Which mortgage lender in the Ocean City, MD area typically has the best rates? To help you narrow down where to shop for a mortgage, MortgageWaldo.com provides an objective and data driven ranking of mortgage lenders operating in the Ocean City, MD area by interest rate and market share. Unlike our competitors, we maintain independence by not accepting any compensation from the mortgage lenders we rank. We use data on all fixed rate mortgages that were closed in the past year to generate our rankings.
Going by historical data, the best mortgage lender in the Ocean City, MD area in terms of interest rate is Del-One Federal Credit Union, with an average “Rate Difference” of -0.21%. This means that, comparing similar borrowers, Del-One Federal Credit Union provided a -0.21% lower interest rate for its customers than other lenders in the area. Del-One Federal Credit Union has a market share of 0.7%. On the other hand, the most popular lender in the Ocean City, MD area is Quicken Loans, with a larger market share of 8.7%. However, Quicken Loans also tends to be an expensive lender in the area, with an average “Rate Difference” of +0.10% compared to those of other lenders. We recommend shopping around before going with this popular lender.
Our detailed ranking of mortgage lenders in the Ocean City, MD area is shown in the table below. In the table, we also give our assessment of whether they are, on average, a cheap/expensive lender through a star rating system. You can choose to tailor our ranking table to a specific mortgage type (Conventional/Jumbo/FHA/VA) and purpose (purchase/refinance) through the drop-down menu. For example, Bank of America is the cheapest mortgage provider for Conventional and Jumbo mortgages in Ocean City, MD. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is DHI Mortgage Company Limited. The cheapest VA mortgage provider is Navy Federal Credit Union. Note that as a consumer advocate we always recommend shopping among several of our top ranked lenders in order to get the best rates and fees.
Ranking of Mortgage Lenders in Ocean City, MD
|Lender Name||Rate Difference||Rate Rating||Market Share|
|Bank of America||-0.04%||6.77%|
|Wells Fargo Bank||-0.01%||11.28%|
|Atlantic Bay Mortgage Group||0.01%||2.26%|
|Sandy Spring Bank||0.01%||0.75%|
|JPMorgan Chase Bank||0.01%||3.76%|
|Fairway Independent Mortgage Corporation||0.01%||1.50%|
|Embrace Home Loans||0.01%||1.50%|
|First Home Mortgage||0.01%||0.75%|
|Waterstone Mortgage Corporation||0.02%||3.76%|
|Prosperity Home Mortgage LLC||0.02%||0.75%|
|The Federal Savings Bank||0.02%||0.75%|
|Mortgage Network, Inc||0.02%||0.75%|
|Guaranteed Rate Affinity||0.02%||0.75%|
|Bay Capital Mortgage Corporation||0.03%||0.75%|
|AnnieMac Home Mortgage||0.03%||2.26%|
|Residential Mortgage Services||0.04%||6.77%|
* Data is compiled for the Ocean City, MD commuting zone area, which comprises of counties of Kent County, DE, Sussex County, DE, Somerset County, MD, Wicomico County, MD, and Worcester County, MD. This includes cities/towns/communities of Ocean City, MD as well as Millville, DE, Smyrna, DE, Dover, DE, Salisbury, MD, Milton, DE, Ocean Pines, MD, Lewes, DE, Rising Sun-Lebanon, DE, Millsboro, DE, Selbyville, DE, Milford, DE, Seaford, DE, Bethany Beach, DE, Delmar, MD, Camden, DE, Riverview, DE, West Ocean City, MD, Delmar, DE, Berlin, MD, Laurel, DE, Greenwood, DE, Slaughter Beach, DE, Long Neck, DE, Georgetown, DE, Rehoboth Beach, DE, Felton, DE, Wyoming, DE, Kenton, DE, Frankford, DE, Frederica, DE, Whitehaven, MD, Newark, MD, Houston, DE, Little Creek, DE, Hartly, DE, Crisfield, MD, Willards, MD, Dewey Beach, DE, Harrington, DE, Sharptown, MD, Ellendale, DE, Fenwick Island, DE, Powellville, MD, Pocomoke City, MD, Mount Vernon, MD, Blades, DE, Milford, DE, Stockton, MD, Kent Acres, DE, and Eden, MD. Lenders must have made at least 30 loans in the area to be included. Source of the data is Federal Financial Institutions Examination Council (FFIEC). Rate Difference (the average difference of interest rates relative to those of other lenders) were computed by subtracting the rate at origination from the average predicted rate conditional on the commuting zone, borrower LTV, DTI, Loan Amount, Loan Type, and Loan Purpose, and then regularized based on a Bayesian approach to account for smaller sample sizes. Above-average mortgage closing costs were then added to the rate difference at a rate of +0.15/point. Star ratings were determined in intervals of 0.10% in rate difference per half star.
Mortgage Lender Rankings in Other Cities
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