04260, New Gloucester, ME

The 4260 zip code of New Gloucester, ME is located in the eastern part of the state and has a population of about 2,000. The median household income in this zip code is $50,000 and the median home value is $135,000. The average home equity loan amount in this zip code is $101,500.

There has been a significant increase in home equity loans over the past few years due to rising home prices and strong demand from buyers. In fact, according to Zillow’s Home Value Index report for ZIP codes across the U.S., New Gloucester’s home value index increased by 5% from 2016 to 2017 – one of the highest rates in Maine. This trend is likely to continue as long as there are strong demand and stable prices – which looks like it will be the case for some time yet.

Interestingly, despite all this growth, there has been little change in mortgage rates over this period (the 30-year fixed rate averaged 4.24% during 2017). This suggests that lenders are still confident that homeownership opportunities will remain available for some time to come. In addition, there have been relatively few foreclosures or short sales recorded in this area so far – suggesting that buyers are able to get mortgages even if their credit score isn’t perfect (although it should be noted that not all borrowers qualify for a conventional mortgage).

Overall then, it seems like homeownership opportunities are still very much available in New Gloucester – provided you can afford a high loan amount and meet lender requirements (including having good credit). If you're thinking of buying or refinancing property in this area then it's definitely worth considering getting pre-approved for a mortgage so you know what your borrowing limit could be.