February 1, 2021 - Federal Hill Mortgage

Early History Within Baltimore

Federal Hill’s location directly on the Inner Harbor was central to its historical significance. In the 18th century, the Federal Hill neighborhood was a hub for shipbuilding. As wooden parts were traded for iron, the shipyards of Federal Hill adapted. This includes when WWII arrived and the neighborhood became a central location that supplied and repaired ships to assist with the war effort.

Federal Hill Park

A central feature of the neighborhood is of course Federal Hill Park. A lovely spot for recreation, with some of the best views of the city to boot, Federal Hill Park has also played a key role in Baltimore’s history. Visitors to the park will notice the replica cannons aimed at the Inner Harbor. These cannons represent a central piece of Civil War history within the region. Following the Baltimore City Riot of 1861, a thousand Union troops under the command of General Benjamin F. Butler established a small fort at the location of the park. Artillery cannons were aimed directly at Baltimore’s downtown area. This was to help ensure the allegiance, or at the very least, good behavior, of Confederate supporters within the City. This show of force fortunately never played out, but it remains an intriguing piece of Federal Hill’s history.

Federal Hill Today

Today, Federal Hill is one of Baltimore’s most desirable neighborhoods for residents and visitors. The park draws in a crowd to take in the gorgeous views offered of the Inner Habor and Harbor East. Federal Hill’s main strip also offers a lively nightlife scene. Throughout the neighborhood, there are a variety of unique attractions for visitors to experience. The Cross Street Market incorporates dining and mixed vendors in a renovated, historic building. The American Visionary Art Museum offers unique, one-of-a-kind art displays, while the Baltimore Museum of Industry celebrates the long history of Baltimore as an industrial powerhouse.

We’re proud to call Federal Hill home. We couldn’t think of a better namesake for our business, and we’re honored to see how the neighborhood continues to grow and change. As the number #1 ranked mortgage lender in Maryland, Federal Hill Mortgage is here to help you find the home of your dreams. Reach out today to get started.

One of the most stressful parts of shopping for mortgages is undoubtedly finding the rate that is right for your budget and needs. With so many options out in the wild, it can be tough to know where to find the best rate, and what to look for. Today, we’re going to weigh some of the options available when shopping Maryland mortgage rates.

Types of Maryland Mortgage Rates and Loans

The rate you ultimately select is going to be dependant on the type of loan you choose. There are a variety of options, with some only available to certain types of homebuyers. Let’s break down the most common options available to you as a home-buyer.

30-Year Fixed-Rate Mortgage

A 30-year fixed-rate mortgage is one of the most common options available. As the name implies, you take on a loan with a 30-year payment period where the interest rate doesn’t change. Some pros to this option are that you will likely have a more affordable monthly rate than shorter loan options. Because the rate is fixed, there is also more predictability to your monthly payments.

15-Year Fixed-Rate Mortgage

The 15-year fixed-rate mortgage plays off the same premise of a 30-year loan, but the shorter time means it’s often used for different reasons. This option is a strong choice for those looking to refinance. Your monthly payments will be higher than a 30-year loan, but the interest payments will be cheaper than the long-term option.

Adjustable-Rate Mortgage

Adjustable-rate mortgages offer a unique kind of flexibility. You select a mortgage rate that is locked in for a set amount of time, say five years, and then is adjusted after that period lapses. This can be advantageous if you believe mortgage rates may be lower in the future, or if you aren’t planning to have the mortgage for an extended period of time. The downside is that if the rates are higher when the readjustment period comes, you can end up with a higher rate than you initially expected.

FHA Mortgage

Now, we begin to get into mortgages that may only apply to specific types of buyers. A Federal Housing Administration (FHA) mortgage is a loan insured by the federal government’s FHA. They are designed to help more moderate-income earners be able to afford the home buying process. The two key aspects of an FHA mortgage are that buyers can pay as little as 3.5% of the home cost for the downpayment and that those with credit scores as low as 500 may be able to apply. FHA loans help make Maryland mortgage rates more affordable by lessening some of the barriers to entry.

VA Loan

VA mortgages are backed by the Department of Veterans Affairs. These loans are available to active duty service members as well as veterans. VA mortgages have distinct advantages, including no required downpayment on most properties, but there are income and property-value caps depending on the region. If you are a service member or veteran, this may be a great option for you.

USDA Mortgages

USDA mortgages are backed by the US Department of Agriculture and are reserved for those who wish to purchase a property located in rural areas. However, some suburban properties may qualify as well. Like VA Mortgages, most USDA home loans do not require a down payment. This option is rather specialized but is great for buyers searching for specific types of property.

Find Great Maryland Mortgage Rates with Federal Hill Mortgage

In the world of mortgages, there are a variety of options that can dictate the rate you end up with. Above all, it’s important to have a qualified, professional team in your corner helping you secure the best rate available. Federal Hill Mortgage is the top-ranked mortgage lender in Maryland. We can help you secure the home of your dreams. Get started on your application today.