The Best Mortgage Lenders in Chatham, MA
Compare verified mortgage lenders serving Chatham, Massachusetts. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Chatham
Featured Mortgage Lenders
Mortgage Department
Cape Cod 5 Cents Savings Bank
Cape Cod 5 Cents Savings Bank is a highly respected local institution with deep roots in the Chatham community, offering personalized mortgage services and competitive rates. Known for exceptional customer service and long-term relationships, they provide a wide range of loan options tailored to Cape Cod's unique housing market. Their local expertise and commitment to the area make them a top choice for homebuyers seeking reliable, community-focused lending.
Loan Types:
Mortgage Services
Rockland Trust Company
Rockland Trust is a regional banking leader with a strong presence on Cape Cod, praised for its competitive mortgage rates and comprehensive loan programs. They excel in customer satisfaction with dedicated local advisors who understand Chatham's real estate dynamics. Their extensive experience and flexible financing solutions make them a trusted option for both first-time and experienced homebuyers in the area.
Loan Types:
Mortgage Advisor
Guaranteed Rate
Guaranteed Rate is a nationally recognized mortgage lender with a robust local office serving Chatham, offering innovative digital tools and highly competitive rates. They are known for fast closings, transparent processes, and excellent customer support, making them ideal for borrowers seeking efficiency and modern convenience. Their strong ratings and specialization in various loan types ensure tailored solutions for diverse needs.
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Frequently Asked Questions
Common questions about mortgage lending in Chatham, MA
What are current mortgage rates like for homes in Chatham, MA?
Mortgage rates in Chatham typically align with national averages but can be slightly higher due to the town's coastal location and higher property values. As of late 2024, 30-year fixed rates in the area range from 6.5% to 7.25%, though these fluctuate with market conditions. Buyers should note that jumbo loans, common for Chatham's luxury properties, often carry higher rates than conventional mortgages.
Are there any special mortgage programs for first-time homebuyers in Chatham?
Yes, Massachusetts offers several programs through MassHousing that are available to Chatham buyers, including the MassHousing Mortgage with competitive rates and down payment assistance. However, given Chatham's high median home prices, buyers should also explore conventional loans with lower down payment options. Local lenders familiar with Cape Cod's market can help identify the best fit for your budget.
How does Chatham's coastal location affect the mortgage process?
Chatham's coastal location often requires additional steps in the mortgage process, including mandatory flood zone determinations and potential flood insurance requirements. Lenders will typically require an elevation certificate and may mandate flood insurance for properties in designated flood zones, which can add to your monthly housing costs. These factors are especially important for properties near the shoreline or in low-lying areas.
What should I know about jumbo loans in Chatham's real estate market?
Given Chatham's high property values, many buyers need jumbo loans (exceeding $766,550 in most of Barnstable County). These typically require stronger credit profiles, larger down payments (often 20% or more), and more extensive documentation. Local lenders with experience in Cape Cod's luxury market can provide guidance on jumbo loan options and requirements specific to Chatham properties.
Are there property tax considerations I should factor into my mortgage planning in Chatham?
Yes, Chatham has relatively high property tax rates compared to national averages, currently around $6.70 per $1,000 of assessed value. When calculating your monthly mortgage payment, remember to include these taxes, which can significantly impact your housing budget. Your lender will help estimate these costs and ensure your escrow account is properly funded for both mortgage and tax payments.
Nearby Cities
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Why Choose a Mortgage Lender in Chatham?
Local Market Knowledge
Lenders who understand Chatham'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 Massachusetts.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Chatham and get competitive rates on your home loan.