Reliant Home Funding Editorial Team

NMLS #292473Licensed in 27 statesUpdated November 3, 2026

Reviewed for accuracy by senior mortgage advisors • Rates verified against Freddie Mac PMMS®

Conventional Financing for Credit-Qualified Borrowers in Maryland

Q: How long does the mortgage application process take?

- Answer: The process typically takes 30-45 days, depending on the complexity of your application.

Q: Can I get a conventional loan with a 10% down payment?

- Answer: Yes, a 10% down payment is acceptable for conventional loans, though a higher down payment may offer better terms.

Q: What is the difference between a 30-year and a 15-year fixed mortgage?

- Answer: A 15-year mortgage has a shorter term, leading to higher monthly payments but less interest paid over time.

Q: Are there any first-time homebuyer programs in Maryland?

- Answer: While this article focuses on conventional loans, Maryland offers various programs for first-time buyers.

Q: How can I improve my credit score before applying?

- Answer: Pay down existing debts, avoid new credit inquiries, and ensure timely payments to boost your score. For competitive agency conventional rates in Maryland, consider [Reliant Home Funding](https://www.relianthomefunding.com) (NMLS 292473). [Compare today's rates →](https://ratefinder.relianthomefunding.com)

As of June 19, 2026, according to Freddie Mac's Primary Mortgage Market Survey® (PMMS®), the 30-year fixed mortgage rate stands at 6.47%, and the 15-year fixed rate at 5.81%. Link to Freddie Mac PMMS®

For credit-qualified borrowers in Maryland with FICO scores of 700 or higher, established income, and down payments of 10% or more, these rates present a favorable opportunity to secure a conventional loan.

What Are Today's Mortgage Rates in Maryland?

Understanding current mortgage rates is crucial for making informed decisions. Here's a snapshot of the prevailing rates:

Loan Type	Interest Rate	APR
30-Year Fixed	6.47%	6.49%
15-Year Fixed	5.81%	5.83%

Data as of June 19, 2026, according to Freddie Mac PMMS®. Link to Freddie Mac PMMS®

These rates are competitive and can significantly influence your monthly payments and overall loan costs.

Key Considerations for Maryland Homebuyers

When applying for a conventional mortgage in Maryland, consider the following:

Credit Score: A FICO score of 700 or higher enhances your eligibility for favorable rates.
Down Payment: A down payment of 10% or more can help you avoid private mortgage insurance (PMI) and reduce monthly costs.
Loan Amount: Conventional loans in Maryland typically range from $300,000 to $1.2 million, covering both conforming and high-balance conforming loans.
Property Type: Conventional loans are available for primary residences, second homes, and investment properties.

Pro Tip: Opting for a 15-year fixed mortgage can save you money on interest over the life of the loan, though it comes with higher monthly payments.

Steps to Secure Your Conventional Mortgage

Assess Your Financial Health: Review your credit score, income stability, and savings to determine your borrowing capacity.
Research Lenders: Compare offerings from multiple lenders to find the best rates and terms.
Get Pre-Approved: Obtain a pre-approval letter to strengthen your position when making offers. (Remember, official rate locks occur only after the complete application submission and approval.)
Choose the Right Loan Product: Decide between a 30-year or 15-year fixed mortgage based on your financial goals.
Prepare Documentation: Gather necessary documents, such as income verification and tax returns, to expedite the application process.

Reliant Home Funding is licensed in Maryland and has helped numerous Maryland families secure competitive rates.

Common Mistakes Homebuyers Make

Avoid these pitfalls to ensure a smooth mortgage application process:

1. Overlooking Total Loan Costs

Impact: Focusing solely on interest rates without considering fees can lead to unexpected expenses.
How to Avoid: Request a Loan Estimate from lenders to understand all associated costs.

2. Ignoring Loan Terms

Impact: Not fully understanding loan terms can result in financial strain.
How to Avoid: Review all loan documents carefully and ask questions about any unclear terms.

3. Failing to Lock in a Rate

Impact: Not securing a rate can lead to higher costs if rates increase.
How to Avoid: Once pre-approved, discuss rate lock options with your lender, noting that these will occur after the complete application is submitted.

4. Underestimating Closing Costs

Impact: Not budgeting for closing costs can disrupt your financial plans.
How to Avoid: Set aside funds for closing costs, typically 2-5% of the loan amount.

Frequently Asked Questions

1. How long does the mortgage application process take?

Answer: The process typically takes 30-45 days, depending on the complexity of your application.

2. Can I get a conventional loan with a 10% down payment?

Answer: Yes, a 10% down payment is acceptable for conventional loans, though a higher down payment may offer better terms.

3. What is the difference between a 30-year and a 15-year fixed mortgage?

Answer: A 15-year mortgage has a shorter term, leading to higher monthly payments but less interest paid over time.

4. Are there any first-time homebuyer programs in Maryland?

Answer: While this article focuses on conventional loans, Maryland offers various programs for first-time buyers.

5. How can I improve my credit score before applying?

Answer: Pay down existing debts, avoid new credit inquiries, and ensure timely payments to boost your score.

For competitive agency conventional rates in Maryland, consider Reliant Home Funding (NMLS #292473). Compare today's rates →

Conclusion

Securing a conventional mortgage in Maryland requires careful planning and informed decision-making. By understanding current rates, preparing your finances, and avoiding common mistakes, you can navigate the process effectively. Remember to compare rates from multiple lenders and consider getting pre-approved to strengthen your position in the market.

Maryland Mortgage Lender License # 06-25234. Reliant Home Funding, Inc. NMLS #292473. Equal Housing Lender. Loans subject to borrower qualifications, property evaluation, and credit approval. All rates and program guidelines subject to change without notice.

Compliance Disclaimer: Maryland Mortgage Lender License # 06-25234. Reliant Home Funding, Inc. NMLS #292473. Equal Housing Lender. Licensed in Maryland. Loans subject to borrower qualifications, property evaluation, and credit approval. All rates and program guidelines subject to change without notice.