Mortgage Lenders and Rates (MD)
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Featured Mortgage Lenders in Maryland
Maryland Mortgage Quick Facts
Maryland State Population: 5,296,486*
Median Maryland Home Price: $146,000*
Total Maryland Housing Units: 2,197,126*
Maryland Home Ownership Rate: 67.7%*
Types of Mortgage Loans Available in Maryland
How Your Credit Score Affects Your Mortgage Rate
Initially, you'll need to know what your current credit score is. You should compare that against the average Massachusetts consumer
credit score which is 686. And the national average credit score
is 677. Your credit score impacts what your home mortgage rate will
be. Historically home mortgage rates have varied from
5% to over 13%. Lenders create their home mortgage rates by using
the Federal Discount Interest Rate and then increase it by using
an internal formula to create their own home mortgage rate. When
you apply for a home mortgage, your home mortgage rate will be determined
by a whole host of factors, your credit score being one of the most
Maryland Mortgage State Laws:
Only in Maryland
The mortgage laws are governed by the Maryland Statutes.
The lender may not employ the settlement attorney or title
Section12-120(c) of commercial law requires the borrower
to pay the lender’s attorney fee
Any of the following three methods may be used.
- Judicial foreclosure
- Assent to Decree Foreclosure
- Non-Judicial foreclosure
The legal interest rate is 6%, and is the interest that
does not have a specific term.
The general usury limit is 24%, and is charged between corporations.
Judgment interest rate is 10%, and is upheld by final judgment.
A Few Helpful Government Agencies
The Department of Veteran Affairs gives long-term mortgages
with minimum to no down payment to veterans.
The Equal Credit Opportunity Act protects borrowers from
discrimination based on color, sex, religion, etc.
Maryland Mortgage Fraud Office
White Collar Crime Supervisor
2600 Lord Baltimore
Baltimore, MD 21244
Phone: (410) 265-8080
Allegany County, Anne Arundel County, Baltimore County, Calvert
County, Caroline County, Carroll County, Cecil County, Charles County,
Dorchester County, Frederick County, Garrett County, Harford County,
Howard County, Kent County, Montgomery County, Prince George’s
County, Queen Anne’s County, St. Mary’s County, Somerset
County, Talbot County, Washington County, Wicomico County, Worcester
County, Baltimore City