Compare mortgage rates and fees for leading lenders in Lexington Park, MD. 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 lender offering the best mortgage rates in Lexington Park.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Lexington Park. Plus, shopping lenders is free and there is no obligation.
July 8, 2020
The current average rate for a 30 year fixed rate mortgage in Lexington Park is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we provide helpful information on the real estate market, home prices and housing affordability in Lexington Park. Understand how much you need to earn to afford a home in Lexington Park, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Lexington Park 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 Lexington Park is right for you.
The median home value for Lexington Park, MD (St. Marys County) is $329,383
Based on current mortgage rates and a 10% down payment, you need to make $59,280 per year to buy the median priced home in Lexington Park
With this income, you could qualify for a $296,445 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 Lexington Park is $1,373
The median household income for Lexington Park, MD (St. Marys County) is $91,235
Based on this income, you can afford a home valued at approximately $506,934
The home price you can afford to buy based on household income in Lexington Park is 154% of the median home value which means housing prices are average. Lexington Park (St. Marys County) ranks 7 out of 24 counties in Maryland and 2,468 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Lexington Park, MD is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Lexington Park (St. Marys County) below.
Conforming loan limits for Lexington Park, MD
FHA loan limits for Lexington Park, MD
VA loan limits for Lexington Park, MD
Learn what price home you can afford to buy in Lexington Park