The Best Mortgage Lenders in Eastham, MA
Compare verified mortgage lenders serving Eastham, Massachusetts. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Eastham
Featured Mortgage Lenders
Cape Cod Five Cents Savings Bank
Cape Cod Five Cents Savings Bank
As the dominant local financial institution serving the entire Cape Cod region including Eastham, Cape Cod Five has deep community roots and exceptional customer satisfaction ratings. They offer specialized mortgage programs for Cape Cod properties, including vacation homes and investment properties common in the area. Their local underwriting expertise and personalized service make them a top choice for Eastham residents seeking competitive rates and local decision-making.
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The Poli Mortgage Group
The Poli Mortgage Group, Inc.
With multiple offices across Massachusetts including nearby Hyannis, Poli Mortgage Group is highly regarded for their expertise in Cape Cod real estate financing. They consistently receive top ratings for customer service and competitive pricing. Their team specializes in navigating the unique aspects of Cape Cod properties, including waterfront homes and seasonal residences common in Eastham. They offer digital mortgage solutions alongside personalized local service.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation - Cape Cod
Fairway's Orleans branch serves the entire Outer Cape region including Eastham with exceptional customer service ratings and competitive loan products. They specialize in both primary residences and investment properties common in the Cape Cod market. Their local loan officers have extensive experience with Eastham's unique housing market, offering personalized guidance through the entire mortgage process with strong communication and timely closings.
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Frequently Asked Questions
Common questions about mortgage lending in Eastham, MA
What are the current mortgage rates like in Eastham, MA compared to the rest of Massachusetts?
Mortgage rates in Eastham are generally competitive with statewide averages, but can be slightly influenced by the town's status as a seasonal and second-home market. It's wise to compare offers from both local Cape Cod lenders and national institutions, as local lenders often have a better understanding of the unique Eastham property market, including flood zone considerations which can affect insurance and loan requirements.
Are there any special loan programs for first-time homebuyers in Eastham?
Yes, the Massachusetts One Mortgage program is a popular option for first-time buyers in Eastham, offering a low down payment and no private mortgage insurance. Additionally, the Cape Cod Commission and local nonprofits sometimes offer down payment assistance programs specifically for year-round residents looking to purchase in Barnstable County, helping to address the affordability gap in this desirable market.
How does Eastham's location in a coastal flood zone impact the mortgage process?
Eastham's extensive coastline means many properties are in FEMA-designated flood zones, which is a critical factor in the mortgage process. Lenders will require a flood elevation certificate and mandate that you purchase flood insurance as a condition of the loan. This additional insurance cost must be factored into your monthly housing expense and debt-to-income ratio calculations.
What is the typical down payment needed for a home in Eastham's competitive market?
While 20% is ideal to avoid PMI, down payments in Eastham can vary widely. For primary residences, you may find conventional loans with 5-10% down, but for the many investment or second-home properties in Eastham, lenders often require a larger down payment, typically 20-30%, due to the perceived higher risk associated with seasonal rental properties.
Are there property tax considerations in Eastham that I should know about before getting a mortgage?
Yes, Eastham has a residential tax exemption that can significantly reduce the tax burden for year-round residents who occupy the home as their primary residence. When applying for a mortgage, you should clarify with the town assessor's office if you qualify, as this lower tax rate will positively impact your debt-to-income ratio and overall housing affordability calculation.
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Why Choose a Mortgage Lender in Eastham?
Local Market Knowledge
Lenders who understand Eastham'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 Eastham and get competitive rates on your home loan.