Massachusetts Mortgage Rates

May 29, 2016 01:45 AM 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
3.481%
Monthly Payment
$885
Commonwealth Mortgage, LLC
30 Year Fixed
Interest Rate
3.375%
APR
3.481%
Monthly Payment
$885
(844) 334-6331 Contact
Commonwealth Mortgage, LLC
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 $2,623
Lender Credit $0
Total Closing Fees* $2,623
*Other 3rd party fees may apply
Commonwealth Mortgage, LLC
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About the Lender

Commonwealth Mortgage, LLC is a direct lender, also known as a mortgage banker. As such, we make loans with our own funds and close loans in our name.

Our customers are amazed at our low rates, low costs, professional staff and timely closings which is why Commonwealth Mortgage, LLC has become New England's most trusted mortgage lender. You will not find another lender with more experience, education, honesty and integrity than Commonwealth Mortgage, LLC.

Commonwealth Mortgage, LLC
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Lender Reviews

2016 Refinance - Massachusetts

Yes, I recommend this lender

Our refinance was a very smooth process. The website was easy to use and the electronic documentation was convenient. The loan staff was in constant communication and answered our questions as needed. Closing process was easy, accommodating and quick. The rate as well as the closing costs were definitely an appeal and the experience reflected those of other positive online reviews we saw.

By: Mark (Natick, MA)

Juli Lemis is awesome

Yes, I recommend this lender

I refinanced my mortgage through Commonwealth Mortgage. I have to say it was an absolutely pleasure working with Juli Lemire. She answered my many questions patiently. Overall, it was a seamless process end to end. As long as you get all the required documentation out on time, their team was ready for closing and kept their end of the bargain. I will definitely work with them in the future and will not hestitate to reccomend based on my experience. Thank you Juli.

By: Raghav (Wakefield, MA)

fantastic experience

Yes, I recommend this lender

I usually don't have a lot to say about customer service these days but....... commonwealth proved me wrong.the service was as stated.the rates fantastic and the whole process was painless.the staff were courteous and professional.all emails and telephone calls were answered in a timely manner and all terms were met.it took only 45 days.i will not hesitate to refinance with them again!

By: george (Lake Ariel, PA)
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15 Year Fixed

Interest Rate
2.500%
APR
2.664%
Monthly Payment
$1,334
Commonwealth Mortgage, LLC
15 Year Fixed
Interest Rate
2.500%
APR
2.664%
Monthly Payment
$1,334
(844) 334-6331 Contact
Commonwealth Mortgage, LLC
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 $2,303
Lender Credit $0
Total Closing Fees* $2,303
*Other 3rd party fees may apply
Commonwealth Mortgage, LLC
Email Lender

About the Lender

Commonwealth Mortgage, LLC is a direct lender, also known as a mortgage banker. As such, we make loans with our own funds and close loans in our name.

Our customers are amazed at our low rates, low costs, professional staff and timely closings which is why Commonwealth Mortgage, LLC has become New England's most trusted mortgage lender. You will not find another lender with more experience, education, honesty and integrity than Commonwealth Mortgage, LLC.

Commonwealth Mortgage, LLC
Email Lender Write a Review

Lender Reviews

2016 Refinance - Massachusetts

Yes, I recommend this lender

Our refinance was a very smooth process. The website was easy to use and the electronic documentation was convenient. The loan staff was in constant communication and answered our questions as needed. Closing process was easy, accommodating and quick. The rate as well as the closing costs were definitely an appeal and the experience reflected those of other positive online reviews we saw.

By: Mark (Natick, MA)

Juli Lemis is awesome

Yes, I recommend this lender

I refinanced my mortgage through Commonwealth Mortgage. I have to say it was an absolutely pleasure working with Juli Lemire. She answered my many questions patiently. Overall, it was a seamless process end to end. As long as you get all the required documentation out on time, their team was ready for closing and kept their end of the bargain. I will definitely work with them in the future and will not hestitate to reccomend based on my experience. Thank you Juli.

By: Raghav (Wakefield, MA)

fantastic experience

Yes, I recommend this lender

I usually don't have a lot to say about customer service these days but....... commonwealth proved me wrong.the service was as stated.the rates fantastic and the whole process was painless.the staff were courteous and professional.all emails and telephone calls were answered in a timely manner and all terms were met.it took only 45 days.i will not hesitate to refinance with them again!

By: george (Lake Ariel, PA)
See All Reviews

5/1 ARM

Interest Rate
2.625%
APR
3.396%
Monthly Payment
$804
Capital One
5/1 ARM
Interest Rate
2.625%
APR
3.396%
Monthly Payment
$804
Capital One
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 60 Days
Down Payment $50,000
Principal and Interest Payments $804
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $804
Lender Fees $2,725
Lender Credit $0
Total Closing Fees* $2,725
*Other 3rd party fees may apply
Capital One
Email Lender

About the Lender

You can expect better with Capital One. Whether you need help with refinancing, a new home purchase, debt consolidation, or financing home improvements, your idea of better likely starts with savings - we maximize your savings with competitive rates and lower than average closing costs. But savings is only the start. We also strive to provide a better loan process - one that’s totally clear right from the start, with no hidden fees or unexpected surprises along the way. You can expect better service too - you’ll have a responsive team of dedicated mortgage specialists assigned and available to you every day, each member trained to anticipate and able to take care of all your needs.
Capital One
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Lender Reviews

Eugena Carpio review

Yes, I recommend this lender

They were bery good as aloan company keep lower rates and I was very satisfied

By: EugeneCarpio (Las Vegas, NV)

Review

Yes, I recommend this lender

Experienced and knowledgeable staff.

By: Cathleen (Santa Fe, NM)

Frustrating Loan Hub Experience

I tried using this lender in late 2015. It was a terrible experience. We struggled through this from August to October. I was told that the paperwork process would be easy as Capital One Home Loans uses online technology (Loan Hub) to communicate with the customer. I was told I could upload all of our required documents via a secure site. We tried on three different occasions to upload our documents, but only some of them appeared on the website. We were told that some documents were missing, even after we received confirmation that the documents were received. The online process was not being updated by the company, so we did not know at times where we were in the refi process. The initial customer rep took my preliminary info and then I was sent to another rep who rarely answered my emails or answered with no suggestions to help us. When I told him that the site would not let us upload documents or failed to show that our documents were uploaded, he told me to contact customer service. When I called the number he provided, the customer rep did not know what I was talking about and said he was not familiar with the new Capital One Home Loans website. I truly never had a more frustrating experience and I do not like to write negative reviews, but I must state my frustration with this company. We were made to feel as though once they had our business (we were submitting all required documents) that we were nothing to them. Because this company seemed to lack customer service and someone who could take the time to explain why the electronic document process was so tedious, I had to withdrawal my request for a refi.

By: Dave (Philadelphia, PA)
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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.

Mortgage Rate Trends

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LendingTree mortgage companies approved to do business in the Bay State are ready to help you here. In Massachusetts the Office of Consumer Affairs & Business Regulation is responsible for regulating mortgage lenders and brokers.

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.