Maryland Mortgage Refinance

Refinance Rates

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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Maryland, a coastal state on the Eastern Seaboard of the US, is bordered by Virginia, Pennsylvania, Delaware and the District of Columbia. As the seventh state to enter the Union, it is one of the original Thirteen Colonies, and is the birthplace of the national anthem "Star-Spangled Banner". Chesapeake Bay is the country's largest estuary, a place where the ocean and river meet, and where both fresh and salt waters are found in distinctly different zones. Seabiscuit, Babe Ruth, and Cab Calloway are all important features of Maryland history. The state's largest cities are Baltimore, Frederick, Gaithersburg, Bowie, Rockville, Hagerstown, Annapolis, College Park, Salisbury and Cumberland.

As one of the states near the lower end of the scale when it comes to closing costs on Maryland mortgage refinance, the state does, however, have more expensive areas leading to higher conforming limits when speaking about conventional and jumbo mortgages. For the most part, the state is set at $417,000, but in some areas it is $494,500, and in places like Calvert, Frederick and Charles, areas which are experiencing high foreclosure rates, the limit reaches $625,500. During the beginning of 2009, foreclosure rates were high but by the end of the year and into early 2010, they had stabled out. Contrarily, defaults on mortgage payments were still on the rise. By July 2010, the state was listed in the top ten states for foreclosures.

In order to combat foreclosure and keep its rate low, and to help home owners avoid the loss of houses, Maryland enacted new laws in 2008 extending the foreclosure process from fifteen days to one-hundred and fifty, and made mortgage fraud a crime. In 2010, it furthered its fight against foreclosure by requiring lenders to consider loan modifications when Maryland mortgage refinance is requested. And to deter the number of foreclosures, the state now charges lenders a fee of three hundred dollars for each foreclosure they begin.

Witnessing the reality of homes being lost to declining values, and unconventional loan structures, Maryland Governor Martin O'Malley launched the HOPE Initiative, or "Home Owners Preserving Equity" in 2007. Then in 2008, along with other relevant organizations, a campaign was launched to make residents who owned homes in Maryland aware of their options. The awareness campaign included bus ads, billboard advertising, postcard mail-outs, radio advertising, and print ads, all focused on helping home owners to stay in their homes through various methods. Then, the Department of Housing and Community Development created two new Maryland mortgage refinance programs called Lifeline and Homesaver.

Certainly, Maryland is committed to making the state a wonderful place to live and is making great strides in its fight against residents losing their homes and their dreams.

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