With over a thousand lenders in Maryland to choose from, it's daunting to figure out where you should apply for a mortgage. This decision is especially vital, since the difference of a fraction of a percentage point can mean the difference of thousands of dollars over the life of a 30- year mortgage. Find out below which lenders were the best in the state or use our rate table to see your loan options.
The Best Mortgage Rates Among Maryland Lenders
If you're trying to get prequalified for a mortgage in Maryland, take a look at our lender reviews below, which feature the most competitive home loan companies in the state. Our research shows that many lenders across Maryland will offer similar rates for standard loan terms, it's sometimes more important to consider each lender's reputation for customer service and closing costs, as these will contribute heavily to your borrowing experience. We've included our reviews of the top mortgage lenders in the state below to help inform your shopping experience.
Best Mortgage Lender for First-Time Homebuyers: PNC Bank
If you're a first-time homebuyer, you'll want to step into your local PNC Bank branch to get a no-commitment rate quote. At 198 branches and counting, PNC Bank holds the largest branch network in the entire state of Maryland. That means that if you want an experienced loan officer to guide you through the mortgage process, PNC Bank should be a quick drive down the road. PNC was the fourth largest originator of residential mortgages over the past five years and underwrote no less than 30,850 home loans.
While PNC Bank underwrote half the number of home loans as Wells Fargo, despite having the largest number of branches in the state, PNC handily beat Wells Fargo on customer service reviews. In terms of its ratio of complaints to mortgage originations, PNC Bank registered half the proportion of complaints as Wells Fargo on the Consumer Financial Protection Bureau's (CFPB) complaint database. We also found that PNC Bank's mortgage rates were slightly lower than Wells Fargo, being cheaper by as much as 0.125% in some cases. This can mean the difference of tens of thousands of dollars in interest charges, if you were to sum this up over the life of a 30- year mortgage.
Best Mortgage Lender for Refinancing: Quicken Loans
If you're looking to refinance your existing mortgage loan, you can't go wrong with Quicken Loans, as the online lending behemoth has grown to become the most popular lender in state state when it comes to mortgage refinancing. Quicken Loans refinanced over 36,900 mortgages over the past five years and boasts the highest refinancing volume across 14 counties, including Caroll, Charles and Prince George's.
While Quicken's mortgage rates aren't spectacular, customer reviews seem to rave about the convenience of its lightning-fast approval process. The online lender has been reputed to cut off as much as a week, or more, from the typical home closing process—efficiency that its brick-and-mortar competitors seem to have trouble matching. Finally, Quicken Loans also obtained J.D. Power's highest rating for customer satisfaction for eight consecutive years in a row.
Best Online Mortgage Lender: J.G. Wentworth
We found J.G. Wentworth to be the best online mortgage lender in the state, as the online lender boasted lower rates and APRs than its competitors. If you aren't a first-time homebuyer, you may find online lenders to be a fast and convenient way to get approved for a mortgage, all from the comfort of your own living room. The streamlined online application and approval process makes cross-shopping for home loans fast and easy.
J.G. Wentworth might not be the largest online lender operating in Maryland, but its low rates make it a good choice if you're trying to lower your monthly mortgage payment. The company provides convenient online tools that work just as well as those of more established competitors, resulting in a faster origination process. J.G. Wentworth also emphasizes lower fees, with a flat fee of $795 on every loan it originates. This allows you to put more money toward your down payment, a surefire way to build up home equity and lower your long-term interest costs.
However, like most online lenders, J.G. Wentworth's online services suffer from a lack of in-person interaction. If you find it easier or more reassuring to deal with a loan officer in person, your only recourse will be J.G. Wentworth’s customer service phone line. However, if you're one of the many homeowners willing to take a chance with an online lender, the savings you can get from J.G. Wentworth's slimmer margins may be worth the jump.
Best Mortgage Lender for VA Loans: USAA
For Maryland's veterans and service members, USAA's VA loan offerings constitute some of the best deals on the market. USAA's military-only membership lets the company tailor its financial products to best-serve the needs of veterans and their families. This includes home loans requiring no down payment, preferential interest rates and a customer service reputation that's second-to-none among lenders catering to military personnel. In fact, on J.D. Power's 2018 spectrum of mortgage lenders, USAA outperformed every commercial bank in the nation when it came to mortgage servicing customer satisfaction.
USAA gives veterans one of the most affordable means of achieving homeownership in the state of Maryland. While USAA isn't a credit union like its chief rival Navy Federal, it follows similar rules when limiting its membership to those who have professional or personal connections to the armed forces. If you qualify for membership, that's great news: USAA's VA loans feature some of the best rates we were able to source in the market, making it an excellent option regardless of whether you’re stationed at Fort Meade or Andrews Air Force Base.
