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Lower Your Interest Rate

If eligible, you can lower your interest rate. This could lead to lower payments and less money paid towards interest.

Why should I lower my rate?
Piggy bank Save money
Lower cost Lower Payments

Shorten Your Loan Term

Shorten your loan term when refinancing from a 30-year term to a 15-year term. You may also lower your rate.

Why should I shorten my term?
House Become mortgage-free quickly
Lower interest Pay less interest

Leverage Your Home's Equity

Take cash out of your home to apply to improvements, renovations, or other necessary expenses.

Why should I cash out?
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Maryland Mortgage Rates

Whether you are looking for a beach house along the Atlantic coast in Ocean City, something close to the action of Washington D.C. and Baltimore, or a quiet lakehouse around Deep Creek, there are more than a few reasons to be shopping for a home in Maryland.
To help you make that home buying adventure go as smooth as possible, let’s break down exactly what you can expect when buying or refinancing a home in the Old Line State.

Common Maryland Loan Types:

  • Maryland conventional mortgages: Maryland mortgage requirements and rates vary based on the area you live in, or want to live in, and your financial situation. Compare mortgage rates on FreeRateUpdate.com to find the option that's right for you.
  • Maryland FHA loans: Home loans backed by the FHA are offered throughout the U.S. The FHA doesn't offer loans directly, you can find one through an FHA-approved lender in Maryland on FreeRateUpdate.com today. FHA loans are typically offered to first-time homebuyers. FHA loans are designed for low- to moderate-income borrowers with lower credit scores.
  • Maryland VA loans: VA loans are backed by the Department of Veterans Affairs; VA loans are offered to eligible active duty service members and veterans. The VA doesn't offer loans directly, but you can find one through a VA-approved lender in Maryland through FreeRateUpdate.com. VA loans require no down payment and typically have lower interest rates than conventional mortgages.

Maryland Mortgage Rates Compared to National Averages

Prospective homebuyers can expect to find Maryland mortgage rates that fall right in line with national averages, although they have been known to spike just slightly above that average from time to time.
Whether you are looking for a 30-year fixed-rate mortgage, a 15-year fixed-rate mortgage, or a 5/1 adjustable-rate mortgage, you should have no problem finding reasonably priced interest rates in Maryland.
Maryland refinance rates are also generally going to be priced right around the national average, so looking into what you might be able to save is almost always a good idea if the current rates are lower than your existing mortgage.