Famous for its world-class technology and educational institutions, nearly seven million Americans call Massachusetts home. Around two in three Massachusetts residents own their property and pay an average of $2,225 a month for mortgage payments, taxes, utilities and other costs.
The cost of single-family homes in Massachusetts jumped by 17% year-on-year in December 2020, pushing the median price to $455,000 — an all-time high. So, if you’re after a new mortgage or looking to refinance and take advantage of historically low rates, our top nine Massachusetts lenders are a great place to start your search.
Best Massachusetts mortgage lenders in 2021
How we picked the best lenders
We hand-selected our nine mortgage lenders from nearly 170 mortgage companies originating home loans in Massachusetts. These picks made our list after we compared interest rates, first-time homebuyer programs, credit score eligibility, customer service and technology.
We also read customer reviews from consumer rating sites like Zillow, Google reviews and the Better Business Bureau (BBB) to guide our decisions. To learn more about our lender selection process, please see Finder’s rating methodology.
Best online experience
Better
620
Min. credit score
3%
Min. down payment
Better is a no-commission, 100% digital lender offering a streamlined application process. It claims you can get a preapproval letter in only a few minutes, lock in your rate in under an hour and close up to two times faster than the industry average.
Better is available to take loan applications 24/7. So, if you're comfortable with technology and would prefer a digital lender with human support along the way, Better might be a good option.
- No origination fees. Better doesn't charge commissions or origination fees.
- Track your loan status. With Better, you can log in to your account at any time and check your loan's status.
- Informative website. Better's website is packed with information, including current interest rates, calculators and homebuying guides.
- No first-time homebuyer programs. Besides FHA loans, Better doesn't offer any specialized first-time homebuyer loans.
- Loans not listed. The Better website doesn't specifically list what types of loans it offers.
| Loan types |
Conventional, Jumbo, FHA, Refinance |
|---|
| Minimum credit score |
Refinance: 680
All other loans: 620 |
|---|
| Minimum down payment (Conventional) |
3% |
|---|
| States available |
Not available in: HI, MA, MN, NV, NH, VT, VA |
|---|
Best marketplace
LendingTree
620
Min. credit score
3%
Min. down payment
Looking for multiple quotes at a time? If so, LendingTree could suit your needs. Instead of having to research and prequalify for lenders yourself, the free LendingTree service will match you to lenders from its database of over 1,500 partners nationwide.
Simply call or fill out a form with some information about yourself, then sit back and wait for lenders to contact you. Because lenders are competing for your business, LendingTree claims you may get a better rate by using its service.
- Wide range of loans available. LendingTree offers a variety of loans, including conventional, government-backed loans, reverse mortgages and HELOCs.
- Saves time and effort. Instead of having to prequalify with multiple lenders, simply fill out a single form with LendingTree.
- Selective process. You'll be matched to lenders that are willing to work with your credit score and loan preferences.
- Finds the lowest rates. LendingTree will search for the lowest rates and notify you when it finds a lower rate.
- You may get flooded with calls. Some users report being inundated with calls after signing up for the service.
- You may get pressured. Loan officers may pressure you, but make sure to get multiple quotes before settling on a lender.
| Loan types |
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance |
|---|
| Minimum credit score |
Conventional: 620
FHA: 500
VA: 620
USDA: 640
Jumbo: 800 |
|---|
| Minimum down payment (Conventional) |
3% |
|---|
| States available |
Available in all states |
|---|
Most popular
Rocket Mortgage
620
Min. credit score
3%
Min. down payment
Since 2016, Rocket Mortgage has been the online arm of Quicken Loans. As a fully digital lender, Rocket Mortgage is available all hours of the day, allowing you to apply for a loan and lock in a rate without having to wait for a loan officer to call you back.
Using the Rocket Mortgage interface, you can apply for a home or refinance loan, have your assets electronically verified and check your loan's status. And after your loan is funded, you can access your loan documents and make monthly payments using the app.
- On-demand help. While working with a loan officer is optional, on-demand support is available if you have questions or need help.
- Current rates listed. The Rocket Mortgage website advertises its current mortgage rates so you can quickly compare.
- Serviced by Quicken Loans. Quicken Loans owns Rocket Mortgage and services the majority of loans it originates.
- Loans not listed. To see your loan options, you'll need to fill out the application or call the company first.
- May ding your credit. Your Rocket Mortgage application may lower your credit score by three to five points.
- No HELOCs available. Rocket Mortgage doesn't offer HELOCs at this time.
| Loan types |
Conventional, Jumbo, FHA, VA, Refinance |
|---|
| Minimum credit score |
Conventional: 620
FHA: 580
VA: 620
Jumbo: 700 |
|---|
| Minimum down payment (Conventional) |
3% |
|---|
| States available |
Available in all states |
|---|
Best for customer service
Synergy One Lending
620
Min. credit score
3%
Min. down payment
With consistently great reviews from clients, Synergy One Lending is our choice for best customer service. The company has a 4.9 out of 5 rating on both Zillow and Google reviews, where customers report being extremely satisfied with the service and communication from their loan officers.
