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Guide to Maryland Mortgages
Maybe you are buying your first home in Maryland, or perhaps you're relocating to Maryland from another state. Then again, you may be a long-time Maryland resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Maryland home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Maryland:
The median price of a home in Maryland is $211,500. Recently, homes in Maryland have been appreciating at rates well above the national average. As a result, income levels in many parts of Maryland are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Maryland are below the national average, Maryland has one of the lowest levels of home affordability in the nation.
In Maryland, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Maryland's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Maryland law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Maryland law enacted a set of anti-predatory lending laws in order to help protect Maryland homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Maryland, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Maryland FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Maryland's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Maryland also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Maryland's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Maryland Housing Finance Agency.
Last Updated: Wednesday, September 17, 2008
Maryland Real Estate Market View
updated Wednesday, September 17, 2008
| Housing & Social Facts |
Maryland |
United States |
| Total housing units |
2,273,793 |
n/a |
| Owner-occupied housing units |
69.0% |
66.9% |
| Renter-occupied housing units |
31.0% |
33.1% |
| Vacant housing units |
8.3% |
10.8% |
| Average Home Value |
$280,200 |
$167,500 |
| Average Mortgage Payment |
$1,561.00 |
$1,295.00 |
| Average Rental Payment |
$424 .00 |
$388.00 |
| Total Population |
5,461,318 |
n/a |
| Percentage Male |
48.2% |
49.0% |
| Percentage Female |
51.8% |
51.0% |
| Median Age |
37.1 |
36.4 |
| Under 5 years |
7.0% |
7.0% |
| 18 years and over |
74.4% |
74.6% |
| 65 years and over |
11.2% |
12.1% |
|
1 Year Market Value Change for Maryland |
| 1yr | 5yr | 10yr |
 |
|
Popular Maryland Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Aspen Hill |
50,228 |
$63,340 |
| Baltimore |
651,154 |
$30,078 |
| Bel Air South |
39,711 |
$62,064 |
| Bethesda |
55,277 |
$99,102 |
| Bowie |
50,269 |
$76,778 |
| Catonsville |
39,820 |
$53,061 |
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| East Coast Financial Corp |
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At East Coast Financial Corp, we maintain daily contact with dozens of major lenders. By searching a wide variety of sources, We will find the plan that matches your specific loan preferences, taking into account such factors as pre-payment options, the length of time you plan to live in the home, even taking into consideration your anticipated retirement goals. Interest rates are as low as they have been in fifty years! We would like to take this opportunity to show you how we can save you money. We efficiently and professionally handle refinance, debt consolidation, new home purchase, and construction loans. We deal with A to D credit. Most importantly, we will put together a program that will suit your needs. We also offer Bi-Weekly payments to further reduce your mortgage term and interest rate. All it takes is a few minutes of your time to fill out our application. There is no obligation or fee to find out what we can do for you. We will respond back within 24 to 48 hours by giving you a choice of options that will save you money. You tell us what is important to you and we will develop a plan that fits your financial and mortgage needs. We are currently licensed in the following States: Ohio - MB3650, Florida - MBB0501128, Pennsylvania - PA Department of Banking 1ST 5004.001 & PA Department of Banking 2ND 2563.001 and Maryland - #13600. East Coast Financial Corp
P.O. Box 159
972 Youngstown-Kingsville Road SE Suite B
Vienna, OH 44473
Toll Free 1-866-322-3669
Local 330-539-6756
Main Fax 330-539-6786
Get a no-obligation Maryland mortgage quote today!
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| Mortgage Options Financial |
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Here at Mortgage Options, we have many loan options and products to fit almost every customer's needs. Our products are able to help people with good and less than perfect credit. This includes customers that are currently in bankruptcy and foreclosure. Here is a just a general overview of the products that we offer: First and second mortgage refinanceDebt consolidation loans, No money down purchase up 104% equity, Stated purchase up to 100% equity, True no income and no asset program, Limited documentation loans, 125% equity loans, Foreclosure buyouts and Bankruptcy buyouts. To be qualified or for more information, please call 1-800-257-0138 and a loan office will be able to assist you. We take pride in finding a loan product to fit your needs. At Mortgage Options Financial, our customers are the top priority. Feel free to contact us any time until 8pm Monday - Thursday and 9-5 on Fridays. Address:
1250 Easton Road, S-2
Horsham, PA 19044
Phone:1.800.257.0138
Local:215.675.1449
Fax:215.675.9873 Mortgage Options Financial is licensed by PA Department of Bankings as First Mortgage Broker "Licensed Pursuant to the Secondary Mortgage Loan Act."
Get a no-obligation Maryland mortgage quote today!
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| Lowest Rate Mortgage |
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Founded in 2003, Lowest Rate Mortgage has become one the fastest growing mortgage broker businesses in the industry. We are an in-house team of underwriting, legal, closing, and funding professionals. Be sure to thoroughly discuss your financing goals with a Lowest Rate Mortgage Loan Officer and we will work with you every step of the way, to assure that each goal is achieved. Our mission is to give our clients the extra attention that will make this an easy and rewarding transaction. With several exciting new programs for our clients to select, Lowest Rate Mortgage is sure to have the loan that suits your needs. Whether you are looking to purchase your first home or refinance an existing one, we have the resources available to assist you in completing your loan. Lowest Rate Mortgage offers homeowners refinancing options that can make a significant difference! We may be able to reduce the term of your mortgage loan or consolidate your debt into one easy monthly payment. Over time these adjustments can save you thousands of dollars! Mention that you would like a free consultation now and we will discuss your financing options with you. Prior credit problems may not be any problem at all so take this time to see how Lowest Rate Mortgage can benefit you. By accessing the equity in your home you can turn around your current situation and even have some cash leftover! Whether refinancing or purchasing a home, we offer free pre-approvals with no obligation. Corporate Heaquarters:
Lowest Rate Mortgage
2756 E. Atlantic Boulevard
Pompano Beach, FL 33062 Our loan officers are available Monday through Friday 10am - 7pm EST.
Call U.S. Toll Free 888-420-8639, Fax 888-431-3618
Local residents, (Fort Lauderdale, Florida) call 954-781-2550 or Fax 954-781-3140
Note: We are licensed to conduct business as Lowest Rate Mortgage in the state of Florida and through affiliated partners in 45 other states. Please call for a complete listing.
Get a no-obligation Maryland mortgage quote today!
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