ARMs)
  • Land loans

Yes, there are closing costs associated with a Home Equity Line. For more information and to discuss your options, reach out to one of our Member Service Representatives

Unfortunately we do not offer a service to notify you when rates have changed. To keep up-to-date on our changing rates, please keep an eye on our rates page

An escrow account is established as a convenient way to manage property taxes and insurance for your home. Sometimes referred to as an "impound account", escrow accounts allow you to make one monthly payment, instead of paying individual bills when they are due. 

A portion of your monthly mortgage payment goes directly to your mortgage (principal and interest) and the remainder is allocated to your escrow account to cover property taxes and insurance. When the individual bills are due, your lender will pay them with funds from your escrow account. 

If your loan is set up with an escrow account, the credit union will obtain the property tax bill from the government. 

If your loan is approved with you paying the taxes yourself, you will need to provide a copy of the paid tax bill annually to us. At the following address: 

50 Riverside Industrial Parkway
Portland, Maine 04103

If you elect to escrow your property taxes, you will make monthly payments and the credit union will pay your taxes on your behalf.

If you do not escrow the property taxes, then you are responsible for making the property tax payment when it comes due. 

What is an escrow account?

  • An escrow account is established as a convenient way to manage property taxes and insurance for your home. Sometimes referred to as an "impound account", escrow accounts allow you to make one monthly payment, instead of paying individual bills when they are due.
  • A portion of your monthly mortgage payment goes directly to your mortgage (principal and interest) and the remainder is allocated to your escrow account to cover property taxes and insurance. When the individual bills are due, your lender will pay them with funds from your escrow account. 

cPort Credit Union Nationwide Mortgage Licensing System ID: 409174

CPort Serving Maine WHITE

Looking to Finance Your Next Chapter?

Call us at 1-800-464-0253, email [email protected], or stop in to one of our branches for more information.