The Best Mortgage Lenders in Solomons, MD
Compare verified mortgage lenders serving Solomons, Maryland. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Solomons
Featured Mortgage Lenders
First Home Mortgage
First Home Mortgage Corporation
First Home Mortgage is a top-rated regional lender with over three decades of experience serving Maryland homebuyers, including those in Solomons. They are renowned for their personalized customer service, competitive interest rates, and expertise in a wide range of loan programs. Their strong local presence and high customer satisfaction scores make them a trusted choice for mortgages in Calvert County and surrounding areas.
Loan Types:
New American Funding
New American Funding
New American Funding is a highly-regarded national lender with a significant footprint in Maryland, offering comprehensive loan options and dedicated local support for Solomons residents. They are praised for their competitive rates, efficient processing, and commitment to customer satisfaction, with numerous positive reviews highlighting their reliability and expertise in Southern Maryland markets.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is known for its rapid loan processing and strong customer-centric approach, serving homebuyers in Solomons and across Maryland. With a focus on purchase loans and a reputation for transparency and reliability, they have built a loyal client base through excellent service and competitive offerings, making them a top choice for mortgages in the region.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Solomons, MD
What are the current mortgage rates like in Solomons, MD, and how do they compare to state averages?
Mortgage rates in Solomons are generally competitive with statewide Maryland averages, but can be slightly influenced by the local waterfront and coastal property market. As of late 2023, rates for a 30-year fixed mortgage in Calvert County typically range within 0.125% to 0.25% of the national average. It's wise to consult with local lenders who understand the specific insurance and appraisal considerations for Solomons properties, which can sometimes affect the final loan terms.
Are there any special mortgage considerations for buying a waterfront home in Solomons?
Yes, purchasing a waterfront property in Solomons often requires additional steps. Lenders may require specialized flood certifications and often mandate flood insurance, which can impact your monthly payment and loan qualification. Furthermore, appraisals for these properties can be more complex due to their unique characteristics, so working with a lender experienced in coastal Maryland real estate is highly recommended.
What Maryland or Calvert County first-time homebuyer programs are accessible for buyers in Solomons?
Solomons homebuyers can utilize state-wide programs like the Maryland Mortgage Program (MMP), which offers competitive interest rates and down payment assistance. Additionally, Calvert County may offer its own assistance programs or tax credits. It's best to check with the Calvert County Department of Community Planning & Building or a local mortgage advisor to explore all available options tailored to the Southern Maryland housing market.
How does the seasonal nature of Solomons' economy affect mortgage approval for local business owners or seasonal workers?
Lenders are accustomed to the seasonal fluctuations in Solomons, which is heavily influenced by tourism and the maritime industry. Self-employed individuals or seasonal workers will typically need to provide two years of tax returns to demonstrate stable income averaged over that period. Strong documentation and a larger cash reserve can significantly help in securing loan approval during the off-season months.
Are there any specific loan programs or grants for purchasing a historic home in Solomons?
While there are no Solomons-specific historic home loans, properties that contribute to the town's historic character may be eligible for Maryland's Historic Preservation Tax Credit. However, standard loan programs (FHA, Conventional, VA) are used for purchase, and lenders will often require a thorough inspection to ensure the property meets lending standards, which can be more stringent for older homes.
Why Choose a Mortgage Lender in Solomons?
Local Market Knowledge
Lenders who understand Solomons'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 Solomons and get competitive rates on your home loan.