Maryland is a small Mid-Atlantic state located on the Chesapeake Bay. It is home to the U.S. Naval Academy, Fort McHenry, Camden Yards, over 350 biotechnology firms, and over 5.6 million residents. There are 23 counties in Maryland and one incorporated city (Baltimore). Despite its small land area (about 9,774 square miles), Maryland is the 19th most populated state in America.
Due to its location, the state of Maryland has been influenced by Northern, Southern and Eastern cultures. Some refer to Maryland as “America in Miniature” because its topography ranges from sandy dunes and marshlands to forests and mountain ranges. Maryland also has one of the highest median household income levels in the country ($70,545 in 2008). Homebuyers and homeowners in the Old Line State should be aware of real estate market conditions and stay informed about Maryland mortgage rates.
Maryland mortgage rates, like national mortgage rates, have been on the decline since the national housing crisis erupted several years ago. Potential homebuyers may find that Maryland mortgage rates are the lowest they have been in a long time. In addition, current homeowners may be able to take advantage of low Maryland mortgage rates by refinancing their mortgage loans.
The Maryland mortgage rate that you obtain will be based on a number of factors ― including your credit score, income, and debt obligations. Your Maryland mortgage rate may be fixed or adjustable, depending on the type of loan you get. Note that your loan may also come with additional expenses, such as lender fees and closing costs.
Due to the decline of Maryland mortgage rates, many homeowners are pondering mortgage refinancing. To refinance your loan, you will need to provide the lender with proof of income (bank statements, tax returns, etc.) and a good credit score. Your property will be appraised to determine its value ― and if your loan is more than 80% of the home’s value, you may need to buy mortgage insurance.
While low Maryland mortgage rates have encouraged many homeowners to refinance their loans, you must make sure that this is the right move for you. In general, it’s recommended that you refinance only if the new Maryland mortgage rate is at least 1% lower than you current mortgage rate. Otherwise, when you factor in closing costs and loan processing fees, a mortgage refinance is simply not worth it.
The chart below provides Maryland mortgage rates for refinancing a home loan. It’s a good idea to shop around and compare loan products before deciding on a particular mortgage lender. Since Maryland mortgage rates are always changing, it’s in your best interest to do the proper research and stay informed.