LD381

Enables mortgage portability in Maine to promote housing affordability.

This bill authorizes mortgage porting, allowing homeowners to transfer their existing mortgage terms, balance, and interest rate to a new principal residence. To be eligible, homeowners must maintain their current mortgage in good standing, meet lender criteria, and complete the transfer within a specified timeframe. Lenders can charge a one-time fee, which must be disclosed in advance. The bill also mandates that lenders provide written disclosure of porting terms, conditions, and fees. The administrator can adopt rules to implement these requirements.