10 Best Massachusetts Mortgage Lenders of 2021 - NerdWallet Advertiser disclosure
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If you're looking for a mortgage in Massachusetts this year, we researched leading Massachusetts mortgage lenders and selected some of the best ones across five different categories.NerdWallet Jan 22, 2021 Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. A home is one of the biggest purchases you’ll make in life, so it’s important to have the right Massachusetts mortgage lender in your corner. NerdWallet compared the Bay State’s leading lenders, then identified the best ones for a variety of specific home loan needs. Whether your future house is a condo in Boston, a split-level in Springfield or a classic Cape Cod home on the coast, start your search with the mortgages offered by these lenders. A home is one of the biggest purchases you’ll make in life, so it’s important to have the right Massachusetts mortgage lender in your corner. NerdWallet compared the Bay State’s leading lenders, then identified the best ones for a variety of specific home loan needs. Whether your future house is a condo in Boston, a split-level in Springfield or a classic Cape Cod home on the coast, start your search with the mortgages offered by these lenders. Best Massachusetts Mortgage Lenders
LenderNerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.Min. credit score Minimum credit score on top loans; other loan types or factors may selectively influence minimum credit score standardsMin. down paymentLearn more New American Funding NMLS#6606Learn more at New American Funding 4.5/5 Best for non-bank lenders620 FHA:500JUMBO:N/AUSDA:640VA:500CONVENTIONAL:6203%New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois.Learn more at New American Funding Guaranteed Rate NMLS#2611Learn more at Guaranteed Rate 5.0/5 Best for online lenders620 VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:6203%Guaranteed Rate offers conventional loans with as little as 3% down.Learn more at Guaranteed Rate Quicken Loans NMLS#3030Learn more at Quicken Loans 4.0/5 Best for first-time home buyers620 VA:620JUMBO:N/AFHA:580CONVENTIONAL:6203%On conventional loans, Quicken offers down payments as low as 3%.Learn more at Quicken Loans Rocket Mortgage LLC NMLS#3030Learn more at Rocket Mortgage, LLC 4.0/5 Best for online lenders620 VA:580JUMBO:N/AFHA:580CONVENTIONAL:6203%Rocket Mortgage offers conventional mortgages with as little as 3% down.Learn more at Rocket Mortgage, LLC Veterans United NMLS#1907Learn more at Veterans United 4.0/5 Best for veterans620 CONVENTIONAL:620FHA:620JUMBO:620USDA:620VA:6200%Veterans United offers VA loans for as little as 0% down.Learn more at Veterans United loanDepot NMLS#174457Read review 4.0/5 Best for non-bank lenders620 JUMBO:N/AVA:620FHA:580CONVENTIONAL:6205%LoanDepot offers conventional loans with as little as 5% down.Read review Navy Federal NMLS#399807Read review 3.5/5 Best for veterans N/A0% Navy Federal Credit Union offers down payments as low as 0% on loans for military families.Read review Bank of America NMLS#399802Read review 4.5/5 Best for low down payments660 CONVENTIONAL:660FHA:600JUMBO:720VA:6205%Bank of America offers down payments as low as 3% through its Affordable Loan Solution mortgage program.Read review Citibank NMLS#412915Read review 4.5/5 Best for first-time home buyers N/A3% Citibank offers down payments as low as 3% through its HomeRun loan program.Read review Flagstar NMLS#417490Read review 5.0/5 Best for low down payments620 USDA:660VA:660JUMBO:N/AFHA:640CONVENTIONAL:6203%Flagstar offers 3% down payments on conventional loans for first-time home buyers.Read reviewLearn more at New American Funding New American Funding NMLS#6606
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 FHA:500JUMBO:N/AUSDA:640VA:500CONVENTIONAL:620 Min. down payment3% New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois. View details Learn moreat New American Funding View details Why we like it Good for: First-time home buyers and other borrowers looking for a broad array of loan choices. Pros Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities. Its home equity line of credit can be used for an owner-occupied or second home. Offers a program to enable buyers to make cash offers. Cons Mortgage origination fees tend to be on the high end, according to the latest federal data.Read Full ReviewLearn more at Guaranteed Rate Guaranteed Rate NMLS#2611
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:620 Min. down payment3% Guaranteed Rate offers conventional loans with as little as 3% down. View details Learn moreat Guaranteed Rate View details Why we like it Good for: borrowers seeking a solid variety of loan types, including jumbo and interest-only options, and a totally online experience. Pros Displays detailed sample rates for many of its loan products. Offers a wide variety of loans, including jumbo and interest-only products. Offers low rates compared with other lenders, according to the latest federal data. Cons Doesn't offer home equity loans.Read Full ReviewLearn more at Quicken Loans Quicken Loans NMLS#3030
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:620JUMBO:N/AFHA:580CONVENTIONAL:620 Min. down payment3% On conventional loans, Quicken offers down payments as low as 3%. View details Learn moreat Quicken Loans View details Why we like it Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service. Pros Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary. Estimates the loan amount you’ll qualify for within minutes. Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter. Cons Getting a customized interest rate requires a credit check, which can affect your credit score. Doesn't offer home equity loans or lines of credit. Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.Read Full ReviewLearn more at Rocket Mortgage, LLC Rocket Mortgage LLC NMLS#3030
