See Mortgage Rate Quotes for Your Home
By clicking "See Rates" you'll be directed to our ultimate parent company, LendingTree. Based on your creditworthiness you may be matched with up to five different lenders.
|Recommended for||Click for review||Minimum credit score||Highlights|
|First-time home buyers||Citizens Bank||620|
|Online loans||Guaranteed Rate||620|
Getting the best mortgage in Massachusetts means finding a lender who offers the right mix of low interest rates, timely loan processing and reliable customer service. Read on to find out more about our top picks in the Spirit of America.
Best Mortgage Lender for First-Time Home Buyers: Citizens Bank
Citizens Bank is our top choice for first-time home buyers in Massachusetts. With over 58,800 mortgages closed over the past five years, it's by far the most popular mortgage lender in the state.
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If you're shopping for your first home, you might be feeling a little overwhelmed by all of the unfamiliar terms being thrown at you. Between closing costs, appraisals and APRs, many first-time home buyers agree that it's helpful to have an experienced loan officer guide you through the mortgage process. Citizens Bank is an excellent pick if face-to-face customer service is what you're looking for, and the lender has 248 branches across Massachusetts.
Citizens’ mortgage center provides a fairly useful way for home buyers to estimate their rate, closing costs and monthly payments. Unlike other lenders who often require you to call them to obtain a rate quote, Citizens lets you obtain estimates of your borrowing options without ever having to enter your personal contact information. Simply enter your zip code and targeted home value, and Citizens will provide a range of quotes based on your location.
Best of all, if you already bank with Citizens, getting a quick rate quote from a loan officer is a no brainer. The bank offers a 0.125% rate discount for borrowers who set up automatic monthly payments from a Citizens checking account; this can equate to thousands of dollars in interest savings over the life of your home loan, and brings it in range of the more aggressive lenders on the market. Obtaining a quote from Citizens Bank is easy; simply click the link above or walk into your local Citizens Bank and ask to meet with a loan officer.
Best Mortgage Lender for Refinancing: Quicken Loans
Quicken Loans is our top pick for mortgage refinances and remains the fastest-growing lender in its class. The online lender also boasts an exceptional record for customer satisfaction that's unrivaled by any brick-and-mortar bank.
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If you're trying to refinance your home, you might not be sure whether a 15-year fixed rate is right for you. Unfortunately, this is one of the few refinancing terms that most lenders offer. This can be especially frustrating if you’re hitting the limit on your monthly payments, or if you're trying to get the most bang for your buck out of this refinancing. Luckily, Quicken Loans doesn't pigeonhole you into any specific loan term. Instead, borrowers can refinance into almost any loan term they desire inside of eight to 29 years with Quicken's unique YOURgage program. This allows you optimize your monthly payments while preserving your savings, an offering that's rare among major lenders.
Not only does Quicken offer almost every mortgage option on the market, but it also allows you to upload and track your entire application over the web. This is a far cry from many lenders who will require multiple phone calls to complete your loan submission. Instead, Quicken Loans provides one convenient site where you can submit and check over your application. If you want to cut through red tape with one of the widest selections of loans around, click on the link above to get a quick rate quote from Quicken Loans.
Best Online Mortgage Lender: Guaranteed Rate
Guaranteed Rate is our pick for the best online lender in Massachusetts and ranks among the top 5 most popular lenders in Massachusetts overall. It also obtained a 95% customer satisfaction rating from its borrower surveys in 2017.
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If the idea of having to gather paperwork and bring it to a bank sounds tedious to you, you may prefer to apply for a mortgage through Guaranteed Rate, which offers one of the fastest and most convenient digital mortgage applications on the market. The online lender can get you pre-qualified for a home loan within minutes, literally from the comforts of your own living room. It even offers a GR Mobile App to help you submit and track your mortgage application.
Guaranteed Rate is the fifth most popular lender in Massachusetts and is poised to overtake brick-and-mortar rivals like Santander, with an impressive growth rate in lending volume of 21% over the past five-year period. Guaranteed Rate has demonstrated a strong willingness to work with borrowers who have solid credit histories but need an extra hand when it comes to down payments. If you’re looking to close your loan as soon as possible, click on the link above to get a quick rate quote, or stop by one of Guaranteed Rate’s 14 Massachusetts locations.
Best Mortgage Lender for VA Loans: USAA
USAA is our No. 1 lender for veterans and active-duty military personnel in Massachusetts, thanks to its impeccable record for customer satisfaction and over a century of experience helping members of the military achieve homeownership. USAA sold more than 1,190 VA loans over the past five years, making it the most popular military VA lender in the state.
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If you're a military service member who’s thinking of buying a home, it's worth checking in with USAA for a quick rate quote. The lender can help bring you up to speed on the best ways to take advantage of your VA benefits using a low-down-payment VA loan, including how to buy a home with as little as no money down and avoid private mortgage insurance (PMI). Best of all, if you're a current homeowner looking for a streamlined refinance through the VA program, you may be able to have your appraisal and VA funding fee covered by USAA at closing, which can total up to $2,000 in net savings.
