Sat. Apr 17th, 2021

If you are thinking of buying a home in Maryland, you will have some of Old Line State’s 2.4 million housing units From which to choose. Homemade at a rate of 67%, according to the US Census Bureau 2018 American Community SurveyThe majority of Maryland’s 6 million residents own homes.

The state’s median housing price is $ 324,800, significantly higher than the national average of $ 229,700. Because home values ​​vary by region, some counties in Maryland have median home prices that can reach the $ 476,500 limit.

What are the mortgage rates in Maryland?

Average interest rate for a 30 year fixed rate Simulating mortgage in maryland 2.95%.

House interest rates Range from 2.38% Service 4.5% In Maryland.

What are today’s mortgage rates?

By locking in a low mortgage rate today, you can save thousands over the life of your loan. Compare your mortgage rate offers with national average trends.

Loan type

Rate of this week

Last week rate

30-Year Fixed Rate Mortgage 2.87% 2.9%
15-Year Fixed Rate Mortgage 2.34% 2.38%
30-Year Fixed-Rate Jumbo Mortgage 2.89% 2.93%
5/1 ARM 2.99% 3.03%
5/1 Jumbo ARM 2.86% 2.85%

* Rates for January 1, 2021

US News’ Best Maryland Mortgage Lenders

Methodology: US News conducted an in-depth review of major direct mortgage lenders in Maryland. The research was based on program availability, customer satisfaction ratings, and qualification requirements. Because each consumer has different needs, the top finishers were chosen in several key areas.

Best for va loan

Giants United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, DC, and specializes in VA loans. In 2019, Veterans United Home Loan generated the largest VA loan in the nation.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Refinance, USDA and VA
  • Minimum FICO Credit Score: 660
  • Maximum loan amount: $ 1.5 million
  • Better Business Bureau Rating: A +

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  • No military service required

  • No minimum loan amount set

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Best for large loan amount

Bank of America serves approximately 66 million customers in all 50 states. The lender offers traditional, Federal Housing Administration, Department of Veterans Affairs and Jumbo loans, as well as home equity lines of credit and mortgage refinancing.

Lender highlights

  • Mortgage Type: ARM, traditional, FHA, first time homebuyer program, home equity lines of credit, refinance, VA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: $ 5 million
  • Better Business Bureau Rating: A +

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  • Different types of mortgages

  • Annual percentage rate or closing cost rebate for qualifying Bank of America and Merrill Lynch clients

  • No closing costs and no annual cash balance fees for balance transfers and HELOCs

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Best for low cost

Chase, one of the largest banks in the country, offers mortgage and refinance loans to qualified borrowers. Home equity loans and HELOC are also available.

Before you apply

  • Mortgage Type Offered: ARM, Traditional, FHA, Jumbo, Refinance and VA
  • Minimum FICO Credit Score: 620
  • Maximum loan amount: $ 3 million
  • Better Business Bureau Rating: A +

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  • Accepts up to 3% down payment

  • Receives high marks from Better Business Bureau

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Best for online service

Caliber Home Loans of Coppell, Texas offers nationwide mortgages including traditional, refinance, jumbo and adjustable rate loans. The government-backed options are FHA, USDA and VA. Caliber has been in business since 2008 and focuses solely on home loans.

Before you apply

  • Mortgage Type: Traditional, FHA, Jumbo, Refinance, USDA and VA
  • Minimum FICO Credit Score: 580
  • Maximum loan amount: $ 3 million
  • Better Business Bureau Rating: a

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  • Homebuyer offers programs for the first time

  • FICO accepts mortgage applicants with credit scores as low as 580

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Best for product selection

Guild Mortgage, established in 1960, specializes in home loans and serves lenders around the country. The complete lender of products includes traditional and government-backed mortgages and home equity loans.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Jumbo, Manufactured Homes, Refinance, Reverse, USDA & VA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: Different
  • Better Business Bureau Rating: A +

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  • Receives strong customer service rating from Better Business Bureau

  • Offers a wide range of mortgage products

  • Offers exclusive mortgage programs for first time buyers and manufactured homebuyers

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Best for customer service

LoanDepot was founded in 2010 and has since funded over $ 70 billion in mortgages. It offers FHA, traditional and other mortgage options. Borrowers with a FICO credit score as low as 580 may qualify for a loan.

main characteristics:

  • Mortgage Type Offered: Traditional, FHA, VA, ARM, Refinance (Conventional), Refinance (FHA), Refinance (VA), Home Equity Loan
  • Minimum FICO Credit Score: 500 with conditions
  • Maximum debt-to-income ratio: 43% for FHA
  • Maximum combined debt-to-value ratio: 90%
  • JD Power Satisfaction Rating: Four out of five

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  • The LoanDepot mortgage has a lifetime guarantee, which means that if you ever decide to refinance an existing LoanDepot loan, the company will waive the lender fee and reimburse the appraisal fee.