Best Mortgage Lender for Poor Credit: First Home Mortgage Corp.
First Home Mortgage Corp. is a great choice for homebuyers who have lower credit scores or trouble meeting minimum income requirements. First Home was the second-most prolific issuer of FHA-sponsored mortgage loans over the past five years; FHA home loans feature reduced credit requirements and lower down payments to help struggling homebuyers meet the minimum stakes for home ownership. First Home also ranked as the most popular FHA lender in the county limits of Anne Arundel, Harford, Queen Anne's, Talbot, Washington and Worcester.
Another perk of getting a mortgage from First Home is that they're a state-approved lender under the Maryland Mortgage Program, which provides assistance to both first-time homebuyers and qualifying low-income purchasers. Under the Maryland Mortgage Program, you may be able to qualify for special tax credits and down payment assistance, including a down payment match of up to $3,500. Call a First Home Mortgage specialist to find out more, or check out the Maryland Mortgage Program's website for additional details.
How We Chose the Best Mortgage Lenders in Maryland
We used the following criteria when it came to comparing mortgage lenders.
- Total cost: interest rates and closing costs
- Product: terms, programs and specialty
- Servicing: transparency, complaint data and branch network
While interest rates played a large role in our selections, we also reviewed each lender's unique terms and fees. Lenders were evaluated on the basis of total cost instead of comparing interest rates alone.
We chose to highlight any unique offerings that a lender exhibited that weren't common among other lenders. For example, almost every mortgage company offers conventional fixed-rate mortgages, but fewer lenders specialize in niche programs like first-time homebuyer loans. Some lenders were better able to distinguish their products with special financing programs.
We examined customer service records and complaints to try to forecast the likelihood of problems arising during the mortgage process. Each lenders' customer service complaints were summed up and divided against the number of loans it closed over the past five years. The resulting ratios were then sorted and ranked by magnitude.
Finally, we mapped and compared the size of each company's branch network. This indicated whether borrowers in less-populated regions of Maryland would be able to access comparable quality of service as borrowers in more populated regions, like Rockville, Maryland. Each lender was then scored based on its level of accessibility.
Most Popular Home Loan Companies in Maryland
Listed below are the top five most popular mortgage companies in Maryland based on loan origination volume. These are ranked in order of the total number of residential home loans originated over the past five years.
Top 5 Biggest Maryland Residential Mortgage Lenders, 2013–2019
|Rank||Company||Mortgage originations||Average mortgage amount|
|3||Bank of America||36,562||$218,690|
If you're comparison shopping for home loans in Maryland, you may find it beneficial to use these companies as a point of comparison. We may not have included these lenders among our top picks, as we evaluated each company holistically and not solely on the basis of popularity.
Make sure you evaluate each lender by comparing its records for customer service, closing costs and unique terms in addition to rates. There may also be other factors that matter to you that weren't covered in our review. Make sure you look over your options according to your own unique situation.
Mortgage Brokers Near Me in Maryland
Mortgage brokers can save you time and money when it comes to shopping for home loans. They compare home loans from multiple lenders on your behalf using a single loan application and can help simplify the mortgage shopping process. They're an excellent choice for homebuyers who want a quick and easy solution to loan applications, or those uncomfortable with finding a mortgage lender on their own. Keep in mind that mortgage brokers will typically charge a fee for their services, or otherwise receive third-party compensation for referring you to certain lenders.
We've listed a number of licensed mortgage brokers in your area below.
|The Jason Fox Team of NFM Lending||164 W Main St A, New Market, MD 21774||(240) 367-9525|
|Mortgage Broker Compliance Consultants||1200 Agora Dr, Bel Air, MD 21014||(866) 838-1938|
|Abiz Mortgage||9977 Old Annapolis Rd, Ellicott City, MD 21042||(410) 900-6470|
|Greenway Funding Group, Inc.||12250 Rockville Pike #200, Rockville, MD 20852||(301) 468-7068|
|Seafarer Home Corporation||36 Seafarer Ln, Ocean Pines, MD 21811||(443) 517-7720|
|Alliance Mortgage Funding, Inc.||111 Warren Rd #10A, Cockeysville, MD 21030||(410) 683-1500|
|Patriot N T N L Mortgage Corporation||260 Merrimac Ct, Prince Frederick, MD 20678||(410) 414-9446|
|North Atlantic Mortgage Corporation||3905 National Dr #320, Burtonsville, MD 20866||(301) 384-1200|
|Clarksville Mortgage Corporation||5533 Adams Ridge Rd, Clarksville, MD 21029||(410) 531-9227|
|Secured Funding Corporation||3500 Boston St #234, Baltimore, MD 21224||(443) 885-0060|