The Best Mortgage Lenders in Towson, MD
Compare verified mortgage lenders serving Towson, Maryland. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Towson
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender known for its exceptional customer service and competitive rates, with a strong local presence in the Baltimore-Towson area. Founded in 1996, it has built a reputation for reliability and a wide range of loan options, including specialized programs for first-time homebuyers. The company emphasizes personalized service and has consistently high customer satisfaction ratings, making it a trusted choice for mortgages in Maryland.
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New American Funding
New American Funding
New American Funding is a highly regarded mortgage lender with a focus on diversity and community support, serving the Towson area through its Columbia office. Founded in 2003, it offers innovative loan products and competitive rates, with a strong emphasis on customer education and satisfaction. The company is known for its efficient processing and commitment to helping borrowers achieve homeownership, backed by numerous positive reviews and a solid track record in the region.
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Guaranteed Rate
Guaranteed Rate
Guaranteed Rate is a leading mortgage lender renowned for its digital innovation and high customer satisfaction, with a significant presence in the Maryland area, including Towson. Established in 2000, it combines technology with personalized service to offer competitive rates and a seamless borrowing experience. The company excels in providing a variety of loan options and has earned a reputation for transparency and reliability, supported by extensive positive feedback from local homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Towson, MD
What are the current mortgage rates like in Towson, MD?
Mortgage rates in Towson typically align with national averages but can vary based on local market conditions and lender competition. Currently, rates in the Baltimore County area range from the mid-6% to low-7% for 30-year fixed mortgages, with Towson's desirable school districts and proximity to Baltimore creating steady demand that can influence rates slightly higher than less competitive Maryland markets.
Are there any special first-time homebuyer programs available specifically for Towson?
Yes, Towson homebuyers can access Maryland Mortgage Program (MMP) options, which include down payment assistance grants and competitive interest rates. Additionally, Baltimore County offers its own Employee Homeownership Program for county employees, and many lenders provide special programs for Towson's teachers, healthcare workers, and other essential service providers in this university and hospital-rich community.
How does Towson's competitive housing market affect the mortgage pre-approval process?
Given Towson's highly competitive real estate market, having a strong pre-approval is crucial. Local lenders recommend getting fully underwritten pre-approvals rather than basic pre-qualifications, as sellers in popular Towson neighborhoods like Rodgers Forge or Anneslie often require proof of solid financing. Working with lenders familiar with Towson's quick closing timelines can give you an advantage in multiple-offer situations.
What should I know about property taxes when getting a mortgage in Towson?
Towson homeowners pay Baltimore County property taxes at a rate of approximately 1.1% of assessed value, plus additional fees for specific services. Your mortgage lender will typically escrow for these taxes, but it's important to factor in that properties in special taxing districts or with recent renovations may have higher assessments, affecting your overall monthly payment calculation.
Are there any local mortgage considerations for Towson's historic homes?
Yes, purchasing historic properties in Towson's designated areas like the Towson Historic District may require specialized financing considerations. Some lenders offer renovation loans specifically for historic homes, and you'll want to work with appraisers experienced in valuing historic properties. Additionally, properties in historic districts may have preservation requirements that affect both insurance costs and potential renovation financing options.
Nearby Cities
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Why Choose a Mortgage Lender in Towson?
Local Market Knowledge
Lenders who understand Towson'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 Towson and get competitive rates on your home loan.