Home Loans in the State of Massachusetts
One of the states that's richest in American history, Massachusetts is a place like no other for settling down. Our team of home loan and home finance experts wants to help educate you about all aspects of buying a home in the The Bay State. Currently, the median price of homes listed in Massachusetts is $393,101, much higher than the U.S. median home listing price of $261,500.
The average home value in Massachusetts is wildly different depending on the location. There are some decently pricey areas in the state, including Newton, where the median home listing price is $895,200. Other somewhat expensive areas to buy a home in Massachusetts include Cambridge, where the median home listing price sits at $669,200 and the city of Boston, where the average home list price is $504,200. In contrast, areas like Worcester and Springfield are much more affordable areas, with median prices of $204,600 and $134,200 respectively, both lower than the national average.
At home.loans, our entire team is excited to guide you through every part of the home purchase process. We want to give you the knowledge to make smart financial choices, and feel completely confident in your decision to purchase a home in Massachusetts. Whether you're interested in getting a conventional loan, a jumbo mortgage, an FHA or VA loan, or you'd like to get an energy efficient mortgage, we have the experience and know-how to help.
Best Massachusetts Mortgage Lender: Fairway Independent Mortgage Corporation
A rapidly growing name in the national home finance industry, Fairway Independent Mortgage Corporation is one of the best options for conventional, FHA, and VA financing across the country. Home buyers will agree that it’s actually pretty easy to find a Fairway location when its time to get a home loan. Beyond that, their customer service is well known to be top notch.
Fairway Independent Mortgage Corporation has stunning reviews from its client base over the years. One thing they seem to excel in is cutting down the closing costs that borrowers are expected to pay at the end of a mortgage transaction, as well as facilitating a faster closing.
Fairway may very well be the best option for first time home buyers on this list. Their attention to detail and completely transparent methodology is perfect for obtaining a mortgage loan at a great rate in a stress-free environment.
Best Massachusetts Mortgage Refinance Lender: Residential Mortgage Services
Residential Mortgage Services or “RMS” is a privately held mortgage provider that has been around since 1991. Needless to say, their efficiency and commitment to their customers has contributed greatly to their longevity and success for all of these years.
RMS offers a plethora of residential mortgage products for home buyers or homeowners looking to refinance. Even better, they are able to provide a customized lending experience to the borrowers who choose them, greatly reducing the stress typically associated with a refinance or home purchase.
The loan officers at Residential Mortgage Services aim to guide borrowers through every single step of the mortgage or refinance process. They provide 5 star customer service regardless of whether borrowers meet with them in person, or choose to utilize their cutting edge online mortgage and refinance platform.
Best Massachusetts FHA Mortgage Lender: Mortgage Network, Inc.
Mortgage Network, Inc. claims to be one of the most trusted mortgage lenders on the East Coast, and it has the reviews to back it up. Plus, Mortgage Network, Inc. is headquartered in Danvers, MA, so borrowers will be relieved to know they’re doing business locally. Though the company is based in Massachusetts and has more than 10 locations throughout the state, they also have branches in a variety of other states, including Maine, New Hampshire, Delaware, Florida, New Jersey, Maryland, South Carolina, and Rhode Island.
Like many FHA-approved lenders, the company is also approved to issue VA loans, USDA loans, and conventional loans, so even if you decide that an FHA loan isn’t the right choice for you, Mortgage Network can still help you achieve home financing.
Best Massachusetts VA Mortgage Lender: Leader Bank, N.A.
Leader Bank, founded in Arlington, Massachusetts, in 2002, consistently ranks as one of the best local mortgage lenders in the Old Bay State. While the bank considers itself a community establishment, it isn’t quite a mom and pop shop; with over 250 employees, the bank closed more than $2 billion of residential and commercial loans in 2018 alone.
Best Massachusetts Home Equity Lender: Bank of America
A veritable banking giant, Bank of America is typically one of the first places any home buyer would discuss when financing a home purchase, second mortgage, or refinancing a mortgage. Even so, it is incredibly rewarding when such a large company can still focus on the wants and needs of each individual client, and get them the perfect loan product.
Home Equity transactions are an unspoken specialty of Bank of America. While they choose to only offer Home equity lines of credit and not home equity loans, they are still easily one of the best lenders around when it comes to accessing home equity.
Eligible borrowers who meet the credit score requirement of 660 (they are flexible depending on each individual borrower) can take out a HELOC with an LTV of no less than 85% with a minimum figure of $25,000 and a maximum of $1 million. HELOCs through Bank of America come with some interesting benefits, like being able to lock down an interest rate at any point in the payment period, and rate discounts for BoA account holders.
Bank of America would not be where it is today if it was lacking in such things as customer care or knowledgeable loan officers. They even have an ever evolving online platform that can cut application time down to just 15 minutes! Interestingly, Bank of America is able to combine its impressive clout in the finance industry with personalized consultation, round-the-clock service, and vast resources of both funding and information.
The result? A mortgage or refinance transaction that is as painless as one can be, and a second mortgage product that is just the right fit.
Shop Around Before You Get a Massachusetts Home Loan
Our picks for the best mortgage lenders in Massachusetts may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best mortgage terms can be found in the most obscure places. Regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal mortgage solution that comes with the terms and affordability that best suits any particular financial situation.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best mortgage lender in your area, don't hesitate to contact a home.loans mortgage expert!