The Best Mortgage Lenders in Severn, MD
Compare verified mortgage lenders serving Severn, Maryland. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Severn
Featured Mortgage Lenders
First Home Mortgage
First Home Mortgage Corporation
First Home Mortgage is a top-rated regional lender with deep roots in Maryland, serving Severn and the broader Baltimore-Washington corridor for over 30 years. They consistently earn exceptional ratings for their personalized service, competitive rates, and expertise with Maryland-specific loan programs. Their local processing and underwriting teams provide faster closings and better communication than many national lenders, with special expertise in first-time homebuyer programs and jumbo loans for the competitive Severn market.
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Atlantic Coast Mortgage
Atlantic Coast Mortgage, LLC
Atlantic Coast Mortgage has built an outstanding reputation throughout Central Maryland with their exceptional customer service and competitive loan products. Serving Severn from their Annapolis location, they specialize in both purchase and refinance transactions with particular expertise in VA loans important to the military community near Fort Meade. Their local decision-making and streamlined processes consistently earn high marks from Maryland homebuyers for transparency and efficiency.
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Prosperity Home Mortgage
Prosperity Home Mortgage, LLC
As part of the Long & Foster Companies, Prosperity Home Mortgage has strong brand recognition and trust throughout Maryland, including dedicated service to Severn homebuyers. They offer competitive rates and a comprehensive suite of loan products with special strength in conventional and jumbo lending. Their integration with one of the region's largest real estate networks provides seamless homebuying experiences, and their local loan officers have extensive knowledge of the Severn housing market dynamics and pricing trends.
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Frequently Asked Questions
Common questions about mortgage lending in Severn, MD
What are the current mortgage rates like for homebuyers in Severn, MD?
Mortgage rates in Severn typically align with national averages but can be influenced by local market competition. Currently, rates for 30-year fixed mortgages in the Severn area range from 6.5% to 7.2%, depending on credit score and loan type. Working with a local lender who understands Anne Arundel County's market dynamics can help you secure competitive rates.
Are there any first-time homebuyer programs specific to Severn, MD?
Yes, Severn homebuyers can access Maryland Mortgage Program (MMP) options, which include down payment assistance and favorable terms for first-time buyers. Additionally, Anne Arundel County offers its own Homeownership Program providing down payment and closing cost assistance to eligible buyers. These programs are particularly valuable in Severn's competitive market where median home prices are around $400,000.
How does Severn's proximity to military bases affect mortgage options?
Severn's location near Fort Meade makes VA loans exceptionally popular and well-understood by local lenders. Many Severn lenders have extensive experience with VA loans and understand military pay structures, deployment considerations, and the specific needs of military families. This expertise can streamline the process for active duty personnel, veterans, and their families purchasing in the area.
What special considerations should I know about buying a townhome in Severn?
When purchasing townhomes in Severn's many planned communities, lenders pay close attention to HOA fees, reserves, and insurance coverage since these affect your debt-to-income ratio. Many Severn townhome communities have higher HOA fees due to extensive amenities, which could impact your loan qualification. Your lender will need to review the HOA's financial health and covenants before approval.
How do property taxes in Anne Arundel County affect mortgage payments in Severn?
Anne Arundel County property taxes average approximately 0.94% of assessed value, which lenders factor into your monthly payment calculations. For a $400,000 home in Severn, expect to pay around $3,760 annually in property taxes. These taxes are typically escrowed as part of your monthly mortgage payment, so it's important to budget for this additional cost beyond just principal and interest.
Nearby Cities
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Why Choose a Mortgage Lender in Severn?
Local Market Knowledge
Lenders who understand Severn'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 Severn and get competitive rates on your home loan.