The Best Mortgage Lenders in Cambridge, MD
Compare verified mortgage lenders serving Cambridge, Maryland. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Cambridge
Featured Mortgage Lenders
Cambridge Bank of Maryland
Cambridge Bank of Maryland
As Cambridge's premier local community bank with over a century of service, Cambridge Bank of Maryland offers deeply personalized mortgage solutions with exceptional local market knowledge. Their mortgage team provides competitive rates and flexible terms with the advantage of local underwriting and decision-making. Known for their commitment to the Eastern Shore community, they excel at understanding the unique waterfront and rural property needs of Dorchester County residents.
Loan Types:
Shore United Bank
Shore United Bank
Shore United Bank has been serving the Eastern Shore region for over 150 years with a strong presence throughout Maryland's coastal communities. Their experienced mortgage team specializes in both primary residences and vacation properties common to the Cambridge area. They offer competitive rates with the stability of a well-established regional bank and are particularly noted for their construction lending expertise, which is valuable in Cambridge's growing waterfront market.
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Fulton Bank
Fulton Bank, N.A.
Fulton Bank maintains a strong regional presence throughout Maryland's Eastern Shore with multiple branches serving Cambridge and surrounding communities. They offer a comprehensive range of mortgage products with competitive rates and personalized service. Their local loan officers have extensive knowledge of Cambridge's unique housing market, including historic properties and waterfront homes. The bank is recognized for its reliable customer service and streamlined mortgage application process.
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Frequently Asked Questions
Common questions about mortgage lending in Cambridge, MD
What are the current mortgage rates like in Cambridge, MD, and how do they compare to the state average?
Mortgage rates in Cambridge are typically very competitive and often align closely with the Maryland state average. However, buyers in the Cambridge area may sometimes find slightly lower rates due to the influence of local credit unions and community banks. It's always wise to compare offers from both local and national lenders to secure the best possible rate for your situation.
Are there any special down payment assistance programs for first-time homebuyers in Cambridge?
Yes, Cambridge homebuyers have access to the Maryland Mortgage Program (MMP), which offers several down payment and closing cost assistance options for first-time buyers. Additionally, the City of Cambridge itself has occasionally offered local grant programs, so it's beneficial to check with the Cambridge Department of Housing and Community Development for any active, hyper-local initiatives.
How does Cambridge's proximity to water and flood zones impact the mortgage process?
This is a critical consideration in Cambridge. Lenders will require a flood elevation certificate and will mandate flood insurance if the property is in a FEMA-designated Special Flood Hazard Area (SFHA). This is a common requirement for many properties near the Choptank River and local creeks, and it will add to your monthly housing cost, so it's essential to factor this into your budget.
What types of properties in Cambridge might require a specialized renovation loan?
Given the historic nature of many homes in Cambridge's downtown and West End districts, buyers interested in a fixer-upper should explore FHA 203(k) or HomeStyle Renovation loans. These programs are ideal for purchasing and rehabilitating historic properties that may not qualify for a standard mortgage due to their condition, allowing you to finance both the purchase and repairs in one loan.
How do property tax rates in Cambridge affect my overall mortgage payment?
Cambridge, located in Dorchester County, has a combined city and county property tax rate that is a key component of your monthly escrow payment. While the rate is generally competitive within Maryland, it's important to get an accurate estimate of the annual taxes for any property you're considering, as this will directly impact your total monthly mortgage payment and affordability.
Why Choose a Mortgage Lender in Cambridge?
Local Market Knowledge
Lenders who understand Cambridge's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Maryland.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Cambridge and get competitive rates on your home loan.