Finder may earn compensation from partners, but editorial opinions are our own. Advertiser Disclosure

9 best mortgage lenders in Maryland

We combed through over 180 lenders to find our top picks for first-time homebuyers, low rates, stellar customer service and more.

Over 6 million Americans call Maryland home. From picturesque fishing towns on the Chesapeake Bay to bustling downtown Baltimore, there’s enough diversity here to suit a range of lifestyles.

As of December 2020, the median value of a home in Maryland is $335,260, and that figure is expected to rise. According to Zillow, home values in Maryland have risen 6.6% over the past year, and it predicts prices will jump a further 10.2% through the end of 2021.

What are the best mortgage lenders in Maryland?

How we picked the best lenders

We handpicked these companies from more than 180 lenders that reported originating loans in Maryland based on a range of important criteria, including:

  • Fees
  • Interest rates
  • Help for first-time homebuyers
  • Online convenience
  • Credit score flexibility

We also factored in real customer reviews from consumer rating sites like Trustpilot, Wallethub and the Better Business Bureau in our decision-making process. Learn more by reading our mortgage rating methodology.

Best marketplace

LendingTree

See rates
on LendingTree's secure website
If you’re looking for a variety of loan options from different lenders, look no further than LendingTree. LendingTree is not a direct mortgage provider. Rather, it’s a free online mortgage marketplace that can connect you with over 1,500 partnered lenders. Simply fill out a form on the website and you can choose from hundreds of lenders offering a wide selection of home loans in your state.

Rocket Mortgage

See rates
on Rocket Mortgage's secure website
Rocket Mortgage is owned by the US’s largest online mortgage lender, Quicken Loans. Since 2016, Rocket Mortgage supports a fully online experience where you’re not required to speak to a loan officer unless you want to. By linking to your bank and investment accounts, Rocket Mortgages can verify your assets and credit online, helping to speed up the loan verification process.

Best online experience

Beeline

Geared towards the digital savvy borrower, Beeline’s online mortgage application takes as little as 15 minutes and can be completed from any device. Beeline’s simplified five-step loan application links directly to your financial accounts for immediate verification of assets. Because its decision is based on actual numbers, Beeline can provide a purchase-ready approval in minutes, not days.

Best for first-time homebuyers

Freedom Mortgage

Freedom Mortgage works across all 50 states to help homebuyers purchase or refinance for a variety of financial circumstances. The company is especially focused on helping military members and their families with their home loan needs and comes highly rated by past customers. This lender was the highest originator of FHA loans in 2019 in the state of Maryland and offered some of the lowest rates for FHA loans.

Best for customer service

Synergy One Lending

Synergy One Lending comes highly rated by customers who report being happy with the expertise, communication and service of its loan officers. Besides their superior customer service, Synergy One Lending’s Modern Mortgage Experience technology helps to simplify and streamline the mortgage application process. With their S1 Connect app, you can apply for a home loan, upload documents and track the progress of your application right from your mobile phone.

Best for a range of credit scores

Mr. Cooper

Since August 2017, Nationstar Mortgage has been working as the rebranded Mr. Cooper mortgage company. The lender has a smaller selection of home loans available, but balances that with a selection of money-saving programs. While the company doesn’t have the best online reputation, they may be a reasonable choice if a lower credit score is making it difficult to get a mortgage through other lenders.

Best rates

Bank-Fund Staff Federal Credit Union

Bank-Fund Staff Federal Credit Union (BFSFCU) is a full-service financial cooperative that offers members tailored products and services to its members, including mortgage products for primary and secondary residences and investment homes. With some of the most competitive interest rates in Maryland, a BFSFCU loan can help you save.

Best regional lender

First Home Mortgage

First Home Mortgage is a licensed, full-service mortgage lender that knows its local markets and works closely with home buyers in their communities to achieve homeownership. If you’re looking for a company that takes a more personalized approach, First Home Mortgage may be a good option.

Best for refinancing

First Financial Credit Union

First Financial Federal Credit Union extends membership to employees, students and parents of the Baltimore and Carroll County Public School Systems and beyond. While this credit union originated fewer than 200 loans in 2019, they had the lowest average refinance rates compared to other lenders in Maryland.

How do I choose the best lender for me?

With so many mortgage companies in Maryland, it can be hard to narrow down the right one. Here’s what you should be aware of as you compare different lenders.
  • Read online reviews. Unbiased customer reviews are one of the best ways to find out if a lender is worth considering.
  • Shop different lenders. Be sure to shop around and see what mortgage rates different lenders are offering.
  • Prepare to bargain. Before you accept a loan offer, always try to negotiate better terms and a lower rate. Getting preapprovals from a few different lenders can give you more leverage.
  • Always read the fine print. Before signing any paperwork, take the time to read all documents and ask questions. Consult a lawyer if you need further assistance.

Compare mortgage lenders

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
620
No hidden fees, multiple loan terms, and member discounts available.
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
loading

Compare up to 4 providers

Average rates and fees in Maryland

As of December 17, 2020, the average mortgage rate in the US is 2.87%, with the rate slightly lower in Maryland. According to data from the Consumer Financial Protection Bureau, most lenders in Maryland are offering rates at or below 2.75 at this time of writing.

Closing costs in the US typically range from 2% to 5% of your home’s sale price. Maryland is right in the middle of that range, with closing costs now averaging 3.65% in the state. For more information, see our guides on mortgage rates in Maryland and Maryland closing costs.

What about brokers?

Besides LendingTree, this list only covers direct lenders in Maryland who can underwrite their own mortgage loans. That said, if you don’t have the time to compare lenders yourself, you can consider working with a mortgage broker to have them do the work for you.

While many mortgage brokers are trustworthy, others may charge unnecessary fees that you don’t need to pay. As with searching for a loan, you’ll want to compare different mortgage brokers and read their online reviews to make sure they’re a good fit.

Bottom line

There’s no one right loan for everyone. While these nine lenders have a lot to offer, no single mortgage lender is likely to be ideal for every borrower. Depending on your circumstances and budget, you may want to compare other lenders.

Home loans ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience.

Read the full methodology of how we rate home loan providers.

More guides on Finder

Go to site