Massachusetts can be an excellent place to put down roots, and you’re not alone in thinking so. The Bay State has 2.9 million housing units and a homeownership rate of 62.4%, according to the U.S. Census Bureau’s 2019 American Community Survey.
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Homefinity launched in 2018 as the online lending division of Fairway Independent Mortgage. It offers a variety of mortgage products, including conventional mortgages, Federal Housing Administration and Veterans Affairs mortgages, and mortgage refinancing.
Caliber Home Loans of Coppell, Texas, offers mortgage products nationwide. Options include conventional, adjustable-rate, jumbo, refinancing, Federal Housing Administration, U.S. Department of Agriculture and Department of Veterans Affairs loans. Caliber has been in business since 2008, and is solely focused on home lending products.
Carrington Mortgage Services, founded in 2007, offers an array of mortgage and refinancing options to borrowers seeking conventional or government-backed loans. Its California-based parent company, Carrington Holding Co., was established in 2003 and provides a range of real estate services. Carrington Mortgage Services is based in California and also has offices in Arizona, Connecticut, Florida, Indiana and Maryland.
Pentagon Federal Credit Union, widely known as PenFed, offers borrowers access to many types of mortgages: conventional, adjustable rate, jumbo and Department of Veterans Affairs, plus refinancing loans and home equity lines of credit. The financial institution, which serves 2.5 million members, was established in 1935 and is based in McLean, Virginia.
Headquartered in Charlotte, North Carolina, Truist Bank was formed in 2019 after SunTrust and BB&T banks merged. Truist Bank offers a variety of mortgage products, including refinancing and home equity lines of credit.
Chase, one of the world’s largest banks, was founded in 1799 in New York and offers mortgage and refinance loans.
AmeriSave Mortgage Corp. is an online lender that has been in business since 2002. It was one of the first to offer an offsite digital mortgage experience for customers. The company says it has financed more than 664,000 borrowers since it began operating. With headquarters in Atlanta, AmeriSave services loans in 49 states and Washington, D.C.
Veterans United Home Loans offers mortgages in all 50 states and Washington, D.C., and specializes in Department of Veterans Affairs loans. Since 2016, Veterans United Home Loans has generated the largest number of VA purchase loans per year in the nation. The lender was founded in 2002 and is based in Columbia, Missouri.
PNC Bank is one of the largest banks in the United States, serving more than 9 million customers in all 50 states. A full-service mortgage lender, PNC offers most mortgage loan product types.
The average mortgage rate in California is currently 6.52% for the 30-year fixed loan term.
Here are the interest rates offered to California residents looking to buy or refinance a home as of 01/03/2023:
- 30-year fixed purchase: 6.52%
- 30-year fixed refi: 7.26%
- 15-year fixed purchase: 5.68%
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
Massachusetts residents can take advantage of homebuyer programs through MassHousing and the Massachusetts Housing Partnership. Benefits include down payment and closing cost assistance, waived mortgage insurance, low down payment options and more.
- Available to: First-time homebuyers with low or moderate income (you can qualify if you haven’t owned a home in the last three years).
- Income limits: Vary by community.
- First-time homebuyers only? Yes.
- Loan options: 30-year, fixed-rate mortgage.
- Benefits: The loan has a low down payment requirement of 3% for most properties, only half of which must come from the homebuyer. The loan doesn’t require private mortgage insurance, and low-income borrowers can qualify for subsidized payments in the first seven years of homeownership.
- Available to: Eligible Massachusetts homebuyers.
- Income limits: Vary by county (see MassHousing income limits).
- First-time homebuyers only? No.
- Benefits: Provides access to affordable and fixed interest rates, flexible underwriting and down payment assistance. Some borrowers may also qualify for discounted mortgage insurance premiums, as well as mortgage payment protection that can help you make your payments if you lose your job.
- Available to: Eligible active-duty service members and members of the Reserves or National Guard who are also first-time homebuyers.
- Income limits: Vary by county (see MassHousing income limits).
- First-time homebuyers only? Yes, unless you are purchasing a home in Boston, Chelsea, Cambridge, Everett, Fall River, Lawrence, Lynn, North Adams and Somerville.
- Benefits: Provides access to affordable and fixed interest rates, flexible underwriting, down payment assistance and a closing cost credit of up to $2,500. Some borrowers may also qualify for discounted mortgage insurance premiums, as well as mortgage payment protection that can help you make your payments if you’re deployed or you lose your job.
- Available to: Eligible Massachusetts homebuyers who want to make renovations or improvements before moving in.
- Income limits: Vary by county (see MassHousing income limits).
- First-time homebuyers only? No.
- Benefits: Provides access to affordable and fixed interest rates, flexible underwriting, down payment assistance and mortgage payment protection that can help you make your payments if you lose your job.
- Available to: Eligible Massachusetts first-time homebuyers.
- Income limits: Vary by county (see MassHousing income limits).
- First-time homebuyers only? Yes.
- Down payment and closing cost assistance: Offers a second mortgage for up to $15,000 or 5% of the purchase price, whichever is less. The mortgage has a 2% interest rate and is repaid over 15 years and is due in full upon sale or refinance of the loan if either of those happens before the 15-year term ends.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
Best Massachusetts Mortgage Lenders of 2023
PrimeLending is a Dallas-based mortgage lender in operation since 1986. The company offers several mortgage loan options, including conventional loans, jumbo loans, government-backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.
Real Genius is a division of FirstBank, a publicly traded bank based in Nashville, Tennessee. Real Genius, formerly known as ConsumerDirect Mortgage, offers both home purchase and refinance loans.
New American Funding is a mortgage lender offering a variety of home loan options to homebuyers and homeowners nationwide except for Hawaii. The company, founded in 2003 and based in Tustin, California, has originated $61.9 billion in mortgages to date.
Guild Mortgage is a San Diego-based lender established in 1960 and focused on residential home loans. Guild Mortgage offers buyers in 43 states a full suite of mortgage products, including conventional loans, government-backed mortgages and jumbo loans.
SoFi is an online lender founded in 2011 and headquartered in San Francisco that offers fixed-rate mortgages. Refinance, jumbo and home equity loans are also available.
CMG Financial is a privately held mortgage banking firm operating nationwide with localized support, founded in 1993 and based in San Ramon, California. The lender offers a range of products, including conventional, government and specialty mortgages, like jumbo loans.
Founded in 1990 and headquartered in Mount Laurel, New Jersey, Freedom Mortgage is a full-service mortgage company. It’s the fifth-largest mortgage provider in the country and is licensed to operate in all 50 states. Freedom Mortgage offers a variety of mortgage options, including conventional loans, refinancing and first-time homebuyer friendly programs such as FHA loans.
LoanDepot is a mortgage lender that operates nationally with more than 200 branches and delivers both a digital experience and face-to-face service. The lender offers fixed- and adjustable-rate conventional mortgages, Federal Housing Administration and Department of Veterans Affairs loans, as well as refinance and renovation loans. The company was founded in 2010 and is based in Foothill Ranch, California.
Alliant Credit Union is a not-for-profit financial cooperative that serves customers in all 50 states. Alliant offers products such as conventional, jumbo, refinancing and home equity line of credit loans, but specific mortgage products may not be available in certain states.
Flagstar offers banking and loan products to borrowers in all 50 states. Borrowers can obtain mortgage and home equity products including conventional loans, Federal Housing Administration loans, Veterans Affairs loans, U.S. Department of Agriculture loans, adjustable-rate mortgages, and home equity loans and lines of credit.
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