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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.
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 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.
Loan types | Conventional, Jumbo, FHA, Refinance |
---|---|
Minimum credit score | Refinance: 680
All other loans: 620 |
Minimum down payment | 3% |
States available | Not available in: HI, MA, MN, NV, NH, VT, VA |
Fees | Better doesn’t charge origination fees, but you may be charged other third-party fees including appraisal, title services, recording changes and more. |
Best marketplace
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.
Loan types | Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance |
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Minimum credit score | Conventional: 620
FHA: 500 VA: 620 USDA: 640 Jumbo: 800 |
Minimum down payment | 3% |
States available | Available in all states |
Fees | While not listed, expect to pay about 2% to 5% of your home’s total price in fees, including application, origination and third-party fees. |
Most popular
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.
Loan types | Conventional, Jumbo, FHA, VA, Refinance |
---|---|
Minimum credit score | Conventional: 620
FHA: 580 VA: 620 Jumbo: 700 |
Minimum down payment | 3% |
States available | Available in all states |
Fees | Rocket Mortgage charges a one-time “good faith deposit” on its home loans, payable by credit or debit card. A $400 to $750 fee covers your credit report, a home appraisal and loan processing fees.
Your deposit is refundable after you close your loan with Rocket Mortgage. It’s subtracted from your closing costs, so you pay less overall for your mortgage. While not listed, expect to pay about 2% to 5% of your home’s total price in fees, including origination, application and third-party fees. 0.5%–1% origination fee. |
Best for customer service
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.
Loan types | Conventional, Jumbo, FHA, VA, USDA, Reverse, Refinance |
---|---|
Minimum credit score | 620 |
Minimum down payment | 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 |
Fees | While not listed, expect to pay about 2% to 5% of your home’s total price in fees, including application, origination and third-party fees. |
Best for a wide range of credit scores
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.
Loan types | Conventional, Jumbo, FHA, VA, Home Equity, Refinance |
---|---|
Minimum credit score | Conventional: 620 |
Minimum down payment | 3% |
States available | Available in all states |
Fees | Expect to pay about 2% to 5% of your home’s total price in fees, including application, origination and third-party fees. |
Best rates
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.
Loan types | Conventional, FHA, VA, USDA, HELOC, Refinance |
---|---|
Minimum credit score | 620 |
Minimum down payment | 3% |
States available | Only available in: CA, CT, MA, NY, OR |
Fees | While not listed, expect to pay about 2% to 5% of your home’s total price in fees, including origination, application and third-party fees. |
Best regional lender
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.
Loan types | Conventional, Jumbo, FHA, VA, HELOC, Refinance |
---|---|
Minimum credit score | 620 |
Minimum down payment | 3% |
States available | Only available in: MA |
Fees | While not listed, expect to pay about 2% to 5% of your home’s total price in fees, including origination, application and third-party fees. |
Best for refinancing
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.
Loan types | Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Reverse, Refinance |
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Minimum credit score | 620 |
Minimum down payment | 3% |
States available | Only available in: MA |
Fees | Fees and closing costs depend on the type of loan. Contact the credit union for more information. |
Best for first-time homebuyers
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.
Loan types | Conventional, Jumbo, FHA, VA, USDA, Refinance |
---|---|
Minimum credit score | 620 |
Minimum down payment | 3% |
States available | CT, DC, DE, FL, GA, IL, IN, MA, MD, ME, MI, NC, NH, NJ, NY, OH, PA, RI, SC, TN, VA, VT, WV |
Fees | While not listed, expect to pay about 2% to 5% of your home’s total price in fees, including origination, application and third-party fees. |
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:
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.
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.
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.
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