Baltimore isn’t just the city of rowhomes and crab cakes—it’s a place where neighborhoods feel like extended families, and owning a home is more than an investment, it’s a chance to plant roots in a city that’s rich in culture, history, and heart. But if you’re thinking about buying in Charm City, there’s one thing you can’t avoid: the mortgage conversation.

So what do buyers in Baltimore need to know about mortgages right now? Whether you’re thinking of settling down in Highlandtown or heading for the suburbs in Catonsville, here’s what’s shaping the market—and what questions you should be asking your lender.

Mortgage Rates Are High—But Not Hopeless

Let’s address the elephant in the room: yes, mortgage rates are still higher than we saw during the pandemic-era lows. But that doesn’t mean homeownership is off the table. In fact, lenders are getting creative with programs designed to help buyers, especially first-timers, navigate this new normal. From rate buydowns to adjustable-rate mortgage options, you’ve got more choices than you think.

Hot Tip for Baltimore Buyers: Some lenders offer grants and down payment assistance programs that are only available in Maryland or Baltimore City specifically. Programs like the Maryland Mortgage Program (MMP) or the Live Near Your Work grant can seriously offset your upfront costs—sometimes up to $20,000.

Local Inventory = Local Strategy

One of the perks of buying in Baltimore is the diversity of home types. You’ve got everything from renovated rowhomes in Patterson Park to detached colonials in Mount Washington. But with inventory still low in many neighborhoods, it's critical to have your financing lined up before you start putting in offers.

A local lender who understands Baltimore’s competitive micro-markets can make a huge difference in helping your offer stand out.

Credit Score Myths & Mortgage Truths

One common myth we hear a lot? “You need a perfect credit score to get a mortgage.” Not true. While better credit can help you qualify for better rates, there are programs available for buyers with less-than-perfect credit. A good lender can help you understand your options—and create a game plan to improve your score if needed.

The Baltimore Bonus: Why It’s Worth It

Despite current rates, buying in Baltimore still makes financial sense for many. Why? Home prices in the city remain more affordable than in neighboring metros like D.C., Philly, or New York. Plus, property taxes in Maryland can vary widely by county and city, so knowing what your actual monthly payment will look like is key—and your lender can help break that down.

If you’re staying in your home for a few years, you’ll build equity, gain stability, and be able to tap into one of the best-kept secrets in the Mid-Atlantic housing market: Baltimore real estate.

Final Thoughts: Talk to Your Lender Early

Whether you're six months out or already house hunting, looping your lender in early can help set you up for success. It gives you a clearer idea of your budget, helps you identify the best loan product, and shows sellers you're serious. On our team, we always tell our clients: don’t just find the right house—build the right team.