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:580JUMBO:N/AFHA:580CONVENTIONAL:620 Min. down payment3% Rocket Mortgage offers conventional mortgages with as little as 3% down. View details Learn moreat Rocket Mortgage, LLC View details Why we like it Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service. Pros Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary. Estimates the loan amount you’ll qualify for within minutes. Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter. Cons Getting a customized interest rate requires a credit check, which can affect your credit score. Doesn't offer home equity loans or lines of credit. Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.Read Full ReviewLearn more at Veterans United Veterans United NMLS#1907
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 CONVENTIONAL:620FHA:620JUMBO:620USDA:620VA:620 Min. down payment0% Veterans United offers VA loans for as little as 0% down. View details Learn moreat Veterans United View details Why we like it Good for: veterans, active-duty service members and eligible reservists looking for VA loans. Pros Offers 24/7 customer service over the phone. Offers a free credit counseling service. Mortgage rates are on the low side, according to the latest federal data. Cons Doesn’t offer home equity loans or HELOCs. Veterans United has physical branch offices in only 17 states. Focus on VA loans, so may not be the strongest choice for those seeking other loan types.Read Full ReviewRead review loanDepot NMLS#174457
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 JUMBO:N/AVA:620FHA:580CONVENTIONAL:620 Min. down payment5% LoanDepot offers conventional loans with as little as 5% down. View details Read reviewView details Why we like it Good for: borrowers who want an easy online application and a variety of loan types to explore. Pros Has branches across the country for customers who prefer face-to-face service. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Mortgage interest rates tend to be on the lower end, according to the latest federal data. Cons Mortgage rates aren't available online; you'll need to contact a loan officer. Doesn't offer home equity loans or lines of credit.Read Full ReviewRead review Navy Federal NMLS#399807
3.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.National / regionalNational Min. down payment0% Navy Federal Credit Union offers down payments as low as 0% on loans for military families. View details Read reviewView details Why we like it Good for: military members and their families looking for low-down-payment mortgages. Pros Offers a wide range of affordable mortgage products, including 0% down payment loans, designed for military members. Offers HELOCs and home equity loans. Offers low rates compared with most lenders, according to the latest federal data. Cons Website does not provide customized mortgage rates based on credit score or other factors before you apply. Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.Read Full ReviewRead review Bank of America NMLS#399802
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score660 CONVENTIONAL:660FHA:600JUMBO:720VA:620 Min. down payment5% Bank of America offers down payments as low as 3% through its Affordable Loan Solution mortgage program. National / regionalNational View details Read reviewView details National / regional National Why we like it Good for: first-time home buyers looking for low- or no-down-payment options and homeowners interested in a home equity line of credit. Pros Offers down payment and closing cost assistance programs. May give existing customers a discount on mortgage lender origination fees and HELOC interest rates. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Cons Doesn't offer renovation loans that roll costs into a mortgage.Read Full ReviewRead review Citibank NMLS#412915
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.National / regionalNational Min. down payment3% Citibank offers down payments as low as 3% through its HomeRun loan program. View details Read reviewView details Why we like it Good for: Buyers who want to explore low down payment mortgages, including government-backed loans and Citi’s proprietary option. Pros Offers a wide variety of loan options, including low-down-payment mortgages and jumbo mortgages. Offers low rates compared with other lenders, according to the latest data. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Cons Requires help from a loan officer to complete an online mortgage application. Customized mortgage rates not available without making contact. Doesn’t offer renovation loans.Read Full ReviewRead review Flagstar NMLS#417490
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 USDA:660VA:660JUMBO:N/AFHA:640CONVENTIONAL:620 Min. down payment3% Flagstar offers 3% down payments on conventional loans for first-time home buyers. View details Read reviewView details Why we like it Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone. Pros Offers a wide range of loan types and products, including FHA, VA and USDA. Has a full suite of online conveniences. Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable. Cons Home equity loans are geographically limited.Read Full ReviewMore from NerdWallet Calculate your Massachusetts mortgage payment Compare Massachusetts mortgage rates Find Massachusetts first-time home buyer programs Last updated on January 22, 2021 Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team. To recap our selections... NerdWallet' s Best Massachusetts Mortgage Lenders of 2021
New American Funding: Best for non-bank lendersGuaranteed Rate: Best for online lendersQuicken Loans: Best for first-time home buyersRocket Mortgage, LLC: Best for online lendersVeterans United: Best for veteransloanDepot: Best for non-bank lendersNavy Federal: Best for veteransBank of America: Best for low down paymentsCitibank: Best for first-time home buyersFlagstar: Best for low down payments About the author
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