Maryland is one of the most accessible states in the country. It boasts immediate access to the nation’s capital, the South, and the northeast part of the country. In addition, Maryland offers its residents a bit of relief from all of the hustle and bustle of the hundreds of large cities that surround it. This makes Maryland a popular destination for families. Many individuals work in the surrounding cities, and they later come home to the comfort of Maryland’s suburban neighborhoods, which offer safety and quality for children. These advantages to life Maryland come at a cost, which causes many residents to struggle to make their mortgage payments each month. For many of these individuals, it is a bit of a surprise that his or her problems are not unique, nor are they without a solution. For many individuals refinancing is a viable solution. Refinancing, or obtaining a new loan to pay for the balance that is remaining on your existing loan, can save money each month, and it can give homeowners access to the equity that they have established in their homes.
Quick Maryland Housing Facts:
- Percent of homeowners in Maryland: 67.7%
- Percent of renters in Maryland: 33.3%
- Median annual income in Maryland: $55,007
- Average credit score in Maryland: 688
- Best Maryland city to live in: Gaithersburg, MD
- Median Maryland home value: $146,000
When to Refinance in Maryland
Refinancing your mortgage needs to be done at the proper time. One must research current trends in the real estate industry to ensure that refinancing is going to be the money-saving opportunity that it should be. First of all, one must be sure that the interest rates expressed in the current marketplace are lower than what they are currently paying by 1.5% or 2%; otherwise, the refinancing process will not end up saving much money in the long-term. In addition, it is important to be aware of any hidden fees or penalties associated with paying your mortgage off early. If so, check to see how high those penalties are. These fees can cost a lot of money, and sometimes they can even exceed the amount of money that you would save if you would have just stayed with your original mortgage in the first place. It is also crucial to price out how much you will ultimately save by refinancing, and compare it to how much you are currently paying.
How much house can I afford in Maryland
One of the biggest problems facing Maryland homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Other factors that should go into your deciding are how much can you afford to pay monthly and make sure to include property taxes, home insurance, and your monthly mortgage payment. If you need help answering some of these questions, or if you have more, request a mortgage quote a mortgage specialist will walk you through the process.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.