Massachusetts Mortgage Rates

May 1, 2016 03:21 PM Eastern

Refinance rates now in BOSTON, MA [Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

30 Year Fixed

Interest Rate
3.375%
APR
3.466%
Monthly Payment
$885
Consumer Direct Mortgage, a division of FirstBank
30 Year Fixed
Interest Rate
3.375%
APR
3.466%
Monthly Payment
$885
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $885
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $885
Lender Fees $2,260
Lender Credit $0
Total Closing Fees* $2,260
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention. You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Timely and professional

Yes, I recommend this lender

The process with Consumer Direct was pleasant and timely. Everything was laid out well and they had the best rate available for a 20 year refi. We are very happy with the outcome and would recommend them highly.

By: Stephanie (Post Falls, ID)

A Pleasant Experience

Yes, I recommend this lender

Although I'd initially dreaded the refinancing process and all that goes along with it (mainly gathering and submitting paperwork), I quickly found that Patrick Moore and his team are on top of the process. All my questions were timely answered, and submitting requested documents was super-easy via their online portal. Turns out, it was a pain-free, pleasant experience! I'll refer friends and family to Patrick and his team -- for sure.

By: Donna (Atlanta, GA)

excellent

Yes, I recommend this lender

Wonderful experience. Very impressed on how responsive Gigi and all staff was to help me. Thank you so much.

By: Anne (Norwalk, CT)
See All Reviews
BNC National Bank
30 Year Fixed
Interest Rate
3.375%
APR
3.498%
Monthly Payment
$885
BNC National Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $885
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $885
Lender Fees $3,039
Lender Credit $0
Total Closing Fees* $3,039
*Other 3rd party fees may apply
BNC National Bank
Email Lender

About the Lender

NMLS 418467BNC National Bank offers the security of a large organization while retaining the approachability and agility of a neighborhood bank. We offer Conventional, FHA, VA, USDA Rural Development and small farm loans at some of the most competitive rates in the industry!
BNC National Bank
Email Lender Write a Review

Lender Reviews

Great mortgage group

Yes, I recommend this lender

Professional and personal

By: Ronald (Santa Maria, CA)

Great VA Refinance Experience.

Yes, I recommend this lender

Best rate on a VA Refinance anywhere, excellent customer service, and they came to the house for the closing. 25 days from start to finish and 30 minutes for the closing. Can't beat it.

By: Sheri (Bristow, VA)

Dropped the Ball

We reached out to BNC to buy our first home. They were great and quick to respond at first. Once we started the loan process with them it was like radio silence. We couldn't get anyone at the office to answer phone calls or emails. They dropped the ball on our contractual deadlines even though they received the ratified contract the day we got it. We had 21 business days to get an appraisal done and our financial commitment but 4 business days before it was due they still had not started working on it. They were rude to my husband and I when we pointed out their mistake. We decided to switch lenders immediately after this. We just hope we don't loose our dream house due to their negligence.

By: Ellene (Alexandria, VA)
See All Reviews

15 Year Fixed

Interest Rate
2.500%
APR
2.767%
Monthly Payment
$1,334
BNC National Bank
15 Year Fixed
Interest Rate
2.500%
APR
2.767%
Monthly Payment
$1,334
BNC National Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $1,334
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,334
Lender Fees $3,719
Lender Credit $0
Total Closing Fees* $3,719
*Other 3rd party fees may apply
BNC National Bank
Email Lender

About the Lender

NMLS 418467BNC National Bank offers the security of a large organization while retaining the approachability and agility of a neighborhood bank. We offer Conventional, FHA, VA, USDA Rural Development and small farm loans at some of the most competitive rates in the industry!
BNC National Bank
Email Lender Write a Review

Lender Reviews

Great mortgage group

Yes, I recommend this lender

Professional and personal

By: Ronald (Santa Maria, CA)

Great VA Refinance Experience.

Yes, I recommend this lender

Best rate on a VA Refinance anywhere, excellent customer service, and they came to the house for the closing. 25 days from start to finish and 30 minutes for the closing. Can't beat it.

By: Sheri (Bristow, VA)

Dropped the Ball

We reached out to BNC to buy our first home. They were great and quick to respond at first. Once we started the loan process with them it was like radio silence. We couldn't get anyone at the office to answer phone calls or emails. They dropped the ball on our contractual deadlines even though they received the ratified contract the day we got it. We had 21 business days to get an appraisal done and our financial commitment but 4 business days before it was due they still had not started working on it. They were rude to my husband and I when we pointed out their mistake. We decided to switch lenders immediately after this. We just hope we don't loose our dream house due to their negligence.

By: Ellene (Alexandria, VA)
See All Reviews
Consumer Direct Mortgage, a division of FirstBank
15 Year Fixed
Interest Rate
2.625%
APR
2.815%
Monthly Payment
$1,346
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $1,346
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,346
Lender Fees $2,646
Lender Credit $0
Total Closing Fees* $2,646
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention. You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Timely and professional

Yes, I recommend this lender

The process with Consumer Direct was pleasant and timely. Everything was laid out well and they had the best rate available for a 20 year refi. We are very happy with the outcome and would recommend them highly.

