Massachusetts Mortgage Rates

September 1, 2015 04:18 PM Eastern

Refinance rates now in BOSTON, MA [Change this]

?
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.
?
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.
?
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.
?
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
3.620%
Monthly Payment
$884
Aimloan.com
30 Year Fixed
Be the first to write a review.
NMLS: 2890
Interest Rate
3.375%
APR
3.620%
Monthly Payment
$884
(877) 711-0639 Contact
Aimloan.com
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 $884
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $884
Lender Fees $6,478
Lender Credit $62
Total Closing Fees* $6,416
*Other 3rd party fees may apply
Aimloan.com
Email Lender

About the Lender

Internet Direct Lender Since 1998* Over $16 Billion Funded *Fannie Mae and Freddie Mac Approved * View Rates & GFE Online 24/4, Apply & Lock Rate Online 24/7.

One of only 7 Certified UpFront Lenders!
Consumer Direct Mortgage, a division of FirstBank
30 Year Fixed (FHA)
Interest Rate
3.250%
APR
4.139%
Monthly Payment
$1,005
(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 $871
Estimated Mortgage Insurance Payments $134
Total Monthly Mortgage Payment $1,005
Lender Fees $4,314
Lender Credit $0
Total Closing Fees* $4,314
*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

Highly recommend!

Yes, I recommend this lender

Incredibly attentive. An absolute joy to work with. Highly recommend!

By: hk4394 (Milton, FL)

Mikes Refinance

Yes, I recommend this lender

Had a great experience with Consumer Direct. It was a non painful refinance and a great rate. Pat and Jamie were a pleasure to work with and always responded to me in a timely manner, whether it be by email or phone. 2 thumbs up!!!!

By: Anonymous (Boynton Beach, FL)

Mikes Refinance

Yes, I recommend this lender

I had a great experience working with Consumer Direct. Very professional, caring and actually returned my calls right away when I had any questions or concerns about my loan. I would highly recommend this company. (and I got a great rate!!!!) Mike

By: Robinson (Boynton Beach, FL)
See All Reviews

15 Year Fixed

Interest Rate
2.500%
APR
2.934%
Monthly Payment
$1,334
Aimloan.com
15 Year Fixed
Be the first to write a review.
NMLS: 2890
Interest Rate
2.500%
APR
2.934%
Monthly Payment
$1,334
(877) 711-0639 Contact
Aimloan.com
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 $6,478
Lender Credit $134
Total Closing Fees* $6,344
*Other 3rd party fees may apply
Aimloan.com
Email Lender

About the Lender

Internet Direct Lender Since 1998* Over $16 Billion Funded *Fannie Mae and Freddie Mac Approved * View Rates & GFE Online 24/4, Apply & Lock Rate Online 24/7.

One of only 7 Certified UpFront Lenders!
Consumer Direct Mortgage, a division of FirstBank
15 Year Fixed
Interest Rate
2.750%
APR
2.913%
Monthly Payment
$1,358
(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 $1,358
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,358
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

Highly recommend!

Yes, I recommend this lender

Incredibly attentive. An absolute joy to work with. Highly recommend!

By: hk4394 (Milton, FL)

Mikes Refinance

Yes, I recommend this lender

Had a great experience with Consumer Direct. It was a non painful refinance and a great rate. Pat and Jamie were a pleasure to work with and always responded to me in a timely manner, whether it be by email or phone. 2 thumbs up!!!!

By: Anonymous (Boynton Beach, FL)

Mikes Refinance

Yes, I recommend this lender

I had a great experience working with Consumer Direct. Very professional, caring and actually returned my calls right away when I had any questions or concerns about my loan. I would highly recommend this company. (and I got a great rate!!!!) Mike

By: Robinson (Boynton Beach, FL)
See All Reviews
Total Mortgage Services
15 Year Fixed
Interest Rate
2.750%
APR
2.988%
Monthly Payment
$1,357
(844) 334-6186 Contact
Total Mortgage Services
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 $1,357
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,357
Lender Fees $3,558
Lender Credit $36
Total Closing Fees* $3,522
*Other 3rd party fees may apply
Total Mortgage Services
Email Lender

About the Lender

Since 1997, Total Mortgage Services has been committed to making mortgages easier.  We combine the personal service and integrity of a local lender with the same low rates and wide variety of programs that you would expect from a big bank.  Total Mortgage is licensed in 32 states plus Washington, DC, and offers conventional, adjustable, jumbo, FHA, FHA 203K, USDA, condo, and co-op mortgages, among others.  We’re a Fannie Mae and Freddie Mac Seller/Servicer, as well as a Ginnie Mae Issuer, we have access to some of the best rates and programs in the country.  Because we are smaller and more nimble than the big banks, we’re able to close most of our loans in 30 days or less.  We’re experts in mortgages because mortgages are all we do.

