Camden National Bank Mortgage Rates Review: Today’s Best Analysis

Joseph Meyer
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Camden National Bank Mortgage Facts

Camden National Bank (“CNB”) is a full-service community and regional bank that is 154-year-old. Banking and Real Estate are its primary businesses.

CNB is a bank that operates at a very community-focused level, and this is evident in the way it targets with its branch locations. CNB took its time in expanding its branch locations, opting to focus on providing services in less populated or less visited areas, rather than expand to locations with larger populations where other banks would choose to operate. As a result, there are currently 212 branches in Delaware, New Jersey, and Pennsylvania, with plans to expand to serve more customers.

One of the attractive things about this bank is the fact that it is a locally owned institution, which offers a human touch when it comes to service. This bank is still owned by the same family that founded it, and it’s run with a focus on excellent customer service.

The bank focuses its originations in five different areas: first, mortgage loans for homes; second, commercial real estate loans; third, car loans; and fourth, term loans for business owners; and lastly, student loans.

The company also offers personal lines of credit that can be secured with your home. This makes it easier and faster to obtain a loan for a home improvement or other situation.

Overview

Even though conventional mortgages are what you generally hear about, FHA, VA, USDA, and other loans should also be a consideration.

I was shopping around for a mortgage recently and was surprised about how much I learned in the process. I went into the conversation completely willing to accept a conventional mortgage with recourse. To be honest, I had never heard of FHA loans before, and my research into the loan was a bit cursory. But the more I talked to loan officers, the more I realized that there are a lot of different options for people to choose from. The loan types that have come up in the last few years, like FHA, VA, and USDA loans, don’t have the regular restrictions of conventional loans. This means that they are the best option for people who need a little flexibility. Along with the best terms on your financing, the new loans can help you save big when it comes to interest rates, as well.

Depending on your credit and other financial considerations, some of these loan types can be more optimal than others. There are many different benefits, and we’ll take a closer look at all of them.

Current Camden National Bank Mortgage Rates

Mortgages are big purchases. You should take the time to compare mortgage rates before making a commitment on your new home loan. One of the ways to do this is to find out what the Best Rate is.

The ideal situation would be to find out your Best Rate at Camden National Bank. If you have a variable rate or if you are an experienced borrower, you can use our tools to find the Best Variable Rate and Best Fixed Rate.

Camden National Bank Loan Specifics

Fixed-rate mortgages

Consist of several different types:

Rates have continued to rise since the election and the recent volatility in the stock market. That coupled with rumors that the Federal Reserve will soon hike rates has caused many mortgage rates to shoot up. Mortgage rates are likely to continue rising in the coming weeks, so it is a good idea to lock in a rate before the interest rate increases continue.

Adjustable-rate mortgages (ARM)

An ARM is a mortgage that represents a fixed rate for a limited period of time, compared to 30-year fixed-rate mortgages (FRMs). When the initial interest rate expires, the rate on the ARM will increase or decrease, similar to a one-year ARM. This means that the mortgage payments will fluctuate.

The initial term and rate of the ARM depends entirely on the homebuyer’s financial situation and is determined by a bank’s lending officer. However, once the ARM is set, it won’t change unless the borrower decides to refinance to a fixed-rate mortgage, which has the same principal and interest but differs in the repayment period.

If you choose an ARM and decide to refinance again, you’re basically starting over with a new adjustable-rate mortgage. The initial interest rate will be determined by a bank’s lending officer, as opposed to the FRM, which is regulated.

Jumbo mortgages

A jumbo mortgage is a mortgage loan that exceeds the maximum size allowed for a conforming loan and is therefore ineligible for purchase by Fannie Mae and Freddie Mac.

The amount that is loanable is based on the median home price of the county in which the real estate is located, according to the Home Valuer Generals Association.

The amount of the loan will be determined by subtracting 20 percent of the property’s value from the maximum loan amount, based on the area in which the property is located.

A borrower can obtain a jumbo mortgage with a conventional lender, a Federal Housing Administration (FHA) or Veterans Administration (VA) lender, or a Department of Agriculture National Rural Housing Service (USDA/NHS) lender.

