The Best Mortgage Lenders in Cape Charles, VA
Compare verified mortgage lenders serving Cape Charles, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Cape Charles
Featured Mortgage Lenders
Michael D. Grist
Bay Capital Mortgage Corporation
Bay Capital Mortgage is a locally-owned and operated mortgage lender with deep roots in the Eastern Shore community. As one of the few mortgage companies physically located in Cape Charles, they offer personalized service and extensive knowledge of the unique coastal property market. With over 20 years of experience, they specialize in waterfront properties, vacation homes, and primary residences throughout Virginia's Eastern Shore. Their high rating reflects exceptional customer service and expertise in handling the specific challenges of coastal lending.
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Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group is a highly-rated regional mortgage lender with strong presence throughout Hampton Roads and the Eastern Shore. While based in Virginia Beach, they regularly serve clients in Cape Charles and have extensive experience with coastal properties and second homes. Founded in 1996, they've built a reputation for competitive rates, streamlined processes, and excellent customer service. Their team includes specialists familiar with the unique aspects of Eastern Shore real estate transactions.
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Chartway Credit Union
Chartway Credit Union
Chartway Credit Union is a well-established financial institution serving Virginia residents including those in Cape Charles and the Eastern Shore. With over six decades of experience, they offer competitive mortgage rates and personalized service to members. Their mortgage specialists are knowledgeable about the regional market and provide comprehensive guidance through the homebuying process. As a credit union, they often offer more favorable terms and lower fees than traditional banks, making them an excellent choice for Eastern Shore homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Cape Charles, VA
Are there specific mortgage considerations for buying a historic home in Cape Charles?
Yes, purchasing a home in the Cape Charles Historic District often requires special attention. Lenders may require a more thorough inspection and could have specific appraisal requirements to account for the unique architecture and potential renovation needs. It's advisable to work with a lender experienced in historic properties, as some conventional loan programs might have restrictions that a local portfolio or renovation loan could better accommodate.
What local or state programs are available to help with down payments for first-time homebuyers in Cape Charles?
Virginia Housing offers several statewide programs, like the VHDA Down Payment Assistance Grant (DPAG), which are accessible to eligible buyers in Cape Charles. These can provide grants or second mortgages to cover down payment and closing costs. Additionally, some local lenders may offer portfolio products tailored to the Northampton County market, so it's important to consult with a mortgage advisor familiar with these regional resources.
How do seasonal fluctuations in Cape Charles' tourism market affect mortgage approval for investment or vacation properties?
Lenders underwriting a mortgage for a non-primary residence in Cape Charles will closely scrutinize rental income, especially since it may be highly seasonal. They will typically require a two-year history of rental income from the property (if already a rental) or use market-rate analysis. Debt-to-income ratios must account for the possibility of off-season vacancies, making solid personal income and reserves even more critical for approval.
Are flood insurance requirements a major factor for mortgages in Cape Charles, and how do they impact costs?
Absolutely. A significant portion of Cape Charles is in a FEMA-designated Special Flood Hazard Area (SFHA). Lenders will mandate flood insurance for homes in these zones, which adds a substantial, non-negotiable annual cost to homeownership. This cost must be escrowed and included in your total monthly mortgage payment calculation, directly affecting how much house you can afford.
What are typical property tax rates in Cape Charles, and how are they handled in a mortgage?
Northampton County, which includes Cape Charles, has a relatively low property tax rate compared to national averages, currently around $0.68 per $100 of assessed value. However, property values have risen significantly. Your lender will estimate annual taxes based on the purchase price and collect 1/12th of that estimate each month to be held in escrow, ensuring the bill is paid when due to the county.
Why Choose a Mortgage Lender in Cape Charles?
Local Market Knowledge
Lenders who understand Cape Charles'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 Virginia.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Cape Charles and get competitive rates on your home loan.