Like in many other states in the nation, homebuyers in Maryland are facing rising interest rates in 2006. Rising interest rates are due to many factors, including inflation, desirability, and expected raises.
Quick Baltimore Housing Facts
Percent of Homeowners in Baltimore: 67.7%
Percent of Renters in Baltimore: 32.3%
Median Baltimore Household Income: $52,868
Average Baltimore Credit Score: 687
Best Cities to Live in Maryland: Gaithersburg, Ellicott City
Median Baltimore Home Value: $146,000
How Much Real Estate Can I Afford in Baltimore?
Unlike identity thieves, we don’t snoop around your computer and garbage can to find old bank statements, social security numbers, and pay stubs. Therefore, you can’t just call us and ask us what kind of house you can afford in Baltimore. The good news is that we can still help you figure it out on your own. The first thing we suggest you do is scribble out some answers to the following questions:
- How much am I willing to spend on my monthly mortgage payments? It is important to answer this question very honestly and accurately to avoid potential financial disasters.
- What kind of payment plan will work for me? We recommend looking into all kinds of payment plans. Don’t forget to check out the government sponsored programs! If you’re totally lost, we recommend looking into Fixed Rate Mortgages and Adjustable Rate Mortgages first. The majority of the other mortgages build off those concepts.
- What are the property tax rates in Baltimore?
- What are mortgage interest rates like in Baltimore?
Next, check out our free online mortgage rate calculators.
Refinancing in Baltimore
Refinancing is a great way to lower your monthly mortgage payments. If the market interest rate has dropped 2% from the rate you pay, it’s probably time to refinance. You also may want to check and see if you credit score has improved significantly; if it has, you may qualify for lower interest rates, and therefore should look into refinancing.
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.