Today's Mortgage Rates

Product (Rate Program)RateAPR
Fixed30Year3.845%3.9%
Fixed20Year3.728%3.809%
Fixed15Year3.201%3.303%
Fixed10Year3.26%3.42%
ARM53.663%4.269%

 

Baltimore, Maryland, has been called many things, from "Mob Town" to "the Greatest City in America." Whatever your perspective is on Baltimore, you should also know it's a great place to find a low-rate mortgage loan. To facilitate your mortgage search, Mortgageloan.com has tools and tips to keep you moving in the right direction.

  • Content and interest rate tables provide background information.
  • The Baltimore broker directory and online rate request capability help you comparison shop.
  • Mortgage calculators help you compare mortgage offers in-depth; they're designed for the layman, so you can crunch the numbers like a pro.

Conforming Mortgages

You've probably heard of conforming and non-conforming mortgage loans. Conforming mortgages are a class of mortgages that qualify to receive support from two agencies, Fannie Mae and Freddie Mac. If you and your proposed loan meet the conforming standards, you'll have an easier time getting your loan approved. and you'll qualify for a lower rate.

The standards can change periodically, so discuss them with your lender. The loan can't be over a certain amount, and you must have a conservative debt-to-income ratio. Other conforming standards involve the loan-to-value ratio, and your credit history.

Second Mortgages

When you need to tap your home equity, you can either refinance, or take out a second mortgage. Second mortgages can often be the simpler alternative, particularly when your equity value is high. Lenders determine the maximum borrowing amount by applying a percentage to the home equity value. That percentage ranges from 75 to 125 percent, depending on the lender's underwriting practices and current mortgage trends. You can obtain a second mortgage with a fixed rate of interest (called a home equity loan), or with a variable interest rate (a home equity line of credit). The variable rate structure has the advantage of lower minimum payments, while the fixed-rate loan has set payments and a predetermined pay-down schedule.

Comparing

The mortgage comparison process begins and ends with research. As you embark on your mortgage search, brush up on your knowledge of mortgage loan types. You don't need to be an expert, but you should know what your lender means when discussing adjustables, jumbos, and HELOCs. You can find this information and more within Mortgageloan.com's article database.

The next step is to locate enough lenders to generate at least a handful of rate quotes. You can request rate quotes from several lenders in just a few clicks at Mortgageloan.com. You can also use our Baltimore broker directory to contact qualified lenders individually.

Your final step will be to select the most appropriate and affordable mortgage quote. Mortgageloan.com has many mortgage calculators to assist you in this effort. The calculators are free and easy to use-you'll find the answers you need, even if you have no specialized finance knowledge.