According to a recent Primerates.com survey of Baltimore mortgage rates offered by the largest area banks & credit unions, three Baltimore institutions offered rates at 3.875% on 30-year fixed-rate conforming loans in the Baltimore area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) and The Columbia Bank (www.thecolumbiabank.com) and the Severn Savings Bank (www.severnbank.com ) offered this rate and an Annual Percentage Rate of 4.010%, 3.944%, and 3.897% respectively. While the SunTrust bank (www.suntrust.com) was offering a slightly higher rate of 3.990%.
While most lenders will push one of the three products on the list below, there are other options for the borrower. The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment. The trade-off is paying a higher interest rate. For those who have a better cash flow, the 15-year product may be more suitable. The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower. While many people steer clear of the 5/1 ARM it is beneficial to some borrowers. For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less. This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan.
| Top Baltimore Area Banks and Credit Unions | As of | 30 Yr-Rate | 30 Yr- APR | 15 Yr- Rate | 15 Yr- APR | 5/1 ARM-IR
|
5/1 ARM-APR |
| Wells Fargo | 02/12/2012 | 3.875% | 4.010% | 3.125% | 3.368% | 2.250% | 3.118% |
| SunTrust Bank | 02/12/2012 | 3.990% | 4.006% | 3.375% | 3.403% | 2.750% | 2.454% |
| The Columbia Bank | 02/12/2012 | 3.875% | 3.944% | NA | NA | NA | NA |
| Severn Savings Bank | 02/12/2012 | 3.875% | 3.897% | NA | NA | NA | NA |
Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points. Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history. Contact a specific institution for current rates.
According to a recent Primerates.com survey of Baltimore mortgage rates offered by the largest area banks & credit unions, three Baltimore institutions offered rates at 3.875% on 30-year fixed-rate conforming loans in the Baltimore area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) and The Columbia Bank (www.thecolumbiabank.com) and the Severn Savings Bank (www.severnbank.com ) offered this rate and an Annual Percentage Rate of 4.010%, 3.944%, and 3.897% respectively. While the SunTrust bank (www.suntrust.com) was offering a slightly higher rate of 3.990%.
While most lenders will push one of the three products on the list below, there are other options for the borrower. The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment. The trade-off is paying a higher interest rate. For those who have a better cash flow, the 15-year product may be more suitable. The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower. While many people steer clear of the 5/1 ARM it is beneficial to some borrowers. For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less. This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan.
| Top Baltimore Area Banks and Credit Unions | As of | 30 Yr-Rate | 30 Yr- APR | 15 Yr- Rate | 15 Yr- APR | 5/1 ARM-IR
|
5/1 ARM-APR |
| Wells Fargo | 02/12/2012 | 3.875% | 4.010% | 3.125% | 3.368% | 2.250% | 3.118% |
| SunTrust Bank | 02/12/2012 | 3.990% | 4.006% | 3.375% | 3.403% | 2.750% | 2.454% |
| The Columbia Bank | 02/12/2012 | 3.875% | 3.944% | NA | NA | NA | NA |
| Severn Savings Bank | 02/12/2012 | 3.875% | 3.897% | NA | NA | NA | NA |
Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points. Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history. Contact a specific institution for current rates.
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