According to a recent Primerates.com survey of Baltimore mortgage rates offered by the largest area banks & credit unions, two 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 ) offered this rate. 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-year Fixed | 15-year Fixed | 5/1 ARM |
Wells Fargo | 02/05/2012 | 3.875% | 3.125% | 2.125% |
SunTrust Bank | 02/05/2012 | 3.990% | 3.375% | 2.625% |
The Columbia Bank | 02/05/2012 | 3.875% | 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, two 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 ) offered this rate. 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-year Fixed | 15-year Fixed | 5/1 ARM |
Wells Fargo | 02/05/2012 | 3.875% | 3.125% | 2.125% |
SunTrust Bank | 02/05/2012 | 3.990% | 3.375% | 2.625% |
The Columbia Bank | 02/05/2012 | 3.875% | 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.