Maryland Home Mortgage Loans - Beware of These 3 Things

Mortgages continue to be in demand in Maryland as more people enter the housing market. What was once a sellers market has turned into a buyers market, even with the average Maryland home priced at $427,000. 2006 looks to be a flat year, but many experts predict rising prices in the near future as the state continues to see job growth, averaging 50,000 new jobs each year until 2010. Government restraint on new housing will also keep prices high. Even with this rosy picture, beware of these three things before signing for a home loan.

1. Betting On Higher Home Values

Keep in mind when you are applying for a mortgage that home values may not appreciate much in 2006. While areas like Baltimore saw a 99% increase in home values in the last five years, those rates arent likely to be seen in the next five years. In fact, some areas may see drops in property values. When you are picking out home loan terms, make sure they are in line with future housing goals. Be cautious with interest-only or adjustable rate mortgages that have high refinance penalties. Instead, look for better deals or try negotiating with the lender.

2. Waiting For Lower Rates

Mortgage rates are still at near record lows, even as they climb into the 6% range. This is still a good time to lock in such low rates. Remember too that you can buy down your mortgage rate if you plan to keep the home loan for at least seven years.

3. Only Applying With Local Lenders

By using the internet, you can greatly expand your lending choices. Even better, you can quickly get loan estimates to compare rates, fees, and payment structures. Armed with such information, you can be sure that you are getting the lowest costing loan.

Visit Maryland Lending Center for a list of Maryland Recommended Home Mortgage Lenders, whether you are looking for home purchase, refinance or a home equity loan.

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