refinance rates maryland: how to compare and lock a better deal

What drives your new rate

In Maryland, refinance pricing moves with market yields, lender pipelines, and your profile. Expect quotes to vary by day and by lender, so a quick, apples-to-apples comparison matters. Lenders price risk using credit, equity, occupancy, and loan size tiers that can shift your rate or add points.

• Credit score: 740+ often gets the best rate; below that, pricing adjustments apply.
• Loan-to-value: More equity lowers risk; watch for 80% and 60% cutoffs.
• Loan type: Conventional, FHA, VA, jumbo, and cash-out each price differently.
• Points versus lender credits: buy down the rate, or reduce closing costs.

Timing and strategy

Ask for a written Loan Estimate with APR, points, and third-party fees, then lock when terms meet your target. Rate locks have durations; extensions cost money.

Calculate your break-even

1. Total all closing costs and any prepaid interest.
2. Divide by monthly payment savings to find months to recover costs.
3. If moving sooner, consider a no-cost refi or a shorter ARM period.

Shop at least three Maryland lenders, including a credit union. Verify prepayment penalties, escrow waivers, and second-lien subordinations that can delay closings.