Currently, many jumbo borrowers are migrating from Fannie Mae to the more flexible and less restrictive jumbo products offered by the Federal National Mortgage Association (Fannie Mae) and Freddie Mac.

FHA, USDA, and VA mortgages

Are loans backed by the government.

The United States government prides itself on the ability to help the average American find the opportunity to get into a home of their own. For those that meet the qualifications and have the desire, it offers limited programs that offer up to 100% financing for first time home buyers.

Saving for a down payment of 20% is stressful when you have student loan debt, credit card debt, and sporadic income. With low down payment loan programs, you can get into a home with much less money and a shorter period of repayment.

While it’s easy to get caught up in a low interest rate and the opportunity to spend the little money that you actually have on a –free” place to live, lenders aren’t handing out these mortgages to people with the best interest of home buyers in mind. They’re looking to see if you’re going to be able to repay the loan and pay your monthly payments.

The downside of any government loan is that, while they may give you a break on the interest rate and monthly payment, they don’t always give you a break on the down payment. They also demand you carry private mortgage insurance (PMI) while you’re making payments to them.

Cash-out refinance

Benefits as well as drawbacks

Cash-out refinance makes it possible to get a new loan and thereby flip your house, renovate it, pay off any other property-related debts, or even tap into some of the equity and have fun purchasing something that was always on your dream list.

Cash-out refinance is also an option for those who want to purchase a new home, but who can’t secure a new loan. At times like this, cash-out refinance makes it possible to use the equity you’ve built up in your home to secure a loan.

You can choose cash-out refinance for a variety of different reasons, but the most important option is to use it as a means to avoid a few mortgage payments, something that will help you keep your life moving financially even when you hit a rough patch.

In short, this home equity loan offers you a lot of flexibility. But that doesn’t mean it’s risk free or that you don’t need to look out for certain potential pitfalls before deciding to do it.

Camden National Bank Mortgage Customer Experience

Founded in 1838 in Camden, Maine, Camden National Bank is an online-only bank. Camden National Bank (CNB) offers a variety of products and services, including auto loans, small business banking, home equity loans, and savings options. Currently, CNB has both a lower-tiered savings account, along with a saver’s account […] in addition to several higher-tiered savings and CD options.

Although CNB has a small footprint, the bank is a member of the Federal Deposit Insurance Corporation (FDIC) and also offers customers the option of engaging in the bank’s online banking system. CNB also sponsors reward checking accounts and offers its customers some of the best mortgage rates available on the market.

Camden National Bank Lender Reputation

Camden National Bank has proven to be a loyal and trustworthy lender for years. The company earned the three star rating; if you check out the reviews or ask around, it is not hard to find people who have been satisfied with the services of the company.

They have had a consistent presence in their community and in the surrounding areas since 1853. At present, they are a New Hampshire-chartered bank with a presence in Maine, Vermont and New Hampshire. Camden National Bank is frequently used by mortgage brokers, as it offers competitive rates at all their branches.

The company is D-FDIC insured so you don’t have to worry about losing your money in case of a crisis. With all their branches in the tri-state area, they are convenient and a good option to turn to if you need a speedy loan.

Camden National Bank Mortgage Qualifications

Camden National Bank (CNB) has a pretty generous down payment assistance program and a 100% financing program, both of which contribute towards helping a borrower achieve their home loan goals. Their rates are also very competitive.

The mortgage lender is not available to everyone, though. There are a lot of restrictions. Before you apply for a home loan with them, it’s important that you take the time to get a good understanding of who they are and what they can offer you.

So what’s the Camden National Bank mortgage? It’s a prime fixed rate loan program. The interest rate will be based on a few factors, including your credit score, the property type (single-family, multi-family, etc.) and the term of the loan. If you’d like to calculate your rate, you can use their online rate calculator.

Camden National Bank Number and Additional Details

Rating: 5/5

Account Type: Commercial

Range: Commercial

Minimum Deposit:

Minimum Term: 3 months

Maximum Term: 60 months

Offers Fixed Rates: Yes

Offers Variable Rates: Yes

Offers Short Rates: Yes

Offers Other Specials:

Fixed Rate Mortgage Payment Options: 1:

Max LTV: Yes

LTV: Yes

FHA Type: Yes

VA Type: Yes

Other Type: