The Best Mortgage Lenders in Crisfield, MD
Compare verified mortgage lenders serving Crisfield, Maryland. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Crisfield
Featured Mortgage Lenders
Shore United Bank
Shore United Bank
As a longstanding community bank with over a century of service on the Eastern Shore, Shore United Bank is highly regarded for its personalized mortgage solutions and deep local expertise. They offer competitive rates, exceptional customer service, and a strong commitment to the Crisfield community, with convenient in-person support and a reputation for reliability and trustworthiness.
Loan Types:
Movement Mortgage
Movement Mortgage
Movement Mortgage is praised for its efficient processing, competitive rates, and outstanding customer service, with high ratings for ease of use and transparency. They have a solid regional presence in Maryland and actively serve Crisfield, offering a wide range of loan options and a focus on community-oriented lending practices.
Loan Types:
New American Funding
New American Funding
Known for its diverse loan products and high customer satisfaction, New American Funding excels in providing competitive rates and streamlined online services. They have a strong national presence and reliably serve the Crisfield area, with a focus on inclusive lending and efficient support, making them a top choice for many homebuyers.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Crisfield, MD
What are the current mortgage rates like in Crisfield, MD?
Mortgage rates in Crisfield typically align with national averages but can be slightly higher due to the area's rural coastal location and flood risk considerations. As of late 2024, you can expect rates around 6.5-7% for 30-year fixed mortgages, though individual rates depend on credit score, loan type, and specific property location. Working with local lenders familiar with Somerset County can help you secure competitive rates.
Are there special mortgage considerations for buying a home in Crisfield's flood zones?
Yes, flood insurance is a significant factor in Crisfield mortgages since much of the city is in a high-risk flood zone. Lenders will require flood insurance coverage, which can add $1,500-$3,000+ annually to your housing costs. Properties with elevated foundations or flood mitigation features may qualify for better insurance rates, so it's important to factor this into your budget when mortgage shopping.
What first-time homebuyer programs are available specifically for Crisfield residents?
Crisfield homebuyers can access Maryland Mortgage Program (MMP) options, including the 1st Time Advantage Loan with competitive interest rates and down payment assistance. Additionally, Somerset County offers the HOME Program providing up to $10,000 in down payment assistance for income-qualified buyers. These programs are particularly valuable in Crisfield where median incomes are below state averages.
How does Crisfield's coastal location affect the mortgage approval process?
Crisfield's coastal location can impact appraisals and insurance requirements, which in turn affects mortgage underwriting. Lenders may require more detailed property inspections for moisture damage, foundation issues, or hurricane resilience. Properties closer to the water may face stricter lending requirements and higher insurance premiums, which lenders factor into debt-to-income calculations.
Are there any local mortgage programs for purchasing fixer-uppers in Crisfield's historic districts?
Yes, the FHA 203(k) renovation loan is popular in Crisfield for purchasing and rehabilitating older homes, particularly in the historic downtown area. Some local lenders also offer construction-to-permanent loans that can be used for substantial repairs common in Crisfield's aging housing stock. These programs can be ideal for the many historic properties needing updates while preserving their character.
Nearby Cities
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Why Choose a Mortgage Lender in Crisfield?
Local Market Knowledge
Lenders who understand Crisfield'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 Crisfield and get competitive rates on your home loan.