10 Best Maryland Mortgage Lenders of 2021 - NerdWallet Advertiser disclosure
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NerdWallet has examined some of the leading lenders in Maryland to help you find a home loan source in a variety of mortgage categories.NerdWallet Jan 28, 2021 Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. Maryland is a tiny state that punches well above its weight — it ranks among the wealthiest states in the nation. Buying a home here can be a pricey proposition, especially in the suburbs of Washington, D.C. But from Cumberland to the Chesapeake Bay, wherever you want to call home, you’ll want a trusted lender by your side. NerdWallet has examined the leading lenders in Maryland to help you find a home loan source in numerous mortgage categories. Maryland is a tiny state that punches well above its weight — it ranks among the wealthiest states in the nation. Buying a home here can be a pricey proposition, especially in the suburbs of Washington, D.C. But from Cumberland to the Chesapeake Bay, wherever you want to call home, you’ll want a trusted lender by your side. NerdWallet has examined the leading lenders in Maryland to help you find a home loan source in numerous mortgage categories. Best Maryland Mortgage Lenders
LenderNerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.Min. credit score Minimum credit score on top loans; other loan types or factors may selectively influence minimum credit score standardsMin. down paymentLearn more PNC NMLS#446303Learn more at PNC 5.0/5 Best for refinancing620 VA:VariesUSDA:640JUMBO:680FHA:620CONVENTIONAL:6203%Minimum down payment varies by mortgage loan type.Learn more at PNC Guaranteed Rate NMLS#2611Learn more at Guaranteed Rate 5.0/5 Best for jumbo home loansN/A VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:62020%Guaranteed Rate offers jumbo loans with as little as 20% down.Learn more at Guaranteed Rate Rocket Mortgage LLC NMLS#3030Learn more at Rocket Mortgage, LLC 4.0/5 Best for online experience620 VA:580JUMBO:N/AFHA:580CONVENTIONAL:6203%Rocket Mortgage offers conventional mortgages with as little as 3% down.Learn more at Rocket Mortgage, LLC loanDepot NMLS#174457Read review 4.0/5 Best for online experience620 JUMBO:N/AVA:620FHA:580CONVENTIONAL:6205%LoanDepot offers conventional loans with as little as 5% down.Read review SunTrust Truist NMLS#2915Read review 4.5/5 Best for refinancing620 JUMBO:N/AFHA:620VA:620USDA:640CONVENTIONAL:620N/ARead review Navy Federal NMLS#399807Read review 4.5/5 Best for first-time home buyers N/A0% Navy Federal Credit Union offers down payments as low as 0% on loans for military families.Read review PrimeLending NMLS#13649Read review 4.0/5 Best for government-backed mortgages580 CONVENTIONAL:620FHA:580JUMBO:N/AUSDA:620VA:5803.5%PrimeLending offers conventional loans with down payments as low as 3%.Read review Bank of America NMLS#399802Read review 4.0/5 Best for jumbo home loans720 CONVENTIONAL:660FHA:600JUMBO:720VA:62015%Bank of America provides jumbo loans with as little as 15% down.Read review Flagstar NMLS#417490Read review 5.0/5 Best for first-time home buyers620 USDA:660VA:660JUMBO:N/AFHA:640CONVENTIONAL:6203%Flagstar offers 3% down payments on conventional loans for first-time home buyers.Read review USAA NMLS#8722Read review 3.5/5 Best for government-backed mortgages640 VA:640JUMBO:N/ACONVENTIONAL:6200%USAA offers VA loans with as little as 0% down.Read reviewLearn more at PNC PNC NMLS#446303
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:VariesUSDA:640JUMBO:680FHA:620CONVENTIONAL:620 Min. down payment3% Minimum down payment varies by mortgage loan type. View details Learn moreat PNC View details Why we like it Good for: borrowers with low-to-moderate incomes or limited down payments. PNC offers several low-down-payment loans, including one with no mortgage insurance. Pros Posts current mortgage rates on its website. Has an online application for mortgage preapproval and a digital tool to track application progress. Offers several affordable loan options, including FHA, VA, USDA and the PNC Community Loan. Cons Doesn't offer renovation mortgages. In-person service is not available in every state.Read Full ReviewLearn more at Guaranteed Rate Guaranteed Rate NMLS#2611
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit scoreN/A VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:620 Min. down payment20% Guaranteed Rate offers jumbo loans with as little as 20% down. View details Learn moreat Guaranteed Rate View details Why we like it Good for: borrowers seeking a solid variety of loan types, including jumbo and interest-only options, and a totally online experience. Pros Displays detailed sample rates for many of its loan products. Offers a wide variety of loans, including jumbo and interest-only products. Offers low rates compared with other lenders, according to the latest federal data. Cons Doesn't offer home equity loans.Read Full ReviewLearn more at Rocket Mortgage, LLC Rocket Mortgage LLC NMLS#3030
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:580JUMBO:N/AFHA:580CONVENTIONAL:620 Min. down payment3% Rocket Mortgage offers conventional mortgages with as little as 3% down. View details Learn moreat Rocket Mortgage, LLC View details Why we like it Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service. Pros Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary. Estimates the loan amount you’ll qualify for within minutes. Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter. Cons Getting a customized interest rate requires a credit check, which can affect your credit score. Doesn't offer home equity loans or lines of credit. Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.Read Full ReviewRead review loanDepot NMLS#174457
