ABOUT US

ABOUT ARUNDEL FEDERAL SAVINGS BANK

More than one hundred years ago, a small group of citizens and local businessmen in the growing community of Brooklyn, Maryland formed Arundel Perpetual Building and Loan Association (now Arundel Federal Savings Bank) in the corner of a lumber company’s storeroom at Sixth Street and Patapsco Avenue. Their mission was to finance homes for the local citizenry through savings dollars invested by the community.

For the past 100+ years, Arundel Federal has provided a safe place for our customers to save for their future. People just like you trust us to keep their investments secure. We do that by using our assets for the soundest investments we believe we can make – home mortgages. It’s a very simple and enduring philosophy which has served both the bank and our customers well.

With offices in Brooklyn, Glen Burnie, Pasadena, Severna Park, and Annapolis, we have committed ourselves to personal, friendly service. We know most of our customers by name and there are no "800" numbers at Arundel Federal. You can call and speak to the president if necessary. We continue to adhere to a conservative management style and have retained a strong base of directors, officers and employees. Arundel is consistently rated as one of the safest financial institutions with capital levels far in excess of federal regulatory requirements.

We have added many new products and services over the years to keep pace with the growing needs of our customers and technological advancements. This new website with added links, calculators and a greatly expanded mortgage loan section is an example of how we adapt proven financial technology to meet the needs of our customers.

 

  

Benefits to Using a Local Lender

Why is finding a local mortgage lender an important part of getting a home loan?  It's about taking the time to find the right product that fits your needs and lender that understands them.

Most local lenders are also willing to add a personal touch to the experience.  Taking the time to overcome any obstacles that you might face.  Customers that are self-employed or don't fit a standard profile may need additonal help when procuring a loan.  Other people may have credit obstacles that need special attention to correct.  Local lenders don't mind taking the time to give you the extra help you need.

Also, make sure your lender considers your current and future life situations: how long you plan to live in your house; is it your first home; any future career plans or family plans on the horizon? All these factors help determine what morgage product is best for you. 

Choosing the right lender is about trust, reliability, and feeling comfortable.  After all, this is probably going to be the largest transaction of your life.

First Steps for House Hunting!

So, you have talked to your Realtor and decided on the area you want to live and possibly the house design you prefer.  Then, just like the television house hunter shows, the inevitable question arises "what is your budget?" or "how much home can you afford?"  On your own, deciding affordability can be a daunting process.  This may be the time when your Realtor will suggest that you call a bank, mortgage broker or loan officer that you trust to get the number that you need.  

After a simple phone call to one of our experienced and knowledgeable loan officers, you can have a pre-qualification letter in hand to present to your Realtor.  There is no cost for an Arundel Federal pre-qualification letter and it can be delivered to you, via email, within minutes.

When you find the home of your dreams, your Realtor will submit the pre-qulification letter along with the contract you submit to a seller.  If you want your offer to be taken seriously and to stand out from other competing bids, this little piece of paperwork can really give you the edge!  The pre-qualification letter is an important document for the seller.  It allows the seller a certain amount of confidence in you as the prospective buyer and that you can afford the sales price you are offering and not back out of a contract at the last minute. 

An Arundel Federal loan officer will get your permision to run your credit report, will ask you  your monthly income and how much you have saved for your down payment.  With this information, your loan officer will determine how much of a sales price fits your income and your assets.  If you know of any gift money or grant money you many want to use, now would be the time to also have that discussion with a loan officer.