Best Maryland Mortgage Lenders of 2025
Review
Updated
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Whether you're buying a home in Maryland because you are a fishing enthusiast, work in D.C., or simply want to be near family, you may need a mortgage. Finding the right mortgage can be tricky, though. Here's a look at some of the best mortgage lenders in Maryland, as well as tips on how to get approved for a home loan.
Best for: Low rates
Bottom Line
Better has the right combination of features and perks, including no hidden fees, low mortgage rates, and a fast 100% application process. Better Mortgage does not charge lender fees such as those for application, processing, and underwriting. You can save up to $2,000 in closing costs if you use a real estate agent referred to you by Better Real Estate and use Better Mortgage Corp. as your lender. The lender also offers $150 off closing costs when applying through Motley Fool Money site.
Min. Credit Score
Min. Down Payment
Key Features
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Fixed Rate Terms
Adjustable Rate Terms
Best for: Customer service
Rocket Mortgage®
Bottom Line
Rocket Mortgage led the transition to a full digital experience and online-only applications. Its seamless process is one reason Rocket Mortgage is consistently ranked in the top two on J.D. Power's customer service rankings. Rocket Mortgage has a robust and high-quality app that makes it easy to use.
Min. Credit Score 580 FHA 620 other mortgage products 680 Jumbo
Min. Down Payment 0%-3.5% (FHA & VA loans) 3% (conventional loans)
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Jumbo loans
Axos Bank Mortgage
Bottom Line
No lender fees for qualified existing customers, along with a fully online experience make it a top pick. One of the rare lenders to offer jumbo loans up to $30 million. Axos also offers a mortgage with rewards, giving up to 3% cash back every year.
Min. Credit Score 580 FHA loans 620 other mortgage products
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Veterans and VA loans
Bottom Line
The fact that it is the largest VA home lender speaks volumes. Veterans United specializes in VA loans for military members, and offers 24/7 customer service over the phone as well as free credit counseling service. But Veterans United also offers an array of terms and loan products, in addition to competitive rates.
Min. Credit Score
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Online application experience
Guaranteed Rate Mortgage
Bottom Line
Guaranteed Rate does a great job with ease of usability, offering comprehensive loan information during your research phase, plus the option to securely upload and digitally sign loan documents when you're ready to apply. The lender publishes its rates for different loans online, making it easy to compare options.
Min. Credit Score
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: First-time homebuyers
Pennymac
Bottom Line
Pennymac specializes in government mortgages like VA and FHA loans. Pennymac offers rate transparency, help via phone or online, flexible loan terms, and a rate guaranteed to beat competitors. Pennymac is a great place for people to start looking for a mortgage.
Min. Credit Score 580 FHA and VA loans 620 Conventional loan 700 Jumbo loan
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Low- and moderate-income borrowers:
PNC Mortgage
Bottom Line
PNC is a large bank with a wide range of financial products. It offers an online tool called Home Insight Planner to help borrowers find a home that fits their budget and needs. It then matches a borrower to its diverse loan products and terms. PNC can accommodate many borrowers, including those looking for mortgage options with no PMI.
Min. Credit Score
Min. Down Payment 0% VA and USDA 3% conventional 3.5% FHA
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
Best for: Current and former Navy members
Navy Federal Credit Union Mortgage
Bottom Line
Navy Federal offers its members a wide range of loans, including the Military Choice Loan for those who have already exhausted their VA loan benefit. Navy Federal offers a rate match guarantee, and if it can't match an offered rate, applicants will receive $1,000.
Min. Credit Score
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
The sign of a good mortgage is one that saves you money through the years and provides great customer service. You want a company you can call if your situation changes and you want to refinance or make some other change to your mortgage. A strong lender offers more than savings. Here are some other traits to look for:
Some find the approval process stressful. You can minimize the stress by following these steps.
Depending on the type of loan, it's possible to be approved for a Maryland mortgage with a credit score as low as 580 to 620. The important thing to know about being approved for a loan with the lowest possible score is that you will have to pay a higher interest rate than you would pay if your score was higher. One solution may be to take some time to build your credit score before applying.
The amount of down payment required depends entirely on the type of loan you take out. For example, a VA loan requires 0% down, and an FHA loan requires a minimum of 3.5% down. Buyers who put 20% or more down on a mortgage loan are not required to pay monthly mortgage insurance. Mortgage insurance is a fee you pay to the mortgage company. The lender uses the fee to purchase insurance from a third party. That way, if you default on your loan, the lender can recoup the loss.
The Maryland Mortgage Program offers a range of programs, including:
And then there are specialty loans, like:
Given today's Maryland mortgage rates, it's a tempting time to buy a home. But before you head out to house hunt, run the numbers to learn how much you can afford. Once you know how much you're comfortable spending, stick to your budget. There are few things more uncomfortable than living paycheck to paycheck because of a mortgage payment.
If the current market pushes you beyond your comfort zone, it's okay to wait. Waiting it out means more time to gather a larger down payment and to choose the lender that best fits your needs.
Where you buy in Maryland is a personal decision with no one-size-fits-all answer. Ideally, you'll find a home you can afford in an area you enjoy.
The average price of a home in Maryland is currently $314,800, according to World Population Review.
In Maryland, the buyer typically pays for title insurance and also selects the title company.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
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