Maryland Mortgage Refinance
Whether home is in Bethesda (20816) or Broomes Island (20615), Maryland (population 5,615,727) home owners are refinancing their mortgage with local lenders. Rates for a 30 year fixed mortgage product in Maryland run from 4.80% APR to 5.33% APR. If a 15 year mortgage is a better situation, Maryland borrowers can access rates from 4.21% APR to 4.79% APR. Although the fixed rate mortgage is the most traditional product, understanding how an adjustable rate mortgage (ARM) works will help borrowers make an informed decision. ARMs offer a lower rate, but rates fluctuate based on the market. For example, rates for a 10/1 ARM are 4.40% APR. Maryland borrowers have several mortgage refinance options so ask each lender to review rates, terms, fees and product specifics in order to make an informed decision. In addition to lowering monthly mortgage payments, there are other advantages to refinancing. The IRS offers tax deductions for Maryland home owners who refinance their mortgage. Deductible items include mortgage interest, points and property taxes. The average home in Maryland is valued at $254,700, however home values in different cities vary. For example, homes in Baltimore (21202) are valued at $240,100, whereas homes in Salisbury (21801) are valued at $149,600. On average, homes in Maryland sell for $258,900. In Cumberland (215020), homes sell for approximately $160,000 and in Jessup (20794) $390,000.