What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?
When you’re ready to purchase a home in Maryland, you’ll want to be sure that you are getting the best mortgage rate possible. The final mortgage rate you receive will depend on a variety of factors, including the amount of money you can put down, your credit score, your income level, and your debt-to-income ratio.
You can acquire the best mortgage rate in Maryland by checking for any errors on your credit report and making sure that all of your documentation is in order prior to submitting an application to a professional mortgage lender for preapproval.
Here’s a quick look at current Maryland mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||5.802%||5.888%||+0.07%|
|Conventional 20 year fixed||5.34%||5.45%||+0.06%|
|Conventional 15 year fixed||4.9%||5.064%||-0.06%|
|Conventional 7 year ARM||5.884%||6.557%||+0.11%|
|Conventional 5 year ARM||5.684%||6.598%||+0.01%|
|FHA 15 year fixed||4.875%||5.635%||Unchanged|
|FHA 30 year fixed||5.134%||5.907%||-0.01%|
|VA 30 year fixed||5.128%||5.419%||-0.11%|
|VA 15 year fixed||4.654%||4.945%||+0.08%|
|VA 5 year ARM||5.375%||6.348%||+0.03%|
Ready to purchase a home in Maryland? This could be the perfect time to find your dream home in the Old Line State. Here’s what you need to know before you make your move:
What part of Maryland appeals to you most? Maryland’s state capital is Annapolis, and the total population is around 5.9 million people. Just under one in six live in the state’s top five cities:
How much home can you afford to purchase? Maryland ranks 18th in US homes for sale at average price, and 18th for homes over $1,000,000. Seeking preapproval with a qualified lender can help you figure out your budget before you start looking for your perfect home.
First time homebuyers may be able to qualify for assistance through programs available via the Maryland Department of Housing and Community Development.
The 1st Time Advantage Direct offers competitive interest rates for first-time homebuyers. Flex Direct loans can be combined with a mortgage credit certificate. If you have at least $1,000 in student loan debt, the SmartBuy 3.0 program can help you get a mortgage and pay off that debt in one transaction. The amount you can apply to student debt payoff is up to 15 percent of the home’s purchase price, with a cap of $30,000.
To qualify for these first-time home buyer programs in Maryland, you’ll need:
Do you want to refinance a home in Maryland to take advantage of favorable Maryland mortgage rates? You can do any of the following:
You may qualify for a streamlined refinance if you have a certain type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.