Making up the furthest northern point of the U.S. in terms of territory, Maine is a long-known maritime state which shares a large border with Canada to the north. The state is sparsely populated inland where much of the region is forested and natural. In fact, the Appalachian mountain range makes up the northwestern side of the state, interspersed with various lakes and hardly any development whatsoever. Bangor, Maine, is a key urban center of the state and is famously the longtime home of horror writer Stephen King. Other well-known Maine cities include Portland, Bar Harbor, Newport, and the capital, Augusta.
Maine is a small state. As of the U.S. Census Bureau's 2024 estimate, its population is roughly 1.4 million, placing it among the ten least-populous states. The state economy is likewise one of the smaller in the nation, anchored by health care, tourism, fishing and lobstering, forestry, and a growing services sector. ME is also filled with beautiful natural scenery and one of the nation's lowest crime rates. Read on for our overview of the largest cities, banking options to consider, and, of course, how to find the best deal on a mortgage loan in Maine.
Living in Maine
The Northeast is generally an expensive place to live, and ME is no exception. As of 2025, the typical Maine home value is roughly $400,000, according to Zillow and the Maine Association of Realtors, after home values rose sharply across the state over the past decade. Prices vary widely by region: the greater Portland area and Cumberland County sit well above the statewide figure, while more rural counties in the north and inland — such as Aroostook — remain considerably more affordable. Because these figures move over time, treat any single number as a snapshot and check current local listings for the area you're considering.
Portland
Population: approximately 69,000 (2024 estimate)
When most Americans think of Portland, they imagine the city in Oregon. It's a beautiful city, but so is Portland, Maine. The Portland metropolitan area is home to roughly a third of the state's total population, and it's ME's economic hub, largely due to its working waterfront, growing food and tourism scenes, and proximity to Boston.
Lewiston
Population: approximately 38,000 (2024 estimate)
Lewiston is the second largest city in Maine. Once a major textile and industrial center, the city went through a decline in the late 20th century but has since worked through a long revitalization. Together with neighboring Auburn — the two are known as the Lewiston-Auburn or "L-A" area — it remains an important commercial center for central Maine. Large local employers include Central Maine Medical Center and a range of health care, education, and retail employers.
Bangor
Population: approximately 32,000 (2024 estimate)
Though Bangor appears quite small, its population swells substantially when its entire metropolitan area is factored in; the city is the economic hub of northern and eastern Maine. Like Lewiston, the city weathered tough decades in the late 20th century but has undergone steady renewal, and it is frequently cited on lists of affordable and appealing places to retire.
Your Banking Options: Banks & Credit Unions
While money certainly isn't everything, it's something you need to live your day to day life. At RateZip, we believe this means that it's essential that you pick a solid financial institution to take care of your banking needs. Below, we've put together a list of banks & credit unions that operate in Maine, along with major banks that have branches within the state. Note that the banking landscape changes as institutions merge or rebrand, so confirm current names and offerings before you open an account.
Banks headquartered in Maine:
- Bangor Savings Bank
- Camden National Bank
- Bar Harbor Bank & Trust
- Machias Savings Bank
- Norway Savings Bank
- Androscoggin Bank
- First National Bank (Damariscotta)
Credit unions:
- Atlantic Federal Credit Union
- Maine State Credit Union
- cPort Credit Union
- Evergreen Credit Union
- Maine Savings Federal Credit Union
- University Credit Union
National banks with a local presence:
- KeyBank
- TD Bank
- M&T Bank (which acquired the former People's United branches in Maine)
Ready to see how interest rates stack up across these banks? Find out now using our free financial search engine!
Compare ME Mortgage Rates
For those who want some seclusion and a feel of the great north, Maine is the state to move to. RateZip.com can help with extensive data on mortgage rates for the region. Mortgage rates in Maine generally track the national averages, so consumers can get a good sense of the rate they might be offered in ME by checking a widely followed index like the Freddie Mac PMMS — and, of course, by comparing current quotes from multiple lenders.
First-Time Homebuyer Help in Maine
First-time buyers in Maine should look at MaineHousing, the state's housing finance agency. Its First Home Loan program offers low fixed-rate 30-year mortgages through participating lenders, and can be paired with down payment and closing-cost assistance (such as the Advantage option) as well as programs for first-generation buyers and military service members. Eligibility rules, credit-score minimums, and assistance amounts change over time, so check MaineHousing's current guidelines or ask a MaineHousing-approved lender for details.
What's a Conventional Mortgage?
A conventional mortgage is any home loan that is not guaranteed by the government and has no government sponsored insurance. Consumers sometimes confuse "conventional" with "conforming". A conforming loan is one that conforms to the underwriting standards of Fannie Mae and Freddie Mac, the two government sponsored entities (GSEs) that make up so much of today's mortgage market.