9 Best Massachusetts Mortgage Lenders of 2021
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.
Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. 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.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
9 Best Massachusetts Mortgage Lenders of 2021
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
---|---|---|---|---|
580 | 3% | Learn more at New American Funding | ||
620 | 3% | Learn more at Rate | ||
620 | 1% | Learn more at Rocket Mortgage, LLC | ||
620 | 0% | Learn more at Veterans United | ||
620 | 3% | LEARN MORE on NerdWallet | ||
N/A | 0% | LEARN MORE on NerdWallet | ||
660 | 5% | LEARN MORE on NerdWallet | ||
N/A | 3% | LEARN MORE on NerdWallet | ||
N/A | 5% | LEARN MORE on NerdWallet |
580
3%
- Offers a wide variety of purchase and refinance mortgages, as well as unique buyer assistance programs.
- Its home equity line of credit can be used for a primary residence or second home.
- Average origination fees are on the high side, according to the latest federal data.
- Personalized mortgage rates are not available on the website without providing contact information.
- Fully underwritten mortgage approval in as little as one day for qualified borrowers.
- Generous selection of loans, including government-backed, interest-only, jumbo and renovation.
- Advertises a HELOC that can be funded in as few as five business days.
- Origination fees are on the high side, according to the latest federal data.
- HELOC requires immediate, full withdrawal of funds.
620
1%
- Reported average time to close is 15 days faster than industry average.
- FHA and VA loans make up 40% of Rocket Mortgage’s total loan volume.
- Borrowers can apply via mobile app.
- Origination fees are on the higher end, according to the latest federal data.
- No construction or renovation loans.
- Physical branches are only available in Detroit, Cleveland, and Phoenix.
- Largest VA lender in the country by far.
- Offers 24/7 customer service over the phone.
- Offers a free credit counseling service.
- Does not offer second mortgage options like home equity loans or HELOCs.
- Borrower must provide contact info for customized rates.
- Offers a variety of repayment terms for fixed-rate loans.
- Does a substantial amount of business in FHA lending.
- mello smartloan product can streamline mortgage application, appraisal and title search.
- Interest rates are not available on the website.
- Origination fees are on the higher end, according to the latest federal data.
- 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.
- 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.
660
5%
National
- Interest rates are lower than most lenders, according to the latest federal data.
- Offers up to $10,000 in down payment assistance to qualified borrowers.
- Banking customers can get discounted interest rates or fees.
- Mortgage origination fees are on the high side, according to the latest federal data.
- Rate estimator tool doesn’t personalize by credit score.
- Fined $12 million for reporting inaccurate mortgage applicant info to the federal government.
National
3%
- Very low average interest rates compared to other lenders, according to the latest federal data.
- Closing cost credits and interest rate discounts available.
- Highly rated mobile app.
- Preapproval and application require a phone call to complete.
- Must contact the lender for customized rate quote.
- Doesn’t offer renovation or construction-to-permanent loans.
- Conventional loan terms extend to 40 years, which is unusually flexible.
- Offers options for high-balance mortgages.
- Offers specialized mortgages for professionals, such as doctors and lawyers, starting their careers.
- Reported average time to close (20-30 days) is faster than industry standard.
- The lender’s mobile app is focused on banking, not mortgages.
- Conventional fixed-rate mortgages require a 5% minimum down payment, higher than some competitors.
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.
NerdWallet's Best Massachusetts Mortgage Lenders of 2021
- New American Funding: Best for non-bank lenders
- Rate: Best for online lenders
- Rocket Mortgage, LLC: Best for online lenders
- Veterans United: Best for veterans
- loanDepot: Best for non-bank lenders
- Navy Federal: Best for veterans
- Bank of America: Best for low down payments
- Citibank: Best for first-time home buyers
- Flagstar: Best for low down payments