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% | Learn more at Guaranteed Rate | ||
620 | 1% | Learn more at Rocket Mortgage, LLC | ||
620 | 3% | |||
620 | 5% | |||
620 | 3% | |||
N/A | 0% | |||
580 | 3.5% | |||
720 | 5% | |||
N/A | 5% | |||
640 | 0% |
Learn more
at Guaranteed Rate
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
4.0
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
1%
Why We Like ItGood for: FHA borrowers and others short on down payment cash, as well as home buyers who value convenience over low fees.
Pros
- Streamlined online process with document and asset retrieval capabilities, as well as the ability to edit your preapproval letter.
- Offers the option to work with loan officers by phone if desired.
- Largest FHA lender in the nation.
Cons
- Getting a customized interest rate requires a credit check, which can affect your credit score.
- Origination fees are on the high side compared with other lenders, according to the latest federal data.
- Doesn't offer home equity lines of credit.
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 ItGood for: borrowers who are comfortable with an entirely online experience, and who want a one-stop shop for buying and selling.
Pros
- Offers a variety of repayment terms.
- Online loan calculator lets borrowers compare monthly payments and lifetime interest.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
- No sample interest rates are provided.
- Origination fees are on the higher end, according to the latest federal data.
- Lender’s website does not have a live chat feature.
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
4.5
Home loans overall
NerdWallet ratingNational / regional
National
Min. down payment
0%
Why We Like ItGood for: Military borrowers who’ve exhausted their VA loan benefits and qualified government employees who want to compare mortgage options without down payments.
Pros
- Offers unique loan options aimed at military borrowers, such as a proprietary loan called Military Choice that works as an alternative to VA loans.
- 24/7 customer service supports borrowers stationed overseas.
- Offers home equity loans and lines of credit.
Cons
- Borrowers must join the credit union before applying for a mortgage.
- The lender does not offer renovation or construction loans.
- When we tried their customer service line, we sometimes waited longer than 10 minutes before being connected with a representative who could answer our questions.
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 ItGood for: Borrowers who may benefit from Flagstar’s unique loan options, such as ITIN loans, loans for manufactured homes or physician loans.
Pros
- Multiple loans for those who are renovating or building a home, including loans with interest-only payments during construction.
- Offers home equity loans and lines of credit.
- Offers down payment assistance and loans for underserved borrowers, including ITIN loans and loans with flexible qualifications in certain communities.
- Interest rates are on the low side relative to other lenders, according to the latest federal data.
- Borrowers can enter their information (including their desired loan amount, down payment and zip code) into the lender’s Mortgage Quote Comparison tool and receive a customized rate quote.
Cons
- Home equity loans are not available in all locations served by Flagstar.
- In 2022, the lender was fined for violating laws regarding properties in flood zones.
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
- Guaranteed 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
