If you’re thinking of purchasing a home in Maryland, you’ll have some of the Old Line State’s 2.4 million housing units from which to choose. With a homeownership rate of 67%, according to the U.S. Census Bureau’s 2019 American Community Survey, a majority of Maryland’s 6 million residents own homes.
The state’s median housing value is $378,124, which is close to the national median price of $404,700. Home values vary by region, and some counties in Maryland have average home prices that are much greater.
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Homefinity launched in 2018 as the online lending division of Fairway Independent Mortgage. It offers a variety of mortgage products, including conventional mortgages, Federal Housing Administration and Veterans Affairs mortgages, and mortgage refinancing.
Caliber Home Loans of Coppell, Texas, offers mortgage products nationwide. Options include conventional, adjustable-rate, jumbo, refinancing, Federal Housing Administration, U.S. Department of Agriculture and Department of Veterans Affairs loans. Caliber has been in business since 2008, and is solely focused on home lending products.
Carrington Mortgage Services, founded in 2007, offers an array of mortgage and refinancing options to borrowers seeking conventional or government-backed loans. Its California-based parent company, Carrington Holding Co., was established in 2003 and provides a range of real estate services. Carrington Mortgage Services is based in California and also has offices in Arizona, Connecticut, Florida, Indiana and Maryland.
Pentagon Federal Credit Union, widely known as PenFed, offers borrowers access to many types of mortgages: conventional, adjustable rate, jumbo and Department of Veterans Affairs, plus refinancing loans and home equity lines of credit. The financial institution, which serves 2.5 million members, was established in 1935 and is based in McLean, Virginia.
Headquartered in Charlotte, North Carolina, Truist Bank was formed in 2019 after SunTrust and BB&T banks merged. Truist Bank offers a variety of mortgage products, including refinancing and home equity lines of credit.
Chase, one of the world’s largest banks, was founded in 1799 in New York and offers mortgage and refinance loans.
AmeriSave Mortgage Corp. is an online lender that has been in business since 2002. It was one of the first to offer an offsite digital mortgage experience for customers. The company says it has financed more than 664,000 borrowers since it began operating. With headquarters in Atlanta, AmeriSave services loans in 49 states and Washington, D.C.
Veterans United Home Loans offers mortgages in all 50 states and Washington, D.C., and specializes in Department of Veterans Affairs loans. Since 2016, Veterans United Home Loans has generated the largest number of VA purchase loans per year in the nation. The lender was founded in 2002 and is based in Columbia, Missouri.
PNC Bank is one of the largest banks in the United States, serving more than 9 million customers in all 50 states. A full-service mortgage lender, PNC offers most mortgage loan product types.
The average mortgage rate in Maryland is currently 6.54% for the 30-year fixed loan term.
Here are the interest rates offered to Maryland residents looking to buy or refinance a home as of 01/03/2023:
- 30-year fixed purchase: 6.54%
- 30-year fixed refi: 6.51%
- 15-year fixed purchase: 6.53%
- 15-year fixed refi: 6.29
Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
Maryland homebuyers can get mortgage interest tax credits and help with down payments and closing costs from these programs.
- Available to: First-time homebuyers, buyers purchasing in a targeted area or honorably discharged veterans who have not previously used the first-time homebuyer exemption.
- Income limits: Vary by county (See MMP income limits).
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: 1st Time Advantage 5000 comes with a $5,000 loan for 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 the 1st Time Advantage 3% Loan, which comes with a DPA loan equal to 3% of the first mortgage in a 0% deferred second mortgage due when the first mortgage ends.
- Available to: Homebuyers in Maryland.
- Income limits: Vary by county (See MMP income limits).
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: While the Flex Direct loan does not offer assistance, you may be eligible for Flex 5000, a $5,000 loan for down payment and closing costs. This second lien has a 0% interest rate, and payment is deferred until the first mortgage ends. There is also the Flex 3% Loan, a DPA loan equal to 3% of the first mortgage in a 0% deferred second lien. Finally, the Flex 3% or 4% Grant offers a grant equal to 3% or 4% of the mortgage that does not have to be repaid.
- Available to: First-time homebuyers, buyers purchasing in a targeted area or honorably discharged veterans who have not previously used the first-time homebuyer exemption. The home must also be the borrower’s primary residence.
- Income limits: Vary by county (See MMP income limits).
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Benefit: Claim an annual federal tax credit equivalent to 25% of mortgage interest payments in a given tax year.
- Available to: Homebuyers with qualifying student debt (a minimum balance of $1,000) who purchase program-eligible homes in Maryland. Maryland SmartBuy financing provides up to 15% of the home purchase price for the borrower to pay off his or her outstanding student debt.
- Income limits: Vary by county (See MMP income limits).
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: Buyers can combine this program with Maryland down payment assistance programs.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
Best Maryland Mortgage Lenders of 2023
PrimeLending is a Dallas-based mortgage lender in operation since 1986. The company offers several mortgage loan options, including conventional loans, jumbo loans, government-backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.
New American Funding is a mortgage lender offering a variety of home loan options to homebuyers and homeowners nationwide except for Hawaii. The company, founded in 2003 and based in Tustin, California, has originated $61.9 billion in mortgages to date.
Guild Mortgage is a San Diego-based lender established in 1960 and focused on residential home loans. Guild Mortgage offers buyers in 43 states a full suite of mortgage products, including conventional loans, government-backed mortgages and jumbo loans.
SoFi is an online lender founded in 2011 and headquartered in San Francisco that offers fixed-rate mortgages. Refinance, jumbo and home equity loans are also available.
CMG Financial is a privately held mortgage banking firm operating nationwide with localized support, founded in 1993 and based in San Ramon, California. The lender offers a range of products, including conventional, government and specialty mortgages, like jumbo loans.
Founded in 1990 and headquartered in Mount Laurel, New Jersey, Freedom Mortgage is a full-service mortgage company. It’s the fifth-largest mortgage provider in the country and is licensed to operate in all 50 states. Freedom Mortgage offers a variety of mortgage options, including conventional loans, refinancing and first-time homebuyer friendly programs such as FHA loans.
LoanDepot is a mortgage lender that operates nationally with more than 200 branches and delivers both a digital experience and face-to-face service. The lender offers fixed- and adjustable-rate conventional mortgages, Federal Housing Administration and Department of Veterans Affairs loans, as well as refinance and renovation loans. The company was founded in 2010 and is based in Foothill Ranch, California.
Rocket Mortgage, the largest mortgage lender in the nation, was founded in 1985. The Detroit-based company is best known for its fully digital experience of buying or refinancing a home. Rocket Mortgage changed its name from Quicken Loans in the summer of 2021.
Navy Federal Credit Union serves more than 11 million active-duty and retired military, veteran, and Department of Defense members as well as their families. Founded in 1933 and based in Vienna, Virginia, this not-for-profit credit union offers a range of products, from credit cards to auto loans. Navy Federal is the largest credit union in the U.S., with $160.5 billion in assets and 349 branches worldwide.
Guaranteed Rate, founded in 2000 and based in Chicago, offers mortgage options including conventional loans, Federal Housing Administration loans, jumbo loans and interest-only loans to customers in all 50 states and Washington, D.C. Borrowers can take advantage of specialized loan products and Guaranteed Rate’s online application, documentation and loan payment options.
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