The Best Mortgage Lenders in Riva, MD
Compare verified mortgage lenders serving Riva, Maryland. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Riva
Featured Mortgage Lenders
First Home Mortgage
First Home Mortgage Corporation
First Home Mortgage is a highly-rated regional lender with deep roots in Maryland, serving the Riva area for over three decades. They consistently earn exceptional reviews for their personalized service, local market expertise, and competitive rates. As a direct lender with in-house underwriting, they offer faster closings and more flexible loan programs. Their Annapolis location provides convenient access for Riva residents, and they specialize in both purchase and refinance transactions with a reputation for seamless customer experiences.
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Tower Federal Credit Union
Tower Federal Credit Union
Tower Federal Credit Union is one of Maryland's most trusted financial institutions with a strong presence in Anne Arundel County. Serving Riva residents for generations, they offer competitive mortgage rates and exceptional member service. As a credit union, they prioritize member satisfaction over profits, resulting in lower fees and more flexible underwriting. Their mortgage team provides personalized guidance through the entire homebuying process, with particular expertise in VA loans and first-time homebuyer programs.
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Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage has built an outstanding reputation in the Annapolis-Riva area for exceptional customer service and competitive loan products. Their local team combines national lending power with personalized, local service. They excel at complex loan scenarios and offer innovative technology that streamlines the mortgage process. With numerous industry awards and consistently high customer satisfaction ratings, they provide comprehensive mortgage solutions including specialized programs for self-employed borrowers and unique property types common in the Chesapeake Bay region.
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Frequently Asked Questions
Common questions about mortgage lending in Riva, MD
What are the current mortgage rates like for homes in Riva, MD?
Mortgage rates in Riva are generally competitive with national averages, but can be influenced by Anne Arundel County's strong housing market. As of recent trends, rates for 30-year fixed mortgages typically range from the mid-6% to low-7% range, though this varies by lender and borrower qualifications. It's wise to compare rates from both local Maryland lenders and national institutions.
Are there any first-time homebuyer programs specifically available in Riva?
Yes, Riva homebuyers can access Maryland Mortgage Program (MMP) options, which offer competitive interest rates and down payment assistance through partners like the Maryland Department of Housing. Anne Arundel County also offers additional programs for first-time buyers, including settlement expense loans. These programs are particularly valuable given Riva's proximity to high-cost areas like Annapolis.
How does Riva's location between Annapolis and the South River affect mortgage lending considerations?
Riva's desirable waterfront location and proximity to Annapolis can lead to higher property values and insurance requirements. Lenders may require additional flood insurance for properties near the South River, which can affect your monthly payment calculations. The area's stable property values generally make lenders confident about financing in this community.
What unique closing costs should I expect when getting a mortgage in Riva?
In addition to standard closing costs, Riva homebuyers should budget for Anne Arundel County's recordation taxes and transfer taxes, which total approximately 1.2% of the purchase price. Given the rural character of many Riva properties, you may also encounter additional well and septic inspection fees that lenders require before approving loans.
How competitive is the mortgage pre-approval process in Riva's housing market?
With Riva's limited housing inventory and competitive market, having a strong pre-approval from a reputable lender is crucial. Local sellers often prefer buyers who work with lenders familiar with Anne Arundel County's specific requirements. A thorough pre-approval that includes underwriting review can give you a significant advantage when making offers in this sought-after community.
Nearby Cities
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Why Choose a Mortgage Lender in Riva?
Local Market Knowledge
Lenders who understand Riva'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 Riva and get competitive rates on your home loan.