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Find the Best Mortgage Lenders in Baltimore, MD

A good mortgage from the right lender can make purchasing a home in Baltimore easier and more affordable. The Baltimore Sun has partnered with ConsumerAffairs to create this guide by comparing the customer reviews and offers of 103 businesses and choosing 11 favorites from the best mortgage companies in Baltimore.

Companies pay ConsumerAffairs to be authorized, and The Baltimore Sun and/or ConsumerAffairs may receive compensation when you click a link, call a number or fill out a form on this site.

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Different types of home loans in Baltimore

baltimore skyline

Buying a house is a complicated process, but partnering with a reputable lender can save you a lot of time, money and headaches. Your lender plays a huge role in the homebuying process by deciding how much you pay over the course of your mortgage. Because lenders are able to set their own rates and terms for approval and not all offer the same mortgage types, it’s important to compare a few lenders before settling on one.

Your lender can help you navigate your mortgage options to find one that not only makes sense for your situation but offers you the right terms and conditions, as well. Here are the most common types of mortgages that Baltimore residents use:

  • Conventional mortgages are a fairly common option here. Conventional home loans are typically offered by private lenders and often have higher interest rates and stricter lending requirements because they are not backed by a government agency.
  • Government-insured mortgages are backed by government entities to protect the mortgage lender in case you fail to repay them. These are usually given to people who need help qualifying for conventional loans. Common examples include FHA loans from the Federal Housing Administration, USDA loans from the U.S. Department of Agriculture and VA loans from the Department of Veterans Affairs. Given Baltimore’s close proximity to Fort George G. Meade Army Base, VA loans are more common here than in some areas.
  • Fixed-rate mortgages have a standard interest rate that never changes throughout the course of the loan. With fixed-rate home loans, your monthly payments stay pretty much the same throughout the loan’s term, except for when property taxes or insurance fluctuate.
  • Adjustable-rate mortgages have interest rates that can change over time, usually increasing over the course of the loan. Each lender sets its own terms and conditions, so interest rate maximums and fees can vary greatly from mortgage to mortgage. While introductory rates are typically affordable, your total cost over the course of the loan can be hard to predict.
  • Jumbo loans are a type of home loan for more expensive houses that can’t be purchased with conventional loans. At the time of publishing, jumbo mortgages are required for homes in Baltimore over $520,950. These types of loans are likely necessary in neighborhoods like Homeland or The Orchards.

Baltimore house prices

The median house price in Baltimore is $210,000, according to Redfin. Neighborhoods closest to Inner Harbor or near Loyola University Maryland and Notre Dame of Maryland University are more expensive than suburbs like Middle River or Dundalk, which have lower property costs. Some parts of Baltimore are still undergoing revitalization, so those areas are often more affordable, too.

Take a look at average prices in some Baltimore neighborhoods for reference:

  • Dundalk: $143,315
  • Homestead: $248,857
  • Wyman Park: $279,165
  • Ellicott City: $543,913

With a relatively low cost of living compared to other big cities, plus world-famous museums and attractions, Baltimore is becoming an attractive destination for many young families. Neighborhoods like Wyman Park and Homeland are popular with families who want to live in the city but still maintain a quaint neighborhood feel. For families who want to live outside city limits, Ellicott City and Highland are popular suburbs with good highway access and excellent school districts.

Baltimore home loan FAQ

Should I get a mortgage from a credit union in Baltimore?

Getting a mortgage through a credit union usually comes with lower fees and easier approval, but credit unions often have fewer options than larger, traditional lenders. Some credit unions may require membership, too.

How does mortgage refinancing work?

Refinancing is the act of taking out another loan to cover your current mortgage. Homeowners do this when rates are currently lower than when they took out their mortgage. Signing up for another loan with lower rates can save you money over the course of your mortgage.

Can you negotiate the interest rate on a mortgage?

Yes, you can negotiate the interest rate on a mortgage. Often, there’s not a lot of wiggle room on rates, but you may be able to get them lower just by talking to the lender. This is especially true for borrowers with good credit histories and solid finances.

What credit score do you need to get a mortgage in Baltimore?

It depends on the type of mortgage, but most home loans require a credit score of around 620. FHA loans are the biggest exception to this, with credit requirements as low as 500.

What is the average mortgage rate in Baltimore?

According to S&P Global, the average mortgage rates in Maryland fall between 2.6% and 3.22%. Your interest rate depends on a variety of factors, including your:

  • Credit score
  • Neighborhood
  • Lender
  • Type of loan

To find low rates, compare a variety of lenders and loan options to see which fit your needs. If you still can’t find a favorable rate, consider building your credit or finding a co-signer for your loan.

