The Best Mortgage Lenders in Scotland, MD
Compare verified mortgage lenders serving Scotland, Maryland. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Scotland
Featured Mortgage Lenders
First Community Bank of Mercersburg
First Community Bank of Mercersburg
First Community Bank of Mercersburg is a highly-rated community bank serving Southern Pennsylvania and Northern Maryland, including Scotland. With exceptional 4.8-star ratings across multiple platforms, they specialize in personalized mortgage services and competitive local rates. Their experienced loan officers provide comprehensive guidance through conventional, government-backed, and construction loans. As a community-focused institution with over 25 years of service, they offer the stability of an established bank with the personal attention of a local lender, making them a top choice for Scotland area homebuyers.
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Atlantic Coast Mortgage
Atlantic Coast Mortgage LLC
Atlantic Coast Mortgage is a top-rated regional mortgage lender with strong presence throughout Southern Maryland, including service to Scotland. With an impressive 4.9-star rating from hundreds of reviews, they are renowned for their exceptional customer service and competitive rates. Their team of experienced loan officers specializes in all major loan types with particular expertise in first-time homebuyer programs and VA loans. The company has built a stellar reputation for smooth closings and personalized service, making them one of the most recommended mortgage lenders in the St. Mary's County region.
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Presidential Bank
Presidential Bank, FSB
Presidential Bank has been serving Southern Maryland communities including Scotland for over 35 years, earning a 4.7-star rating for their reliable mortgage services. As a federally chartered savings bank with deep roots in the region, they offer competitive rates and a wide range of mortgage products. Their experienced lending team provides personalized service with particular strength in conventional and investment property loans. With a physical branch conveniently located in nearby California, MD, they combine the stability of an established financial institution with the personalized attention that local homebuyers in Scotland appreciate.
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Frequently Asked Questions
Common questions about mortgage lending in Scotland, MD
What are the current mortgage rates like for homes in Scotland, MD?
Mortgage rates in Scotland, MD are generally competitive with national averages, but can be influenced by local market conditions and property types common in Southern Maryland. For St. Mary's County specifically, rates for conventional 30-year fixed mortgages typically range from 6.5% to 7.5% as of 2024, though this varies by lender and borrower qualifications. Working with a local lender familiar with the Patuxent River Naval Air Station employment patterns can help secure the best rates.
Are there any special mortgage programs for first-time homebuyers in Scotland, MD?
Yes, Maryland offers several first-time homebuyer programs that apply to Scotland, including the Maryland Mortgage Program (MMP) which provides competitive interest rates and down payment assistance. St. Mary's County residents may also qualify for the Partner Match Program, which can provide up to $5,000 in matching funds for down payment and closing costs. These programs are particularly beneficial given Scotland's proximity to higher-priced waterfront communities.
How does Scotland's location in a coastal area affect mortgage lending requirements?
Scotland's coastal location can impact mortgage requirements, particularly for properties in flood zones. Lenders typically require flood insurance for homes in designated flood areas, which is common in this Chesapeake Bay community. Additionally, properties closer to the water may have higher insurance requirements and different appraisal considerations, which can affect loan-to-value ratios and overall borrowing costs.
What should I know about property taxes and how they affect mortgages in Scotland, MD?
St. Mary's County, where Scotland is located, has a property tax rate of approximately $0.911 per $100 of assessed value, which is relatively moderate for Maryland. Lenders will include these property taxes in your monthly mortgage payment through an escrow account. It's important to note that properties with water access or waterfront views in Scotland may have higher assessments, potentially increasing your monthly mortgage payment.
Are there any local down payment assistance programs specific to St. Mary's County homebuyers?
While Scotland itself doesn't have municipality-specific programs, St. Mary's County offers the HomeStretch Down Payment and Closing Cost Assistance Program for qualified buyers. This program provides up to $10,000 in assistance as a 0% interest deferred loan. Given the county's military presence, there are also specialized programs and lenders familiar with VA loans that can benefit Naval Air Station personnel looking to buy in Scotland.
Why Choose a Mortgage Lender in Scotland?
Local Market Knowledge
Lenders who understand Scotland'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 Scotland and get competitive rates on your home loan.