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Today's Mortgage Rates in Maryland

Today’s mortgage and refinance rates plus current home buying and refinance advice for Maryland residents

Buying a home in Maryland

In Maryland, as in many states, property sellers are legally required to reveal various known problems that affect the property's appeal or worth. Md. Code Ann., Real Prop. § 10-702, obligates the seller to complete a form — known as the Residential Property Disclosure and Disclaimer Statement. But, Maryland law is quirky in that the seller is allowed to choose between giving a prospective buyer a disclosure of the property’s known defects, or a disclaimer stating the condition of the home. The differences between a disclosure and a disclaimer:
  • A Disclaimer
    • By filling out a “Disclaimer,” the seller makes no narration or guarantees about the condition of the home. The disclaimer simply pronounces the seller is selling the property as-is. The buyer assumes all responsibility for any defects in the home
    • Sellers still have to disclose latent defects in the home about which they are aware (under Md. Code Ann., Real Prop. § 10-702(d)). Maryland law states the disclaimer has to “Disclose any latent defects of which the vendor has actual knowledge that a purchaser would not reasonably be expected to ascertain by a careful visual inspection and that would pose a direct threat to the health or safety of the purchaser or an occupant.”
  • A Disclosure
    • The disclosure requires sellers to respond to a whole range of questions and answers. They will need to answer “yes” or “no” as to any known problems in defined areas (floors, walls, sprinkler systems, etc)
    • In addition, the seller can add comments. The answers and comments sections are both part of a Maryland seller’s formal disclosure

The Maryland Mortgage Program

The Maryland Mortgage Program offers special loans for first time home buyers in MD. All loans through the Maryland Mortgage Program (MMP) are 30-year fixed-rate financing with competitive interest rates. What makes these loans different from other mortgages is that home buyers using them may qualify for down payment assistance, closing cost assistance, tax credits, and other unique benefits reserved for MMP borrowers. To qualify for the Maryland Mortgage Program, you’ll need to meet a few basic criteria:
  • You’re a first time home buyer in Maryland: includes anyone who hasn’t owned a home in the last three years
  • Your income is at or below local limits: Income limits range from $92,500 to $154,420, depending on the number of people in your household and where in Maryland you live
  • You’ll occupy the house full time: MMP can’t be used for a vacation home or investment property
  • You meet mortgage loan requirements: Along with MMP-specific requirements, borrowers need to meet standard mortgage loan criteria for credit score, income, employment, etc.
Home buyers who don’t meet MMP first time home buyer criteria might still be able to get assistance if they’re buying in a "targeted area." Speak with an MMP-approved lender for more information.

Other first time home buyer programs in Maryland

The Maryland Mortgage Program isn’t the only program helping first time home buyers in MD. Many down payment and closing cost assistance programs are hyper-local. So you may have more options in your area. Learn more about first time home buyer assistance programs and how to find them here. You can also explore our state-by-state guide to first time home buyer programs for more ideas on how to reduce your mortgage costs and find the right loan.

Refinancing in Maryland

Refinancing a mortgage in Maryland is pretty standard stuff. And there’s little in state law likely to restrict you. In fact, the relevant law changed in 2013 to make it easier for a few. That affected only those with existing second mortgages, such as home equity loans and home equity lines of credit. And it concerned an obscure legal concept called "subordination." Like most legal concepts, subordination is interesting only to lawyers and those affected by it. So suffice to say the law disallowed second mortgage lenders to block refinances of first (main) mortgages. So, today, even more Marylanders are free to refinance to get a lower mortgage rate, a lower monthly payment — and perhaps some cash. Those who don’t want cash could save themselves time and a pile of paperwork if they’re eligible for some form of "streamline refinance." These are available on a wide range of existing mortgages — though not all. To be clear, you can’t get them for cash-out refinances. A streamline refinance may allow you to avoid a credit check and home appraisal. And that means you might be able to refinance, even if you have "negative equity" (your mortgage balance is higher than the market value of your home) or if your credit score has taken a hit. Or both. Otherwise, a traditional refinance (whether a cash-out one or not) may be your best bet.

Mortgage calculator: Maryland

Calculate your mortgage payment for a home in Maryland. Start by finding your current mortgage rate using the filters above. Then enter your rate, home price, down payment, and loan term into the mortgage calculator below to estimate your monthly payment.

Top Maryland mortgage lenders

According to ValuePenguin, the five most popular mortgage lenders in Maryland are: You can click any of the lenders listed above to read an in-depth review of it. Or, check out these reviews of the Best Mortgage Lenders and Best Mortgage Refinance Companies for 2023 to see which ones ranked first nationwide.

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