Quicken Loans
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Rocket Mortgage
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AmeriSave
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First Internet Bank
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(855) 767-2424
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Vanderbilt Mortgage and Finance
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ClearPath Lending
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NFM Lending
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Federal Hill Mortgage
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Freedmont Mortgage Group
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Alliance Mortgage Funding
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Coastal Lending Group
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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:
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:
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.
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:
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.
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Quicken Loans |
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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. |
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Rocket Mortgage |
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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. |
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Accredited Partner | ||
AmeriSave |
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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. |
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First Internet Bank |
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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. |
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Learn More (855) 767-2424 |
Accredited Partner | ||
Vanderbilt Mortgage and Finance |
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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. |
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Accredited Partner | ||
ClearPath Lending |
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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. |
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NFM Lending |
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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. |
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Federal Hill Mortgage |
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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. |
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Freedmont Mortgage Group |
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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. |
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Alliance Mortgage Funding |
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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. |
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Coastal Lending Group |
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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. |
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