Compare Charles, MD mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Charles.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Charles. Plus, shopping lenders is free and there is no obligation.
June 25, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Charles. Understand how much you need to earn to afford a home in Charles, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Charles fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Charles is right for you.
The median home value for Charles, MD is $371,887
Based on current mortgage rates and a 10% down payment, you need to make $60,932 per year to buy the median priced home in Charles
With this income, you could qualify for a $334,698 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Charles is $1,411
The median household income for Charles, MD is $108,090
Based on this income, you can afford a home valued at approximately $659,708
The home price you can afford to buy based on household income in Charles is 177% of the median home value which means housing prices are average. Charles ranks 2 out of 24 counties in Maryland and 2,173 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Charles, MD is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Charles below.
Conforming loan limits for Charles, MD
FHA loan limits for Charles, MD
VA loan limits for Charles, MD