10 Best Maryland Mortgage Lenders of 2021
NerdWallet has examined some of the leading lenders in Maryland to help you find a home loan source in a variety of mortgage categories.
Last updated on January 28, 2021
Written by
Edited by
Alex Richards
Fact Checked
Fact Checked
Written by
Edited by
Alex Richards
Fact Checked
Fact Checked
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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.
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
10 Best Maryland Mortgage Lenders of 2021
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
|---|---|---|---|---|
660 | 5% | |||
620 | 1% | Learn more at Rocket Mortgage, LLC | ||
620 | 3% | |||
620 | 3% | |||
620 | 3% | |||
N/A | 0% | |||
580 | 3.5% | |||
720 | 5% | |||
N/A | 5% | |||
640 | 0% |
Why We Like ItGood for: borrowers seeking a broad menu of loans, including jumbo and interest-only options, renovation loans and government-backed mortgages, as well as home equity lines of credit.
Pros
- Offers a one-day mortgage approval process.
- Offers a generous selection of loans, including government-backed, interest-only, ITIN, jumbo and renovation loans.
- Advertises a HELOC that can be funded in as few as five business days.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
- Origination fees are higher than average, according to the latest federal data.
- HELOC has a relatively short draw period, which may not provide flexibility for someone who wants the option of accessing home equity over a longer period.
Learn more
at Rocket Mortgage, LLC
Rocket Mortgage, LLC: NMLS#3030
4.5
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
1%
Why We Like ItRocket Mortgage is the largest mortgage lender by volume, standing out for its range of affordable borrowing options, down payment assistance and closing cost credits.
Pros
- Reported average time to close is 15 days faster than industry average.
- FHA and VA loans make up 40% of Rocket Mortgage’s total loan volume.
- Borrowers can apply via mobile app.
Cons
- Origination fees are on the higher end, according to the latest federal data.
- No construction or renovation loans.
- Physical branches are only available in Detroit, Cleveland, and Phoenix.
Why We Like ItGood 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.
- Offers several affordable loan options, including FHA, VA, USDA and the PNC Community Loan.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
- Doesn't offer renovation mortgages.
- In-person service is not available in every state.
Why We Like ItLoanDepot is a large nonbank lender that offers the potential for a streamlined mortgage process and cash back, but to start an application or get a rate quote you must work with a loan officer over the phone.
Pros
- Offers a variety of repayment terms for fixed-rate loans.
- Does a substantial amount of business in FHA lending.
- mello smartloan product can streamline mortgage application, appraisal and title search.
Cons
- Interest rates are not available on the website.
- Origination fees are on the higher end, according to the latest federal data.
SunTrust (Truist): NMLS#2915
4.5
Refinancing
NerdWallet ratingMin. credit score
620
National / regional
National
Why We Like ItGood 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.
Navy Federal: NMLS#399807
5.0
Home loans overall
NerdWallet ratingNational / regional
National
Min. down payment
0%
Why We Like ItNavy Federal is known for VA lending, but it's the flexible VA-like loan options that truly stand out. While you don't have to be a current or former servicemember to take advantage of them, you will need a military connection to join the credit union.
Pros
- Offers unique no-down-payment and no mortgage insurance loan options for military and civilian borrowers.
- 24/7 customer service supports borrowers stationed overseas.
- Has both home equity loans and lines of credit.
Cons
- Borrowers must join the credit union before applying for a mortgage.
- Does not offer FHA, renovation or construction loans.
- We sometimes waited longer than 10 minutes before connecting with a customer service representative.
Why We Like ItGood 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.
Why We Like ItGood for: low- to moderate-income buyers who qualify for down payment or closing cost assistance programs and homeowners interested in a home equity line of credit.
Pros
- Offers down payment and closing cost assistance programs.
- Existing customers who meet certain qualifications can receive 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 or construction-to-permanent mortgage loans.
- Must enroll in online banking to access Home Loan Navigator.
- Fined $12 million for reporting inaccurate mortgage applicant info to the federal government.
Why We Like ItFlagstar Bank stands out for its range of accessible loans and programs, including loans with flexible requirements and down payment grant options. Its mortgage operations will be acquired by Mr. Cooper in 2024.
Pros
- Conventional loan terms extend to 40 years, which is unusually flexible.
- Offers options for high-balance mortgages.
- Offers specialized mortgages for professionals, such as doctors and lawyers, starting their careers.
- Reported average time to close (20-30 days) is faster than industry standard.
Cons
- The lender’s mobile app is focused on banking, not mortgages.
- Conventional fixed-rate mortgages require a 5% minimum down payment, higher than some competitors.
Why We Like ItGood for: veterans, active-duty service members and eligible reservists looking for VA loans.
Pros
- VA loans are the bulk of USAA’s business, so it knows the ins and outs of eligibility.
- Offers a conventional home loan with low down payment for first-time buyers.
Cons
- Doesn’t offer FHA or USDA loans, or second mortgages.
- Limited mortgage rate information is on the USAA website. For customized rates, you'll have to make contact.
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.
NerdWallet's Best Maryland Mortgage Lenders of 2021
- Rate: Best for jumbo home loans
- Rocket Mortgage, LLC: Best for online experience
- PNC: Best for refinancing
- loanDepot: Best for online experience
- SunTrust (Truist): Best for refinancing
- Navy Federal: Best for first-time home buyers
- PrimeLending: Best for government-backed mortgages
- Bank of America: Best for jumbo home loans
- Flagstar: Best for first-time home buyers
- USAA: Best for government-backed mortgages