Synergy One Lending's Modern Mortgage Experience combines digital processing with its loan teams to create a more streamlined, customer-centric experience. Call, apply online or use the S1 Connect app to apply for a home or refinance loan.
- Wide range of loans. The company offers a solid range of loan products for borrowers with different circumstances.
- Fully digital processing. Apply for a loan, upload documents, eSign and electronically track your loan's progress.
- 10-day close offer. The company's 10-day close offer for Fannie Mae purchase loans can help you compete with all-cash offers.
- May require logins. While using them is optional, you may be asked for login credentials to your financial accounts.
- Don't list costs. Synergy One Lending doesn't list its loan costs and fees on its website.
| Loan types |
Conventional, Jumbo, FHA, VA, USDA, Reverse, Refinance |
|---|
| Minimum credit score |
620 |
|---|
| Minimum down payment (Conventional) |
3% |
|---|
| States available |
AL, AR, AZ, CA, CO, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, MI, MN, MO, MS, MT, NE, NM, OH, OK, OR, SC, SD, TN, TX, UT, WA, WI, WY |
|---|
Best for a wide range of credit scores
Mr. Cooper
620
Min. credit score
5%
Min. down payment
If you're looking for a lender with credit score flexibility, Mr. Cooper may be able to help. Headquartered in Dallas, Texas, Mr. Cooper offers a wide range of home loans and participates in government programs, including the Hardest Hit Fund and the Servicemembers Civil Relief Act (SCRA).
While the company doesn't have the best reputation among lenders, Mr. Cooper offers a mobile app that many customers find convenient for making payments digitally and tracking their home's value and equity.
- Close On Time Guarantee. If your qualifying loan doesn't close on time, you'll get a check equal to your first month's mortgage payment.
- Possible rate discounts. Existing Mr. Cooper customers may be eligible for rate discounts on a new mortgage.
- Won't sell your loan. Mr. Cooper will continue to service your loan after closing.
- No USDA loans. Mr. Cooper doesn't offer USDA loans at this time.
- Mixed customer reviews. While many customers report positive experiences with Mr. Cooper, others complain of poor service.
| Loan types |
Conventional, Jumbo, FHA, VA, Refinance |
|---|
| Minimum credit score |
Conventional: 620 |
|---|
| Minimum down payment (Conventional) |
5% |
|---|
| States available |
Available in all states |
|---|
Best rates
First Republic
620
Min. credit score
3%
Min. down payment
Founded in 1985 and headquartered in San Francisco, First Republic offers a range of financial products, including residential loans. On average, First Republic has the lowest interest rates of all the lenders we compared in Massachusetts, making it a smart choice if you're looking to buy or refinance.
First Republic offers a range of mortgage products, including single-family, co-op and condo loans, construction loans, vacation and second home loans, as well as HELOCs. To get started, you can browse the company's loan requirements or call a loan officer.
- Requirements listed. First Republic lists its document requirements, so you can see what's needed to apply for a mortgage.
- Eagle Community Home Loan Program. This new homebuyer program offers a one-time fee waiver per property address of up to $7,000.
- HELOCs available. Apply for a HELOC and pay no additional closing costs if closed at the same time as a First Republic mortgage.
- Website lacks usability. The First Republic website is more formal than user-friendly.
- Mixed reviews. First Republic has a 3.8 out of 5 rating on WalletHub, with some customers complaining about poor service.
- Limited availability. Only available in California, Massachusetts, Connecticut, New York and Oregon.
| Loan types |
Conventional, FHA, VA, USDA, HELOC, Refinance |
|---|
| Minimum credit score |
620 |
|---|
| Minimum down payment (Conventional) |
3% |
|---|
| States available |
Only available in: CA, CT, MA, NY, OR |
|---|
Best regional lender
Leader Bank
620
Min. credit score
3%
Min. down payment
Prefer to give a regional lender in Massachusetts your business? Since 2002, Leader Bank has been serving the greater Boston area by providing customer-centric banking products, including mortgages and special loan programs for both first-time and experienced borrowers.
Besides the standard offers of conventional and government-backed loans, the bank can help with a variety of first-time and low-income homebuyer programs, including the MHP One Mortgage Program, MassHousing fixed-rate mortgages, FNMA HomeReady's low down payment program and more.
- First-time homebuyer programs. Leader Bank offers an impressive range of first-time homebuyer programs with lower eligibility requirements.
- User-friendly website. Leader Bank clearly lists its loan programs and available loan officers with contact information.
- Excellent reviews. Leader Bank has a 5 out of 5 star rating from hundreds of customers on Zillow, where clients rave about the service from their loan officers.
- Limited branch locations. Leader Bank only has branch locations in downtown Boston and the greater Boston area.
