home equity loan rates maryland: what borrowers should expect now

Current landscape

In Maryland, home equity pricing generally shadows national trends, but local competition from community banks and credit unions can trim quotes by a few tenths. Lenders are balancing inflation and deposit costs, so rate sheets may change weekly. Expect fixed-term second mortgages to price above HELOCs, while promotional HELOC margins can look sharp for the first year.

What shapes your rate

Your offer hinges on credit score, combined loan‑to‑value (often capped near 80–90%), occupancy, term, and property type. County recordation and transfer taxes influence APR comparisons, as do closing costs, points, and appraisal waivers. Timing matters-quoting the same day narrows noise.

• Raise FICO and reduce revolving balances before applying.
• Request side‑by‑side quotes: no‑closing‑cost versus paying points.
• Compare a HELOC margin over Prime to a fixed amortizing loan.
• Ask about autopay and relationship discounts.
• Confirm lock period, recapture clauses, and early closure fees.

Rates can vary from Baltimore to the DC suburbs and the Eastern Shore as lenders chase different niches. To stay ahead, gather at least three written estimates and read disclosures line by line.