Whether you are buying or building a home, or refinancing your current mortgage, Arundel Federal Savings Bank can help you find the right home loan for you. With local Maryland branches in: Annapolis, Brooklyn, Glen Burnie, Pasadena, and Severna Park, you’re sure to find a Maryland branch near you. View today’s mortgage interest rates below. Use our Free Mortgage Calculators to Estimate your monthly mortgage payments, refinance options and more. Complete our pre-qualification process to determine the financing you may qualify for. Apply online or contact a Loan Originator with any questions or for a Free Consultation. Please note that properties must be located in the State of Maryland.
Jump To:
Fixed Rate Mortgage Loans
A fixed rate loan allows you, the homeowner, the benefit of knowing exactly what your mortgage loan interest and principal payments will be for the life of your loan and are available for a home purchase or a mortgage refinance. Enjoy a fixed interest rate and fixed monthly payments. Available for 10, 15, 20, 25 and 30 year home loans. View today's mortgage interest rates below.
Available for home loan purchase or mortgage refinance
Fixed interest rates
Fixed monthly loan payments
Terms: 10, 15, 20, 25 and 30 years
Financing up to 97% LTV available (LTV over 80% may require Private Mortgage Insurance - PMI)
Investor Loans available. Contact for information.
Interest rates and terms are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan to value, term, credit score, and other variables. Please call for details.
** 15 year amortization with 5 year balloon. Purchase only.
^ Payments do not include amount for taxes and insurance premiums if applicable and the actual payment obligation will be higher.
SUBJECT TO CREDIT APPROVAL
Federal Home Loan Bank’s Affordable Housing First-Time Homebuyer* program
Arundel Federal Savings Bank is excited to offer the Federal Home Loan Bank’s Affordable Housing First-Time Homebuyer* program to qualified first-time homebuyers. Achieve the dream of homeownership with up to $12,500 in down-payment and closing-cost assistance for first-time homebuyers.
If you are a law enforcement officer, educator, health care worker, first responder, veteran, or essential worker, you may be eligible for an additional $2,500, for a total of $15,000 in assistance.
In addition to meeting the eligibility requirements, the homebuyer must:
Contribute at least $1,000 toward the purchase of the home.
Occupy the home as a primary residence.
Complete a homebuyer education and financial literacy course specified by the FHLBank Atlanta.
If you or someone you know is interested in this program, please contact our Loan Servicing Department at 410-768-7800, option #2, or one of our Loan Originators and let’s work together to get you in that first home. View today's mortgage interest rates below.
Available for home loan purchase
Fixed interest rates
Fixed monthly loan payments
Terms: 10, 15, 20, 25 and 30 years
*First-Time Homebuyer is a product of the Federal Home Loan Bank of Atlanta. Household income restrictions and other requirements apply. Please see Federal Home Loan Bank of Atlanta’s Affordable Housing Program Implementation Plan at www.fhlbxxx.com for complete product requirements. NMLS# 671636. Member FDIC and Equal Housing Lender.
Investor Loans available. Contact for information.
Interest rates and terms are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan to value, term, credit score, and other variables. Please call for details.
** 15 year amortization with 5 year balloon. Purchase only.
^ Payments do not include amount for taxes and insurance premiums if applicable and the actual payment obligation will be higher.
SUBJECT TO CREDIT APPROVAL
*First-Time Homebuyer is a product of the Federal Home Loan Bank of Atlanta. Household income restrictions and other requirements apply. Please see Federal Home Loan Bank of Atlanta’s Affordable Housing Program Implementation Plan at www.fhlbxxx.com for complete product requirements. NMLS# 671636. Member FDIC and Equal Housing Lender.
Adjustable Rate Mortgage Loans (ARM)
Consider an Adjustable Rate Mortgage (ARM) if beginning with a lower monthly mortgage payment is what you need. An Adjustable Rate Mortgage loan generally offers you an attractive interest rate for the first several years of your loan, then will adjust annually for the remainder of your loan term. Adjustable Rate Mortgage Loans are available for a new home loan purchase or a mortgage refinance. View today's Adjustable Rate Mortgage rates below.
Available for new home loan purchase or a mortgage refinance
Variable mortgage interest rates
3/1, 5/1 and 7/1 ARMS available
Variable monthly payments
Terms: 30 year amortization
Financing up to 97% LTV available (LTV over 80% may require Private Mortgage Insurance - PMI)
Interest rates and terms are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan to value, term, credit score, and other variables. Please call for details.
*ARMs are variable rate loans and the interest rates and payments may increase after consummation. ARM interest rates will adjust after the initial fixed period (15/1 ARM- 180 months; 10/1 ARM- 120 months; 7/1 ARM - 84 months; 5/1 ARM - 60 months) and are based on the U.S. Treasury’s One (1) Year Treasury Constant Maturity Index as published by the Federal Reserve Board plus a margin of 2.50%. The interest rate for the 5/1 ARM will not increase or decrease more than 2% at each rate and payment reset period. The interest rate for the 7/1 ARM, 10/1 ARM and 15/1 ARM will not increase or decrease more than 5% at the first rate and payment reset and not more than 2% at each rate and payment reset period thereafter. All ARM interest rates will not increase or decrease more than 5% over the term of the loan. All ARMs are based on a 30-year term and amortization.
^ Payments do not include amount for taxes and insurance premiums if applicable and the actual payment obligation will be higher.
