Acadia Lending Group
in Mortgage Brokers from Acadia Lending GroupUnaffiliated
Acadia Lending Group Review
Where does Acadia Lending Group do business?
Acadia Lending Group is a licensed mortgage broker (NMLS# 370636) with headquarters in Portland, ME. It operates in 1 state.
The company was founded in 2009 and helps borrowers find a direct lender that will approve the loan amounts, rates, and terms they require.
How does Acadia Lending Group get paid?
Mortgage brokers get paid either by lenders or by borrowers. However, they cannot receive compensation from both parties.
Acadia Lending Group gets paid by borrowers. This means Acadia Lending Group works for you and will not be influenced by lender commissions. This fee model may help borrowers get lower rates and better terms, but it can also increase the upfront mortgage costs.
What fees does Acadia Lending Group charge?
Although cost should not be the only factor when choosing mortgage brokers, it is smart to compare the rates, fees, and services mortgage brokers offer before making a decision.
Does Acadia Lending Group charge broker administration fees?
Yes, Acadia Lending Group charges borrowers a broker administration fee of $995 to $1,095.
Does Acadia Lending Group charge broker loan origination fees?
No, Acadia Lending Group does not charge a broker loan origination fees.
Does Acadia Lending Group charge broker upfront fees?
No, Acadia Lending Group does not charge broker upfront fees.
Does Acadia Lending Group charge a yield-spread premium?
No, Acadia Lending Group does not receive a yield spread premium from borrowers. Brokers that are paid a yield-spread premium from lenders have an incentive to steer borrowers to lenders thatt offer higher yield-spread premiums even if they qualify for a lower interest with another lender. This is not always bad for borrowers as it can lower the upfront costs of a mortgage. For instance, borrowers who only plan to hold a mortgage for a few years may find this option cheaper.
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What mortgage programs does Acadia Lending Group offer?
Acadia Lending Group offers the following mortgage programs:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- FHA 203k: An FHA mortgage you can also use to finance home improvements.
- HARP: A mortgage refinance program for home loans owned or backed by Fannie Mae or Freddie Mac. No minimum credit score or value appraisal required.
- Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
- USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What types of mortgage does Acadia Lending Group broker?Acadia Lending Group works with the following types of mortgages:
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