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Best for online service

Priming is a Dallas-based mortgage lender, with a number of mortgage loan options including traditional loans, jumbo loans, government backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.

main characteristics:

  • Loan Type: Traditional, FHA, VA, USDA, ARM, Refinance
  • Minimum FICO Score: 600
  • Maximum debt-to-value ratio: Not disclosed
  • Maximum debt-to-income ratio: 43%
  • Total Closing Cost: 2% to 6% of the loan amount
  • Equity required: Not disclosed
  • JD Power Satisfaction Rating: Not rated

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  • Offers various types of mortgage loans.

  • Nationwide provides mortgage loans.

  • Helps with closing costs.

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Best for product availability

Quick Loan is a nationwide mortgage lender with several mortgage options. Known for customer service, the lender has an A + Better Business Bureau rating and received a rating of five (out of the best) in the 2018 US Primary Mortgage Organization Satisfaction Study.

Highlight:

  • Mortgage Type Offered: ARM, FHA, VA, Refinance (FHA), USDA, Traditional, Refinance (Traditional)
  • Minimum FICO Credit Score: 580 (FHA), other loans vary
  • Maximum debt-to-income ratio: 60%
  • JD Power Satisfaction Rating: Five out of five

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  • The complete loan procedure is available online.

  • Wide variety of mortgage products.

  • Good customer service rating.

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mortgage calculator

Are you reaching your dream home? US News’ mortgage calculator will show you how much home you can buy.

What are some Maryland homebuyer programs?

Maryland homebuyers can obtain mortgage interest tax credits and help with payments and closing costs from these programs.

  • available to: First-time homebuyers, shoppers in a target area, or honorably discharged shoppers who have not used the homebuyer discount before.
  • Income Range: Vary by county (See MMP Revenue Range).
  • First time homebuyers ?: No.
  • Loan Options: 30-Year Fixed Rate Mortgage.
  • Payment and closing cost assistance: The 1 Time Advantage 5000 comes with a $ 5,000 loan for a down payment and closing costs. This second lien has a 0% interest rate and payment is due when the first mortgage ends. Another option is a 1 Time Advantage 3% loan, which comes with a DPA loan equal to 3% of the first mortgage in a 0% deferred second mortgage when the first mortgage is over.

  • available to: Homebuyers in Maryland.
  • Income Range: Vary by county (See MMP Revenue Range).
  • First time homebuyers ?: No.
  • Loan Options: 30-Year Fixed Rate Mortgage.
  • Payment and closing cost assistance: While Flex Direct does not provide loan assistance, you may be eligible for a $ 5,000 loan for Flex 5000, down payment and closing costs. This second lien has a 0% interest rate, and payment is postponed until the first mortgage is over. Flex is also a 3% loan, a DPA loan equal to 3% of the first mortgage in a 0% deferred second lien. Finally, Flex offers a grant equal to 3 or 4% of a 3% or 4% grant mortgage that does not have to be repaid.

  • available to: First-time homebuyers, shoppers in a target area, or honorably discharged shoppers who have not used the homebuyer discount before. The house should also be the primary residence of the borrower.
  • Income Range: Vary by county (See MMP Revenue Range).
  • First time homebuyers ?: No.
  • Loan Options: 30-Year Fixed Rate Mortgage.
  • profit: Claim an annual federal tax credit equal to 25% of the mortgage interest payment in a given tax year.

  • available to: Homebuyers with qualifying student loans (a minimum balance of $ 1,000) that purchase move-in-ready homes from Maryland state-owned and available homes. Maryland SmartBoy Financing offers the borrower up to 15% of the home purchase price to pay off their outstanding student loans.
  • Income Range: Vary by county (See MMP Revenue Range).
  • First time homebuyers ?: No.
  • Loan Options: 30-Year Fixed Rate Mortgage.
  • Payment and closing cost assistance: Buyers can combine this program with Maryland Down Payment Assistance programs.

Advertisement Disclosure: Some of the loan offers on this site are from companies that are advertising customers of US News. Advertising considerations can influence where offers appear on the site but do not affect any editorial decisions, such as which loan products we write about and how to evaluate them. This site does not include all loan companies or all loan offers available in the market.

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