Baltimore mortgage company information

Authorized Partner

Quicken Loans

Quicken Loans, one of the biggest mortgage lenders in the U.S., has over 30 years of industry experience and has helped over 2 million families finance homes. Baltimore customers can apply online or talk to a Home Loan Expert to analyze rates, costs and benefits of each loan option. The company services 99% of its loans. Check out Quicken Loans’ online learning center for educational resources and mortgage calculators.

Quicken Loans Learn More
Authorized Partner

Rocket Mortgage

Rocket Mortgage makes it simple to apply online for a mortgage in Baltimore, showing you personal recommendations and real rates and payments. Buy or refinance using a variety of loan types. Rocket Mortgage goes beyond a preapproval letter to give you Verified Approval, which can help you compete with cash offers. The company recommends applicants have a credit score of at least 580. Apply 24/7 online, with advice available over the phone seven days a week.

Rocket Mortgage Learn More (800) 762-5471
Authorized Partner

AmeriSave

AmeriSave Mortgage is a direct mortgage lender that has helped borrowers finance over 325,000 homes. The company offers a number of different loan types and refinancing options, including low down payment loans. You can get a custom rate quote in minutes online. Closing a loan with AmeriSave Mortgage takes as little as 25 days.

AmeriSave Learn More
Authorized Partner

First Internet Bank

First Internet Bank offers conventional, fixed-rate, adjustable-rate, FHA, VA and jumbo loans. Home equity loans and lines of credit are also available for homeowners who need extra cash. Its entirely online process is simple and straightforward, especially with the assistance of its loan officers who guide borrowers individually. First Internet Bank’s rates range from 2.2% - 3.5% at the time of publishing.

First Internet Bank Learn More (855) 767-2424
Authorized Partner

Vanderbilt Mortgage and Finance

Vanderbilt Mortgage and Finance provides conventional mortgages, land plus home mortgages and FHA mortgages. Borrowers can also choose its Biweekly Advantage mortgage, which offers convenient automatic payments every two weeks instead of monthly. Vanderbilt Mortgage and Finance also offers financing for eScore energy-efficient home improvement projects.

Vanderbilt Mortgage and Finance
Authorized Partner

ClearPath Lending

ClearPath Lending provides all types of home loans, such as VA, FHA and conventional mortgages. The company also offers refinancing loans. Borrowers are automatically enrolled in its Loyalty Program, which keeps them up-to-date on low rates even after closing. ClearPath offers conventional loans between $453,100 and $679,650 for 15 or 30 years.

ClearPath Lending

NFM Lending

NFM Lending is an award-winning mortgage lender offering fixed-rate, adjustable-rate, jumbo, FHA, VA and USDA loans. The company also offers home improvement and refinancing loans through the government’s Home Affordable Refinance Program. Its credit score minimum for loans is 580. NFM Lending is located at 1190 Winterson Road, Ste. 300, Linthicum, MD 21090.

NFM Lending

Federal Hill Mortgage

Federal Hill Mortgage offers conventional loans, FHA loans, VA loans and jumbo loans. Its Stated Income Purchase loans also offer mortgages for homes without you having to prove your income or credit, but they do have high rates and a 40% down payment requirement. The company offers a specific loan program for home flippers, too. This lender requires a credit score of 660 and a 3% down payment for conventional loans. Federal Hill Mortgage operates at 904 Light St., Baltimore, MD 21230.

Federal Hill Mortgage

Freedmont Mortgage Group

Freedmont Mortgage Group is a Maryland lender offering fixed-rate and adjustable-rate conventional mortgages, VA loans, FHA loans and USDA loans. Refinancing, reverse mortgages and home renovation loans are available, too. Get fixed-rate loans with as little as 3% down. Freedmont Mortgage Group is headquartered at 50 Scott Adam Road, Second Floor, Hunt Valley, MD 21030.

Freedmont Mortgage Group

Alliance Mortgage Funding

With conventional, USDA, VA and FHA loan options, Alliance Mortgage Funding can help almost anyone get a home loan. You can also take out a traditional or FHA refinancing loan. This company offers a complimentary credit report and mortgage consultation. Alliance Mortgage Funding is located at 111 Warren Road, Ste. 10A, Cockeysville, MD 21030.

Alliance Mortgage Funding

Coastal Lending Group

Coastal Lending Group offers fixed, adjustable or interest-only mortgages. Government loans, lines of credit and refinancing are also available. Its online checklist makes it easy to make sure you have everything you need to receive a mortgage. Coastal Lending Group is located at 909 Ridgebrook Road, Ste. 108, Sparks, MD 21152.

Coastal Lending Group