The Best Mortgage Lenders in Rehobeth, MD
Compare verified mortgage lenders serving Rehobeth, Maryland. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Rehobeth
Featured Mortgage Lenders
First Shore Federal
First Shore Federal Credit Union
First Shore Federal Credit Union is the Eastern Shore's premier local financial institution with deep roots in the Rehobeth area. Serving Somerset County and surrounding regions for over seven decades, they offer personalized mortgage services with competitive rates and local underwriting decisions. Their experienced loan officers understand the unique coastal property market and provide exceptional customer service with flexible financing options for primary residences, vacation homes, and investment properties throughout the Delmarva region.
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Bank of Ocean City
Bank of Ocean City Mortgage Division
As Maryland's oldest state-chartered bank, Bank of Ocean City has been serving the coastal communities including Rehobeth for over a century. Their mortgage department specializes in waterfront and coastal properties, offering local decision-making and deep understanding of the unique challenges and opportunities in the Chesapeake Bay region. They provide competitive rates with the personal touch of a community bank, making them a top choice for Rehobeth homeowners seeking reliable, long-term mortgage partnerships.
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Union Home Mortgage
Union Home Mortgage Corp.
Union Home Mortgage's Salisbury office serves the Rehobeth area with exceptional mortgage services and consistently high customer satisfaction ratings. With over three decades of experience, they offer a comprehensive range of loan products and are particularly noted for their efficient processing and competitive rates. Their local loan officers provide personalized service while leveraging the resources of a national mortgage lender, making them an excellent choice for Rehobeth residents seeking both local expertise and broad lending capabilities.
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Frequently Asked Questions
Common questions about mortgage lending in Rehobeth, MD
What are the current mortgage rates like in Rehoboth, MD compared to the state average?
Mortgage rates in Rehoboth, MD typically align closely with Maryland state averages, though they may be slightly higher than national averages due to local market conditions. Currently, rates for 30-year fixed mortgages in the area range from 6.5% to 7.2%, depending on credit score and loan type. It's best to compare offers from multiple local lenders as rates can vary between institutions.
Are there any special mortgage programs for first-time homebuyers in Rehoboth, MD?
Yes, Rehoboth homebuyers can access Maryland Mortgage Program (MMP) options, which offer competitive interest rates and down payment assistance. The Maryland SmartBuy program is particularly valuable as it helps buyers with student debt while purchasing a home. Additionally, some local lenders offer special programs for Rehoboth residents, including closing cost assistance for qualifying buyers.
How does Rehoboth's coastal location affect mortgage lending requirements?
Rehoboth's proximity to coastal areas may require additional flood insurance for properties in designated flood zones, which lenders will factor into your debt-to-income ratio. Some properties might need elevation certificates or additional inspections, potentially affecting loan approval timelines. Lenders familiar with Rehoboth's geography can help navigate these specific requirements efficiently.
What types of properties are most common for mortgage financing in Rehoboth, MD?
Rehoboth features a mix of single-family homes, townhouses, and vacation properties, with many mortgages financing primary residences rather than investment properties. The area sees significant demand for homes that can accommodate multi-generational living, making FHA and conventional loans popular choices. Local lenders are experienced with the unique property types common in this Sussex County community.
Are there local down payment assistance programs specific to Rehoboth homebuyers?
While Rehoboth doesn't have city-specific programs, buyers can utilize Sussex County and State of Maryland assistance programs. The MMP offers down payment assistance through several options, including the 1st Time Advantage Loan with up to $10,000 in assistance. Some local credit unions also provide special first-time buyer programs with reduced down payment requirements for Rehoboth residents.
Why Choose a Mortgage Lender in Rehobeth?
Local Market Knowledge
Lenders who understand Rehobeth'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 Rehobeth and get competitive rates on your home loan.