The Best Mortgage Lenders in Severna Park, MD
Compare verified mortgage lenders serving Severna Park, Maryland. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Severna Park
Featured Mortgage Lenders
Atlantic Coast Mortgage
Atlantic Coast Mortgage, LLC
Atlantic Coast Mortgage is a highly-rated local lender with a strong presence in the Severna Park area, known for its personalized service and competitive rates. They specialize in a wide range of loan products and have built a reputation for transparency and efficiency, with many customers praising their responsive communication and smooth closing processes. Their long-standing operation in the region ensures deep knowledge of local market conditions.
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New American Funding
New American Funding
New American Funding is a nationally recognized lender with a strong local office serving Severna Park, offering diverse loan options and a commitment to minority and first-time homebuyer programs. They are praised for their competitive rates, digital tools, and dedicated local team that provides tailored advice. Their high customer satisfaction scores reflect their reliability and community-focused approach.
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Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national lender with a significant presence in the Baltimore-Washington corridor, serving Severna Park residents with innovative technology and fast loan processing. They are known for their user-friendly online platform, competitive pricing, and extensive loan portfolio. Customers highlight their professionalism and ability to handle complex scenarios, making them a trusted choice in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Severna Park, MD
What are the current mortgage rates like for homes in Severna Park, MD?
Mortgage rates in Severna Park are typically competitive with national averages but can be influenced by the area's high property values and strong demand. As of recent trends, rates for 30-year fixed mortgages in Anne Arundel County generally range from the mid-6% to low-7% range, though this fluctuates with market conditions. Working with a local lender familiar with Severna Park can help you secure the best available rate for your specific financial situation.
Are there any special mortgage programs for first-time homebuyers in Severna Park?
Yes, Maryland offers several programs that Severna Park buyers can utilize, including the Maryland Mortgage Program (MMP) which provides competitive interest rates and down payment assistance. Additionally, Anne Arundel County has its own Homeownership for A Better Tomorrow program offering down payment and closing cost assistance. These programs are particularly valuable in Severna Park where median home prices are above state averages.
How does Severna Park's proximity to water affect mortgage requirements?
For properties near the Severn River or other waterways, lenders often require additional flood insurance, which can affect your overall monthly payment. Some waterfront properties may also require specialized appraisals and could have different loan-to-value requirements. It's crucial to work with a lender experienced in coastal Maryland properties to navigate these specific requirements.
What should I know about property taxes when getting a mortgage in Severna Park?
Severna Park homeowners pay Anne Arundel County property taxes at a rate of approximately 0.94%, which is relatively moderate for the region. However, given Severna Park's higher property values, the actual tax amount can be substantial and should be factored into your overall housing budget. Your lender will include these taxes in your monthly escrow payment calculation.
Are jumbo loans common in Severna Park's real estate market?
Yes, jumbo loans are quite common in Severna Park since many homes exceed the conventional loan limits ($ in 2024). Local lenders are well-versed in jumbo loan requirements, which typically include higher credit score thresholds (often 700+) and larger down payment requirements (usually 10-20%). Given the area's affluent nature, many lenders offer competitive jumbo loan products specifically tailored to Severna Park buyers.
Nearby Cities
Explore mortgage lenders in cities near Severna Park, MD
Why Choose a Mortgage Lender in Severna Park?
Local Market Knowledge
Lenders who understand Severna Park'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 Severna Park and get competitive rates on your home loan.