Maryland mortgage rates tend to be slightly higher when compared to the nationwide average. In Maryland, the average monthly mortgage payment so far in 2010 is $1,561.00 per month compared to $1,295.00 for mortgages nationwide. The average home value in Maryland is $280,200 compared to $167,500 nationwide. There are about 2,273,793 housing units in Maryland of which 69 percent are owner occupied with the rest occupied by renters.
Some of the more popular cities and towns in Maryland include Baltimore, Bethesda, Annapolis, Columbia, Rockville and Bowie.
Baltimore is the largest city in the state of Maryland with a population of 651,154 and a median family income in 2005 of $30,078. The city is the cultural capital of the state and the most popular travel destination. Known as the “Charm City,” Baltimore is steeped in history and has both an east coast and southern charm.
Annapolis is another popular location in Maryland for people to reside that has plenty of history dating back to the Revolutionary War, when it served as the new nation’s capital. The city has more buildings still standing from that period than any other city in the United States. Annapolis is also known as the home of the United States Naval Academy. Both Baltimore and Annapolis are quite close to Washington D.C., the nation’s current capital.
The three counties of southern Maryland has been growing the faster than counties in the rest of the state. Montgomery County, the state’s most populous county, is projected to experience growth from 855,000 in 2000 to 946,000 by 2010.
Cities like Hagerstown and Bowie are among Maryland’s fastest growing population areas. These cities have been growing due to their prime location between other major urban areas like Baltimore, Washington D.C., and Annapolis.
The main mortgage types available in Maryland are:
There are various types of mortgage loan products available for the buyer to choose from. These products include:
Maryland is a recourse state, which means that lenders have up to three years to take recourse action for the loan balance after a foreclosure sale. For example, if you are foreclosing on a $500,000 mortgage but the property sells in foreclosure for only $400,000. If the lender wins in court, you will still owe the lender the remaining $100,000 balance on the original mortgage. The court will set the new payment terms.
In Maryland, lenders use judicial foreclosure in which a court action is sought. The lender files a petition, after which the foreclosure begins in 90 days of the date of default when no notice is provided, and in 45 days when the lender notifies the borrower. In instances where criminal activity like fraud is involved the foreclosure can begin immediately.
The borrower can stop the default up to 1 day before the foreclosure sale by paying up all the past due payments together with any penalties incurred thereby reinstating the loan. If the foreclosure sale is insufficient to cover the loan, the lender has recourse to a deficiency court action for the remaining balance of the loan.
The court decides on the period of redemption, or the period in which the original owner has the right to buy back the home from whoever purchased it during foreclosure.