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Maryland Mortgage Rates

Maryland Mortgages and Mortgage Loan Rates

It’s possible to secure the best rate on a Maryland mortgage or refinance. The key is to know what you’re doing. To simplify the process, break it down into manageable steps:

  • Clarify your goals.
  • Understand mortgage options and how interest rates are determined.
  • Learn how your mortgage affects your taxes.
  • Find contact information for experienced Maryland brokers.
  • Complete and submit mortgage applications.
  • Compare offers.

If you understand the steps, you’re ready to begin. If not, don’t worry. The tools at MortgageSearchLive.com are ready to assist.

Fixed-rate mortgages

If you don’t like surprises, you’ll like fixed rate mortgages or FRMs. With this traditional loan product, interest rates and monthly payments never change, even if market rates change. Because FRMs are fully amortizing, you won’t end up having to refinance a balloon payment. Fully amortized means your mortgage will be completely paid off at the end of its term as long as you always make scheduled payments. A 30-year FRM is the most popular, but you can find shorter and longer terms ranging from 10 years to 50 years. The shorter the loan term, the higher your monthly payment, but it’ll likely have a lower rate.

Mortgage tax savings in Maryland

Homeownership and mortgage debt have advantageous tax implications. You’re allowed to deduct from your federal taxes the amount paid in mortgage interest, the amount paid in property taxes and points paid. Since the bulk of your mortgage payment goes towards interest rather than principal during the initial years, deductions will be biggest then. Points are only deductible the year during which you paid them. When refinancing, points are deducted over the mortgage term. Use MortgageSearchLive.com’s Mortgage Tax Savings Calculator to figure out how much you’ll potentially save.

Compare Maryland mortgages

Comparing Maryland mortgages is important. Although shopping around takes time, it’s the best way to secure the most favorable mortgage and rate. And it can save you money. Comparing rates is easy when you use the Maryland broker directory. The directory lists contact information for lenders in the area. Contact a few, fill out some applications, and when the offers come in sort them by mortgage type. That way you’ll have all the FRMs in one pile and the ARMs in another. Determine the best from each group. Then use the mortgage calculators to input the numbers and see which makes better sense for your situation.

Popular Areas in Maryland

Annapolis
Baltimore
Bethesda
Cambridge
Cumberland
Easton
Frederick
Gaithersburg
Hagerstown
Lexington Park
Newark
Ocean Pines County
Rockville
Salisbury
Towson