Best of
Best Maryland Mortgage Lenders of 2019
NerdWalletJuly 2, 2019
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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.
at Rocket Mortgage
at Rocket Mortgage
Min. Credit Score
620
Min. Down Payment
3%
Ideal for anyone who appreciates smartphone app service, support and time savings. A fully digital home loan experience with a large variety of mortgage products.
Pros
- The site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.
- With your authorization, accesses asset statements from 98% of U.S. financial institutions.
- Tells you the loan amount you’ll qualify for within minutes.
- Rocket Mortgage’s document and asset retrieval capabilities can save you a bunch of time and hassle.
Cons
- Doesn't offer home equity loans or HELOCs.
- If you’re a “look me in the eye” type of customer, you’re out of luck.
- Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.
at loanDepot
at loanDepot
Min. Credit Score
620
Min. Down Payment
3.5%
Ideal for borrowers looking to get a mortgage with help from a loan officer. Digital back-office operations are said to add efficiency to the loan process.
Pros
- Offers digital income, asset and employment verification.
- Has over 150 affiliated loan stores nationwide for customers who prefer face-to-face service.
- One of the nation’s most active lenders of FHA and VA loans.
Cons
- Published mortgage rates include up to three points of prepaid interest and fees.
- Does not offer home equity loans or lines of credit.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers, including those with little money saved for a down payment. SunTrust's online portal offers information and tools in English and in Spanish.
Pros
- Offers a complete online suite of mortgage application tools and loan tracking.
- Has plenty of loan options to choose from and competitive interest rates.
- Provides customer service in its physical locations, online, via chat and by phone.
- Has a Doctor Loan Program for medical professionals who have high earning potential but little cash for down payments.
Cons
- Has a limited number of physical branch locations in 11 states and Washington, D.C.
- Does not consider alternative scoring data, such as rent or utility payments, in standard underwriting.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers with low to moderate incomes or limited down payments. PNC offers a low-down-payment loan with no mortgage insurance.
Pros
- Considers nontraditional credit history like rent payments.
- Online tools help you estimate mortgage payments and track application progress.
- Several affordable loan options including FHA, VA, USDA and the PNC Community Loan.
Cons
- It's not possible to complete the entire mortgage process online.
- Offers mortgage loans nationwide, but has branches in only about two dozen states.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for those who appreciate the full-service experience of a leading regional bank. Flagstar offers a full menu of fixed and adjustable home loans and mortgage refinancing, as well as jumbo loans and home equity financing.
Pros
- Embraces FHA-backed home loans.
- Offers several types of construction and renovation mortgages.
- A professional loan package is tailored for the needs of doctors, lawyers, nurse practitioners, airline pilots and certified public accountants.
- Flagstar reps are familiar with low-down-payment state bond programs for first-time home buyers and income-limited households, as well as the areas that qualify for USDA loans.
- Offers home equity loans and home equity lines of credit.
Cons
- Charges an average $1,295 in underwriting and processing fees.
National / Regional
National
Min. Down Payment
0%
Ideal for military members and their families. Navy Federal Credit Union offers a wide range of mortgage products, an online application and considers alternative credit data for certain loan types.
Pros
- Wide range of affordable mortgage products designed for military members.
- Willing to look at nontraditional credit data, such as rent payments, as part of its credit evaluation for certain products.
- Lower minimum loan amounts than many other lenders.
- Online application for preapproval with quick decision.
- $1,000 mortgage rate match program.
- Operates nationwide.
Cons
- Charges application and underwriting fees.
- Origination charge on a typical conventional loan is 1% of the loan amount.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for military members and their relatives who are interested in a VA loan.
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.
- Offers online pre-qualification.
Cons
- Doesn’t offer FHA or USDA loans.
- Alternative credit is not considered.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers with past credit issues and those looking for down payment and closing cost assistance programs.
Pros
- Low rate of consumer complaints filed with the Consumer Financial Protection Bureau.
- Offers a "float-down" interest rate lock.
- Offers a proprietary closing-cost assistance program.
Cons
- No online mortgage rates.
- Charges an origination fee.
- Doesn't offer home equity products.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who are looking to apply for a mortgage and manage the process through online tools, whether buying or refinancing. Guaranteed Rate offers FHA, VA and USDA loans for borrowers who are well-qualified.
Pros
- Works with most borrowers as long as they have good credit scores and incomes.
- Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.
- Has a 95% customer satisfaction rate, according to company data.
Cons
- Charges some fees, such as a $1,290 lender fee that includes a $150 application fee.
- Offers many products, which might confuse or overwhelm borrowers.
- Several click-throughs required for personalized rates.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who prefer a traditional bank. Bank of America offers a wide array of mortgages and online account management tools. It also has first-time home buyer loans with low down payments and no mandatory mortgage insurance.
Pros
- Allows borrowers to apply entirely online.
- Offers down payment and closing cost assistance programs.
- Accepts alternative credit data for some loan types.
- May give existing customers a discount on mortgage lender origination fees.
Cons
- Charges an application fee of $1,170, on average.
- Has a high volume of consumer complaints, even for a big national bank.
Summary of Best Maryland Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Rocket Mortgage at Rocket Mortgage | online experience | 620 | 3% | at Rocket Mortgage |
loanDepot at loanDepot | online experience | 620 | 3.5% | at loanDepot |
 SunTrust | refinancing | 620 | 3% | Read review |
 PNC | refinancing | 620 | 3% | Read review |
 Flagstar | first-time home buyers | 620 | 3% | Read review |
 Navy Federal | first-time home buyers | N/A | 0% | Read review |
 USAA | government-backed mortgages | 620 | 3% | Read review |
 PrimeLending | government-backed mortgages | 620 | 3% | Read review |
 Guaranteed Rate | jumbo home loans | 620 | 3% | Read review |
 Bank of America | jumbo home loans | 620 | 3% | Read review |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Rocket Mortgage at Rocket Mortgage | online experience | 620 | 3% | at Rocket Mortgage |
loanDepot at loanDepot | online experience | 620 | 3.5% | at loanDepot |
SunTrust | refinancing | 620 | 3% | Read review |
PNC | refinancing | 620 | 3% | Read review |
Flagstar | first-time home buyers | 620 | 3% | Read review |
Navy Federal | first-time home buyers | N/A | 0% | Read review |
USAA | government-backed mortgages | 620 | 3% | Read review |
PrimeLending | government-backed mortgages | 620 | 3% | Read review |
Guaranteed Rate | jumbo home loans | 620 | 3% | Read review |
Bank of America | jumbo home loans | 620 | 3% | Read review |
Last updated on July 2, 2019
Methodology
NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. 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 2019
- Rocket Mortgage: Best for online experience
- loanDepot: Best for online experience
- SunTrust: Best for refinancing
- PNC: Best for refinancing
- Flagstar: Best for first-time home buyers
- Navy Federal: Best for first-time home buyers
- USAA: Best for government-backed mortgages
- PrimeLending: Best for government-backed mortgages
- Guaranteed Rate: Best for jumbo home loans
- Bank of America: Best for jumbo home loans