 

Total Mortgage believes strongly in responsible lending.  We want to help you attain financing that you can afford – today, tomorrow, and over the life of the loan.  We understand that you’re not just looking for a home, but a trusted financial partner to help you realize your dream of homeownership.  Total Mortgage believes you deserve a loan that is as individual as you are.

 

With an A+ rating from the Better Business Bureau and a customer service satisfaction rate over 95%, we stand firmly behind our product and service and feel confident that if you use us for your home loan, you will recommend us to your friends and family.  This dedication allowed us to be named to the Inc 5000 list of America’s fastest growing companies for four consecutive years.  We want the opportunity to earn your business, we want to be your lender for life.

Total Mortgage Services
Email Lender Write a Review

Lender Reviews

Total Mortgage Services

Yes, I recommend this lender

I have done over 10 loans with Total Mortgage and have referred all my family and friends. They do everything under one roof, processing, Underwriting and their closing department is all in one building! This made all my transactions flawless. If I could give them a 1000 start rating I would. Tremendous tremendous company!

By: Jason (New Jersey)
See All Reviews

5/1 ARM

Interest Rate
2.000%
APR
2.951%
Monthly Payment
$739
Aimloan.com
5/1 ARM
Be the first to write a review.
NMLS: 2890
Interest Rate
2.000%
APR
2.951%
Monthly Payment
$739
(877) 711-0639 Contact
Aimloan.com
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 $739
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $739
Lender Fees $6,478
Lender Credit $490
Total Closing Fees* $5,988
*Other 3rd party fees may apply
Aimloan.com
Email Lender

About the Lender

Internet Direct Lender Since 1998* Over $16 Billion Funded *Fannie Mae and Freddie Mac Approved * View Rates & GFE Online 24/4, Apply & Lock Rate Online 24/7.

One of only 7 Certified UpFront Lenders!
Total Mortgage Services
5/1 ARM
Interest Rate
2.500%
APR
3.059%
Monthly Payment
$790
(844) 334-6186 Contact
Total Mortgage Services
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 $790
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $790
Lender Fees $4,198
Lender Credit $1,396
Total Closing Fees* $2,802
*Other 3rd party fees may apply
Total Mortgage Services
Email Lender

About the Lender

Since 1997, Total Mortgage Services has been committed to making mortgages easier.  We combine the personal service and integrity of a local lender with the same low rates and wide variety of programs that you would expect from a big bank.  Total Mortgage is licensed in 32 states plus Washington, DC, and offers conventional, adjustable, jumbo, FHA, FHA 203K, USDA, condo, and co-op mortgages, among others.  We’re a Fannie Mae and Freddie Mac Seller/Servicer, as well as a Ginnie Mae Issuer, we have access to some of the best rates and programs in the country.  Because we are smaller and more nimble than the big banks, we’re able to close most of our loans in 30 days or less.  We’re experts in mortgages because mortgages are all we do.

 

Total Mortgage believes strongly in responsible lending.  We want to help you attain financing that you can afford – today, tomorrow, and over the life of the loan.  We understand that you’re not just looking for a home, but a trusted financial partner to help you realize your dream of homeownership.  Total Mortgage believes you deserve a loan that is as individual as you are.

 

With an A+ rating from the Better Business Bureau and a customer service satisfaction rate over 95%, we stand firmly behind our product and service and feel confident that if you use us for your home loan, you will recommend us to your friends and family.  This dedication allowed us to be named to the Inc 5000 list of America’s fastest growing companies for four consecutive years.  We want the opportunity to earn your business, we want to be your lender for life.

Total Mortgage Services
Email Lender Write a Review

Lender Reviews

Total Mortgage Services

Yes, I recommend this lender

I have done over 10 loans with Total Mortgage and have referred all my family and friends. They do everything under one roof, processing, Underwriting and their closing department is all in one building! This made all my transactions flawless. If I could give them a 1000 start rating I would. Tremendous tremendous company!

By: Jason (New Jersey)
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.

Mortgage Rate Trends

Monthly | Daily

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.

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.