The Best Mortgage Lenders in College Park, MD
Compare verified mortgage lenders serving College Park, Maryland. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in College Park
Featured Mortgage Lenders
SECU Mortgage Services
State Employees Credit Union of Maryland
As Maryland's largest credit union, SECU has built an exceptional reputation for mortgage lending across the state, including College Park. While technically headquartered in Lutherville, they serve members throughout Maryland with physical branches and robust online services. They consistently receive top ratings for their competitive rates, personalized service, and extensive first-time homebuyer programs. Their long-standing presence and member-focused approach make them a premier choice for College Park residents seeking reliable mortgage solutions with local understanding.
Loan Types:
Sandy Spring Mortgage
Sandy Spring Bank
Sandy Spring Bank has deep roots in the Maryland community and maintains a strong presence throughout the Washington DC metro area, including College Park. As a established community bank with over 150 years of service, they offer the perfect blend of local decision-making and comprehensive mortgage products. Their mortgage team receives consistent praise for responsive service, competitive rates, and smooth closing processes. They have multiple branches serving the College Park area and understand the local real estate market dynamics.
Loan Types:
First Home Mortgage
First Home Mortgage Corporation
First Home Mortgage is a highly-rated regional lender that consistently ranks among the top mortgage companies serving Maryland, including College Park and the entire DC metro area. With exceptional 4.9-star ratings across multiple review platforms, they've built a reputation for outstanding customer service, competitive rates, and efficient loan processing. Their local loan officers have extensive knowledge of College Park's unique market conditions, including university-area properties and investment opportunities. They offer a wide range of loan products and are particularly praised for their communication throughout the mortgage process.
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Frequently Asked Questions
Common questions about mortgage lending in College Park, MD
Are there any special first-time homebuyer programs available specifically for College Park, MD?
Yes, College Park homebuyers can access the Maryland Mortgage Program (MMP), which offers competitive interest rates and down payment assistance. Additionally, the City of College Park offers its own Homeownership Assistance Program, providing up to $10,000 in matching funds for down payment and closing costs for eligible buyers purchasing within city limits.
How do College Park's property tax rates affect my monthly mortgage payment?
College Park's property tax rate is approximately $0.968 per $100 of assessed value, which is higher than many surrounding Maryland counties. This means your monthly mortgage payment will include a significant escrow amount for property taxes, so factor this into your budget when determining how much house you can afford in College Park.
What are the typical mortgage rates available for College Park homebuyers compared to national averages?
While mortgage rates vary by lender and borrower qualifications, College Park rates typically align with national averages but may be slightly influenced by Maryland's competitive housing market. Currently, rates in College Park range from 6.5% to 7.5% for conventional 30-year fixed mortgages, though University of Maryland faculty and staff may qualify for special rate discounts through partner lenders.
Are there any special mortgage considerations for buying a home near the University of Maryland campus?
Yes, properties near the UMD campus often involve additional considerations. Lenders may require larger down payments for investment properties used as student rentals, and you'll want to ensure the property meets College Park's rental housing codes. Some lenders also offer special programs for university employees purchasing primary residences in the area.
How does College Park's competitive housing market impact the mortgage pre-approval process?
Given College Park's competitive market, especially for single-family homes near the university, having a strong pre-approval is crucial. Many sellers require proof of funds and a solid pre-approval letter from a Maryland-licensed lender. Working with local lenders familiar with College Park's market dynamics can give you an advantage in multiple-offer situations common in this area.
Nearby Cities
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Why Choose a Mortgage Lender in College Park?
Local Market Knowledge
Lenders who understand College Park'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 College Park and get competitive rates on your home loan.