The Best Mortgage Lenders in Chevy Chase, MD
Compare verified mortgage lenders serving Chevy Chase, Maryland. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Chevy Chase
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, LLC
Guaranteed Rate is a top-rated mortgage lender known for its innovative digital platform and competitive rates, serving Chevy Chase and the broader D.C. metropolitan area. With over two decades of experience, they excel in customer satisfaction, offering a wide range of loan products and personalized service. Their local Bethesda office ensures easy access for clients, and they are highly regarded for transparency, fast closings, and strong community presence, backed by hundreds of positive reviews highlighting efficient processes and expert guidance.
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New American Funding
New American Funding, LLC
New American Funding is a highly reputable mortgage lender with a strong focus on diversity and customer service, serving Chevy Chase and the Maryland region. Founded in 2003, they offer a comprehensive suite of loan options and are praised for their commitment to underserved communities and competitive rates. Their local Rockville office provides dedicated support, and they have accumulated numerous reviews commending their responsive team, educational resources, and ability to handle complex cases, making them a trusted choice for homebuyers.
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CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage is a well-established lender with a robust presence in the Chevy Chase area, known for its personalized approach and extensive loan programs. With over 20 years in business, they prioritize customer relationships and offer flexible solutions tailored to individual needs. Their Columbia office serves the region effectively, and they receive high marks for reliability, local expertise, and smooth loan processing. Reviews often highlight their attentive service and ability to secure favorable terms, solidifying their reputation as a top mortgage provider.
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Frequently Asked Questions
Common questions about mortgage lending in Chevy Chase, MD
What are the typical down payment requirements for a home in Chevy Chase, MD?
Given Chevy Chase's high property values, down payments typically range from 10-20% for conventional loans. However, some lenders may offer specialized jumbo loan programs with slightly lower down payments due to the affluent nature of the market. It's important to note that putting less than 20% down will usually require private mortgage insurance (PMI).
Are there any special mortgage programs for first-time homebuyers in Chevy Chase?
While Chevy Chase itself doesn't offer local programs, Maryland's Mortgage Program (MMP) provides down payment assistance and competitive rates for eligible first-time buyers throughout Montgomery County. Given Chevy Chase's high prices, buyers should specifically look into the MMP's High Balance Loan options which accommodate larger loan amounts needed in this market.
How do property taxes in Chevy Chase affect my mortgage payments?
Chevy Chase has some of Maryland's highest property tax rates, currently around $1.00 per $100 of assessed value in the village area. Your lender will escrow these taxes, meaning your monthly mortgage payment will be significantly higher than just principal and interest. Budget for approximately 1-1.2% of the home's value annually for property taxes.
What special considerations should I know about getting a jumbo loan in Chevy Chase?
Since most Chevy Chase homes require jumbo loans (over $1,149,825 in 2024), expect stricter requirements including higher credit scores (typically 700+), larger cash reserves (6-12 months of payments), and more thorough income verification. Local lenders familiar with Chevy Chase's luxury market often offer more flexible jumbo terms than national banks.
Are there any neighborhood-specific mortgage considerations in different parts of Chevy Chase?
Yes, properties in the Chevy Chase Village versus the Town of Chevy Chase have different tax rates and some have historic designation considerations that can affect renovation loans. Additionally, homes near the DC border may have different appraisal considerations. Work with a local mortgage broker who understands these micro-market differences within Chevy Chase.
Nearby Cities
Explore mortgage lenders in cities near Chevy Chase, MD
Why Choose a Mortgage Lender in Chevy Chase?
Local Market Knowledge
Lenders who understand Chevy Chase'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 Chevy Chase and get competitive rates on your home loan.