- Costs not listed. While the website offers loan information, Leader Bank's costs and fees aren't listed.
| Loan types |
Conventional, Jumbo, FHA, VA, HELOC, Refinance |
|---|
| Minimum credit score |
620 |
|---|
| Minimum down payment (Conventional) |
3% |
|---|
| States available |
Only available in: MA |
|---|
Best for refinancing
Metro Credit Union
620
Min. credit score
3%
Min. down payment
Founded in 1926, Metro Credit Union's priority is to provide its customers with low-fee or no-fee services with lower rates on loans. This credit union offers an impressive array of mortgages, with some of the best refinancing rates and terms we found in Massachusetts.
It also has a refinance calculator on its website, so you can quickly see how much you could save with a lower rate. Whether you're a first-time or experienced homebuyer, Metro Credit Union offers more types of loans than many lenders and competitive rates, making it worth a look.
- View rates online. Fill out a short form and you can view your available interest rates in seconds. No personal information is required.
- Wide range of loans. Metro Credit Union offers a multitude of loans for borrowers with different situations.
- Biweekly mortgage. Pay half your monthly mortgage payment every two weeks and you may qualify for discounted interest rates.
- Must be a member. Membership is only available to residents that live, work or have a place of business in Barnstable, Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk or Worcester county in Massachusetts, or Hillsborough or Rockingham county in New Hampshire.
- No USDA loans. Metro Credit Union doesn't offer USDA loans at this time.
| Loan types |
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Reverse, Refinance |
|---|
| Minimum credit score |
620 |
|---|
| Minimum down payment (Conventional) |
3% |
|---|
| States available |
Only available in: MA |
|---|
Best for first-time homebuyers
Residential Mortgage Services
620
Min. credit score
3%
Min. down payment
Founded in 1991, RMS is an independent lender of residential mortgage loans. The company offers a full range of integrated loan processing and underwriting services under one roof, as well as a fully digital loan application process you can complete from any device.
Whether you're someone who prefers a digital loan process or would rather work with a loan officer at each step, RMS lets you choose the approach to your mortgage. To get started, simply call, apply online or download the mobile app.
- Mobile app available. Get prequalified, apply for a loan and stay informed at each step with the RMS Ready Mobile Mortgage App.
- Resources for first-time homebuyers. The RMS website offers a range of resources, including calculators, borrower checklists and more.
- Excellent reviews. The company has a 5 out of 5 rating on Zillow from thousands of customers and zero complaints registered with the Better Business Bureau (BBB).
- Doesn't list loans. The RMS website doesn't clearly list all the types of loans it offers.
- Costs and fees not listed. If you're looking for cost and fee information, you'll need to contact the company.
| Loan types |
Conventional, Jumbo, FHA, VA, USDA, Refinance |
|---|
| Minimum credit score |
Conventional 620 |
|---|
| Minimum down payment (Conventional) |
3% |
|---|
| States available |
CT, DE, FL, GA, IL, IN, MA, MD, ME, MI, NC, NH, NJ, NY, OH, PA, RI, SC, TN, VA, VT, WV |
|---|
Which lender is best for me?
With hundreds of lenders available in Massachusetts, you may wonder if you’ve found the best one. The good news is it’s possible to narrow down the options by knowing what you want in a loan and a lender.
Here’s how:
- Understand your goals. What type of loan are you after? From government-backed first-time homebuyer programs to jumbo loans, it’s important to understand which type of loan best suits your needs.
- Determine if the lender is a good match. Do you prefer a fully digital loan or a more traditional, in-person process — or maybe a combination of both? Reading online reviews is a good way to determine if a lender is right for you.
- Ask the lender questions:
- What fees am I required to pay?
- How fast can you close my loan?
- Can I get a rate lock and for how long?
- Who is my contact person after hours?
- Who services my loan after closing?
- Are there prepayment penalties?
- Get multiple quotes. Take your time and get at least three or more quotes to compare offers and negotiate a lower rate.
Compare mortgage lenders and brokers
Compare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select
See rates to provide the company with basic property and financial details for personalized rates.
Average rates and fees in Massachusetts
As of January 2021, the average benchmark 30-year fixed mortgage rate in the US is 2.85%. Most Massachusetts lenders are currently offering interest rates at or below 2.75%, with rates ranging from 2.00% to 3.625%, according to data from the Consumer Financial Protection Bureau (CFPB).
Massachusetts homebuyers should budget anywhere from $4,771 to $7,455 after taxes for closing costs, or approximately 1.19% to 1.49% of the home’s final sale price, according to data from ClosingCorp. See mortgage rates in Massachusetts or Massachusetts closing costs for more information on what you might pay.
What about brokers?
Besides LendingTree, our list of Massachusetts lenders are companies that underwrite mortgages directly to borrowers. But if you don’t have time to research lenders yourself, enlist the services of a mortgage broker to help find you a loan.
While brokers typically charge anywhere from .5% to 2% of a loan’s value, be aware that some brokers may charge excessive fees. But with many lenders offering free loan prequalification online, you may discover that you’ll find a great rate on your own, minus the broker’s fee.
Bottom line
If you’re looking for a mortgage in Massachusetts, you have numerous choices. If one lender doesn’t have what you want, chances are another will. While our top nine Massachusetts picks may be perfect for many borrowers, compare more lenders to see other mortgages you may qualify for.
