An Act To Enable Mortgage Portability And Promote Housing Affordability In The State

LD 381 allows Maine homeowners to transfer the remaining balance and interest rate of their existing mortgage to a new primary residence, directly affecting those buying or selling homes. To qualify, homeowners must maintain good payment history, meet lender underwriting standards, and complete the transfer within six months of selling their previous home. The bill requires lenders to transfer the original loan terms to the new property, while any additional funds needed for the new home must be financed at current market rates - though lenders must offer a blended interest rate option. This aims to reduce costs for homeowners moving within the state, promoting housing affordability without altering existing mortgage terms.