USAA also features its own network of real estate agents, which specializes in finding homes for veterans. Purchasing a home through the USAA real estate network can qualify you for up to $24,000 in cashback, to be awarded after closing. While you'll need to be a USAA member to qualify for a mortgage, joining is easy, as membership is available to all veterans and their families. By joining USAA, you'll also gain access to a number of other financial products, including banking, insurance and even credit cards. Click on the USAA link above for a quick rate quote, or call a USAA representative to discuss your options.
Best Mortgage Lender for Poor Credit: LoanDepot
LoanDepot is our top choice for home buyers who might have trouble qualifying for a mortgage, thanks to its participation in the Massachusetts Housing Finance Agency's home buyer assistance program. It's one of the first major online lenders to enter the mortgage market.
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If you're having trouble qualifying for a conventional mortgage loan, an FHA loan from LoanDepot could be the answer for you. FHA loans were designed to help low- to moderate-income home buyers achieve the dream of homeownership, requiring down payments as low as 3.5% and, in some cases, credit scores of 580 and above. LoanDepot is one of the top national lenders when it comes to FHA mortgages and is the third most popular FHA provider in Massachusetts.
LoanDepot is also a participating lender in MassHousing’s home buyer assistance program, which means that it’s approved to provide closing cost assistance for eligible home buyers in designated areas. If you qualify, you may be able to secure a low-interest mortgage loan with a 3% down payment requirement and no PMI required, making this one of the best options around for first-time and low-income home buyers. If you've had trouble getting qualified for a mortgage elsewhere, try clicking the link above to see if LoanDepot offers the right mortgage to fit your needs.
Most Popular Mortgage Lenders in Massachusetts
We've listed the five most popular mortgage lenders in Massachusetts below, based on the total number of residential home loans sold over the past five years.
Top 5 Residential Mortgage Lenders in Massachusetts, 2013–2018
|Rank||Company||Mortgage originations||Change in Vol.|
|2||Bank of America||48,843||18%|
While these lenders are the most popular choices for home buyers in Massachusetts, not all were selected as a "best option" in our study. We looked at a number of factors when it came to picking the best lenders, which wasn't solely limited to a lender's popularity.
If you're just beginning your search for a mortgage, consider getting a quote with one of the lenders above as a starting point, as they'll set the average market rates in the state. You can also use our toolbox at the top of the page for a customized rate quote.
How We Chose the Best Mortgage Lenders in Massachusetts
While interest rates played a large role in our decision, we also reviewed each lender's terms and conditions and record of customer complaints. Due to the complexity of products and variety of offerings, we evaluated the following criteria.
- Total cost: interest rates and closing costs
- Product: terms, programs and reputation
- Servicing: transparency, complaint data and branch network
We highlighted any terms that weren't commonly offered. For example, certain lenders specialized in products like VA and FHA loans, and were found to offer superior service in those categories. On the other hand, other lenders offered their own incentives in the form of rate discounts and cash back rewards. Experience, market share and growth rates were also taken into account when comparing each company against its peers.
We looked at customer complaint data obtained through the Consumer Financial Protection Bureau over the past five years. We then compared rates of complaints across lenders to forecast the likelihood of problems arising during the origination and servicing process. Third-party ratings from consumer-advocate platforms like J.D. Power were also factored into our review of the overall borrowing experience.
Finally, we determined how a lender's branch network compared to its peers. Lenders who were spread out geographically or maintained larger branch networks were found to be more accessible across the state. For both online lenders and banks, we also reviewed each lender's web experience, taking into account whether borrowers had the ability to apply online or obtain rate quotes independently.
Local Mortgage Brokers Near Me in Massachusetts
If you're in the market for a home loan but can't find the right lender, one option is to hire a local loan broker who specializes in mortgage lending. Loan brokers differ from loan officers, as they're able to offer loans from multiple lenders rather than a single company. They're also usually familiar with the biggest local lenders, so they'll be able to find you deals you wouldn't normally find on your own. Check out the chart below for a list of mortgage brokers near you.
|HomeState Mortgage, Inc.||8 Cedar St, Hopkinton, MA 01748||(508) 872-3730|
|Mass Capital Mortgage Corp.||75 McNeil Way # 105, Dedham, MA 02026||(781) 461-1112|
|Poli Mortgage Group, Inc.||780 Dedham St #500, Canton, MA 02021||(888) 647-8906|
|Maritime Mortgage Corp.||4 Cabot Pl # 2, Stoughton, MA 02072||(781) 341-4000|
|American Mortgage Resource, Inc.||2 Winter St Suite #202, Waltham, MA 02451||(617) 972-8588|
|Right Key Mortgage||12 Harding St #203, Lakeville, MA 02347||(508) 644-0105|
|Olive Tree Mortgage Solutions, Inc.||70 Leo M Birmingham Pkwy, Boston, MA 02135||(800) 901-2314|
|South Shore Mortgage Inc.||167 Washington St, Norwell, MA 02061||(781) 264-3106|
|Continental Funding Corp.||7 Cabot Pl, Stoughton, MA 02072||(781) 344-4846|
|The Mortgage Connection LLC||1370 Dorchester Ave #24, Dorchester, MA 02122||(617) 208-7081|