By: Stephanie (Post Falls, ID)

A Pleasant Experience

Yes, I recommend this lender

Although I'd initially dreaded the refinancing process and all that goes along with it (mainly gathering and submitting paperwork), I quickly found that Patrick Moore and his team are on top of the process. All my questions were timely answered, and submitting requested documents was super-easy via their online portal. Turns out, it was a pain-free, pleasant experience! I'll refer friends and family to Patrick and his team -- for sure.

By: Donna (Atlanta, GA)

excellent

Yes, I recommend this lender

Wonderful experience. Very impressed on how responsive Gigi and all staff was to help me. Thank you so much.

By: Anne (Norwalk, CT)
See All Reviews

5/1 ARM

Interest Rate
2.500%
APR
3.361%
Monthly Payment
$791
BNC National Bank
5/1 ARM
Interest Rate
2.500%
APR
3.361%
Monthly Payment
$791
BNC National Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $791
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $791
Lender Fees $3,821
Lender Credit $0
Total Closing Fees* $3,821
*Other 3rd party fees may apply
BNC National Bank
Email Lender

About the Lender

NMLS 418467BNC National Bank offers the security of a large organization while retaining the approachability and agility of a neighborhood bank. We offer Conventional, FHA, VA, USDA Rural Development and small farm loans at some of the most competitive rates in the industry!
BNC National Bank
Email Lender Write a Review

Lender Reviews

Great mortgage group

Yes, I recommend this lender

Professional and personal

By: Ronald (Santa Maria, CA)

Great VA Refinance Experience.

Yes, I recommend this lender

Best rate on a VA Refinance anywhere, excellent customer service, and they came to the house for the closing. 25 days from start to finish and 30 minutes for the closing. Can't beat it.

By: Sheri (Bristow, VA)

Dropped the Ball

We reached out to BNC to buy our first home. They were great and quick to respond at first. Once we started the loan process with them it was like radio silence. We couldn't get anyone at the office to answer phone calls or emails. They dropped the ball on our contractual deadlines even though they received the ratified contract the day we got it. We had 21 business days to get an appraisal done and our financial commitment but 4 business days before it was due they still had not started working on it. They were rude to my husband and I when we pointed out their mistake. We decided to switch lenders immediately after this. We just hope we don't loose our dream house due to their negligence.

By: Ellene (Alexandria, VA)
See All Reviews
Consumer Direct Mortgage, a division of FirstBank
5/1 ARM
Interest Rate
2.625%
APR
3.348%
Monthly Payment
$804
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $804
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $804
Lender Fees $2,612
Lender Credit $0
Total Closing Fees* $2,612
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention. You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Timely and professional

Yes, I recommend this lender

The process with Consumer Direct was pleasant and timely. Everything was laid out well and they had the best rate available for a 20 year refi. We are very happy with the outcome and would recommend them highly.

By: Stephanie (Post Falls, ID)

A Pleasant Experience

Yes, I recommend this lender

Although I'd initially dreaded the refinancing process and all that goes along with it (mainly gathering and submitting paperwork), I quickly found that Patrick Moore and his team are on top of the process. All my questions were timely answered, and submitting requested documents was super-easy via their online portal. Turns out, it was a pain-free, pleasant experience! I'll refer friends and family to Patrick and his team -- for sure.

By: Donna (Atlanta, GA)

excellent

Yes, I recommend this lender

Wonderful experience. Very impressed on how responsive Gigi and all staff was to help me. Thank you so much.

By: Anne (Norwalk, CT)
See All Reviews
Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

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Massachusetts Mortgage Rates

Mortgage rates vary between states not only because of competition between lenders but also because of different lending laws and economic conditions in every state. Stay ahead on rate trends with our mortgage rate lock recommendations.

Buying a Home in Massachusetts

A quick snapshot of housing prices in Massachusetts shows that after declining from all-time highs in the first quarter of 2006, they have still not started to recover. The housing market is forecast to underperform during the next twelve months compared to the rest of the country, but that could bode well for serious buyers.

Price and affordability vary. For example, only about 60 percent of homes in Boston and Cambridge are affordable to median earners (the median price of a home is over $350,000). In Worcester, though, 81% of homes (median price $200,000) are affordable to households earning the median income. An even higher percentage of homes are affordable in Springfield.

More good news for homebuyers: Massachusetts ranks 41st in the country for closing costs--only $2,300 for a $200,000 mortgage.

A number of state and regional programs exist to give additional assistance to homebuyers in need:

City and town programs are also available and can be found on the HUD portal.

FHA Mortgages in Massachusetts

Just because FHA is a government mortgage program does NOT mean the government sets mortgage rates. You have to compare FHA mortgage quotes yourself. FHA loans are less popular in Massachusetts than in many parts of the country, but it's not hard to find FHA-approved mortgage lenders. In expensive areas like Nantucket and Martha’s Vineyard, the FHA loan limit is $729,750. In the counties comprising Boston and Cambridge metro areas, and in Essex County, the cap is $523,750. Limits vary elsewhere in Massachusetts. The lowest cap is $271,050 in Berkshire County.

VA Loans

If you are eligible for a VA mortgage, you can finance up to 100% of the home’s value. The VA does NOT put caps on loan amounts; however, most lenders limit loan amounts to four times the VA guarantee, and that amount varies by property location. In Nantucket County that amount is $1,094,625. Most lenders in Middlesex and Essex Counties as well as the counties that comprise the Boston area have a $500,000 cap; Dukes County’s limit is $723,750. All others have a $417,000 limit.