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 JUMBO:N/AVA:620FHA:580CONVENTIONAL:620 Min. down payment5% LoanDepot offers conventional loans with as little as 5% down. View details Read reviewView details Why we like it Good for: borrowers who want an easy online application and a variety of loan types to explore. Pros Has branches across the country for customers who prefer face-to-face service. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Mortgage interest rates tend to be on the lower end, according to the latest federal data. Cons Mortgage rates aren't available online; you'll need to contact a loan officer. Doesn't offer home equity loans or lines of credit.Read Full ReviewRead review SunTrust Truist NMLS#2915
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 JUMBO:N/AFHA:620VA:620USDA:640CONVENTIONAL:620 National / regionalNational View details Read reviewView details Why we like it Good for: borrowers seeking rate-and-term, cash-out or VA IRRRL refinancing. Pros Offers a wide variety of loan options, including special programs for doctors. Offers a complete suite of online mortgage application tools and loan tracking. Sample rates and fees are easy to find on the website. Cons Customized rates aren't available online without starting an application. Branches are limited mostly to the Southeast.Read Full ReviewRead review Navy Federal NMLS#399807
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.National / regionalNational Min. down payment0% Navy Federal Credit Union offers down payments as low as 0% on loans for military families. View details Read reviewView details Why we like it Good for: military members and their families looking for low-down-payment mortgages. Pros Offers a wide range of affordable mortgage products, including 0% down payment loans, designed for military members. Offers HELOCs and home equity loans. Offers low rates compared with most lenders, according to the latest federal data. Cons Website does not provide customized mortgage rates based on credit score or other factors before you apply. Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.Read Full ReviewRead review PrimeLending NMLS#13649
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score580 CONVENTIONAL:620FHA:580JUMBO:N/AUSDA:620VA:580 Min. down payment3.5% PrimeLending offers conventional loans with down payments as low as 3%. View details Read reviewView details Why we like it Good for: borrowers looking for closing cost assistance, as well as those seeking to renovate or to build a new home. Pros Full online application includes document uploads and automated loan updates. Offers a "float-down" interest rate lock. Offers government-backed mortgage and refinance options, including FHA, USDA and VA loans. Cons No online mortgage rates — you have to contact the lender for info.Read Full ReviewRead review Bank of America NMLS#399802
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score720 CONVENTIONAL:660FHA:600JUMBO:720VA:620 Min. down payment15% Bank of America provides jumbo loans with as little as 15% down. View details Read reviewView details Why we like it Good for: first-time home buyers looking for low- or no-down-payment options and homeowners interested in a home equity line of credit. Pros Offers down payment and closing cost assistance programs. May give existing customers a discount on mortgage lender origination fees and HELOC interest rates. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Cons Doesn't offer renovation loans that roll costs into a mortgage.Read Full ReviewRead review Flagstar NMLS#417490
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 USDA:660VA:660JUMBO:N/AFHA:640CONVENTIONAL:620 Min. down payment3% Flagstar offers 3% down payments on conventional loans for first-time home buyers. View details Read reviewView details Why we like it Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone. Pros Offers a wide range of loan types and products, including FHA, VA and USDA. Has a full suite of online conveniences. Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable. Cons Home equity loans are geographically limited.Read Full ReviewRead review USAA NMLS#8722
3.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score640 VA:640JUMBO:N/ACONVENTIONAL:620 Min. down payment0% USAA offers VA loans with as little as 0% down. View details Read reviewView details Why we like it USAA specializes in VA loans and offers a variety of online conveniences, but its website doesn’t offer customized rate quotes. Pros VA loans are the bulk of USAA’s business, so it knows the ins and outs of eligibility. Lots of experience assisting first-time home buyers. You can submit loan documents online. Cons Doesn’t offer FHA or USDA loans, or second mortgages. Limited mortgage rate information is on the USAA website, none of it customized. You'll have to call.Read Full ReviewMore from NerdWallet Calculate your Maryland mortgage payment Compare Maryland mortgage rates How much home can you afford? Last updated on January 28, 2021 Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team. To recap our selections... NerdWallet' s Best Maryland Mortgage Lenders of 2021
PNC: Best for refinancingGuaranteed Rate: Best for jumbo home loansRocket Mortgage, LLC: Best for online experienceloanDepot: Best for online experienceSunTrust (Truist): Best for refinancingNavy Federal: Best for first-time home buyersPrimeLending: Best for government-backed mortgagesBank of America: Best for jumbo home loansFlagstar: Best for first-time home buyersUSAA: Best for government-backed mortgages About the author
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