Jumbo Mortgage Loans
When considering a larger loan, a Jumbo Mortgage Loan will provide you with the best financing for loans $790,001 to $1,000,000. Jumbo Mortgage Loans are available for new home loan purchase or a mortgage refinance at fixed mortgage interest rates or adjustable mortgage interest rates. View today's Jumbo Mortgage Loan interest rates below:
Available for a new home loan purchase or a mortgage refinance
Interest rates and terms are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan to value, term, credit score, and other variables. Please call for details.
^ Payments do not include amount for taxes and insurance premiums if applicable and the actual payment obligation will be higher.
# Above $1,000,000 other rates and terms may apply.
Jumbo Adjustable Rate Mortgages are also available. Please call for details and current rates.
SUBJECT TO CREDIT APPROVAL
Home Equity Lines of Credit
A home equity loan can provide the cash you need to consolidate debt, make home improvements, pay college tuition, etc. Arundel Federal Savings Bank offers revolving home equity lines of credit as well as fixed rate/term home equity loans. As a revolving line of credit, you can borrow and repay funds for the duration of the draw period.
Revolving line with check writing convenience
10 year initial draw period (renewable)
15 year repayment period
Interest-only payments during draw period
Access up to 90% of the available equity in your home
Interest may be tax deductible (consult your tax advisor)
No closing cost option available (excludes city/county transfer tax)
Revolving line of credit. Interest varies monthly based on Wall Street Journal Prime rate +/- the margin shown. The maximum APR on Home Equity Lines of Credit is 18%. Minimum loan amount $10,000, Maximum loan amount $1,000,000. Borrowers must exhibit minimum credit scores to qualify. Home Equity Lines of Credit have initial draw periods of 10 years which can be extended for another 5 years at the discretion of AFSB. The repayment period is 15 years. All loan applications are subject to credit and property approval. No fees to use, not use or close your Home Equity Line of Credit loans and No Closing Cost Loans after 36 months. State and/or local government taxes may apply at closing. Closing cost fees for loans of $50,000 range from $500-$1,200. Property insurance is required on your home. Call for rates for loan amounts above $1,000,000.
* $10,000 advance required at loan closing. Excludes any county/city-imposed transfer taxes. Borrower is responsible for all closing costs if the loan is paid off and closed in less than 36 months. Minimum loan amount is $10,000. Borrowers must meet minimum credit scores to qualify for combined LTV in excess of 80%. See program disclosure for additional details. All rates are subject to change without notice.
+Prime Rate as published in the "Money Rates" table in the Wall Street Journal. An increase or decrease in the index will result in an increase or decrease in the APR and the Finance Charge you will pay. The Wall Street Journal Prime rate as of February 12, 2024, was 8.50%.
SUBJECT TO CREDIT APPROVAL
Fixed Rate Home Equity Loans
Borrow from the equity that you have established in your home to finance home improvement projects, large purchases or consolidate debt.
Fixed interest rates
Fixed monthly payments
Terms up to 20 years
Access up to 90% of the available equity in your home
Fixed Rate and Term. Single Advance. Maximum loan amount at these terms is $1,000,000. Annual Percentage Rate based on loan amount of $100,000 and fees of $548.50. Payments per $1,000 borrowed do not include taxes or insurance premiums which may increase the monthly payment. Borrower pays all closing costs. Property insurance is required on your home.
Combined Loan to Value Ratio is the total of your outstanding 1st mortgage balance plus the proposed equity loan, divided by the value of your home. Call for rates for loan amounts above $1,000,000.
Construction/ Permanent Loans
Whether you’re building or renovating, we can help you with your construction and permanent loan financing. The construction loan will convert to a fixed rate mortgage at the end of construction. With a fixed rate mortgage, the rate we lock at application will be your same rate until the loan is paid off. This will protect you against rising interest rates and help you maintain your monthly budget. Plus, you only pay interest on the amount advanced during the construction phase.
Arundel Federal Savings Bank will consider a request for a self-managed construction job. We will require documented work experience specific to construction and evidence of a present work situation that will allow for time to supervise an ongoing construction project.
12 months construction with interest due monthly on the amount advanced.
At construction completion, we will provide conversion to a fixed rate term mortgage.
You choose your own licensed builder/contractor.
Your builder is funded based on completed and inspected work.
Draws are normally funded within 24 hours after we receive the inspection report! This is the benefit of working with a community lender that makes decisions locally.
12 month construction period is Prime + 0. Call for additional rate/APR on other CP permanent phase terms.
Interest rates and terms are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan to value, term, credit score, and other variables. Please call for details.
^ Payments do not include amount for taxes and insurance premiums if applicable and the actual payment obligation will be higher.
SUBJECT TO CREDIT APPROVAL
STATEMENT OF LOAN POLICY
Arundel Federal Savings Bank has established a policy of making sound loans to qualified applicants without regard to race, color, national origin, religion, sex, marital status, age, handicap, familial status, the receipt of public assistance, the borrower's good faith exercise of rights under the Consumer Credit Protection Act or the age or location of the dwelling (where applicable).
EQUAL CREDIT OPPORTUNITY ACT NOTICE
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, marital status, age (provided that the applicant has the capacity to enter into a binding contract), sex, handicap or familial status (having children under the age of 18), because all or part of the applicant's income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with the law concerning this lender is below:
Office of the Comptroller of the Currency, Customer Assistance Group, 1301 McKinney St., Ste. 3450, Houston, TX 77010. 800-613-6743
