Massachusetts Mortgage Rates & MA Homebuyer / Homeowner Resources
Propspective homebuyers and homeowners in our state enjoy a number of resources listed here, including federal and Massachusetts government homebuyer assistance programs, and websites for agencies overseeing banking, real estate, and different homeowner assistance and refinancing programs. From getting your first Boston new home mortgage loan to doing a Plymouth mortgage refinance, to preventing foreclosure of your Salem house, our list of Massachusetts homeowner resources can help.
Massachusetts Home Loan Programs for First Time Buyers
If you are like most people, our home is probably the single largest financial investment we will make in our lives. It's also extremely complex, and choosing the right kitchen tiling can be a challenge in and of itself, let alone choosing different homes, mortgage interest rates, neighborhoods, and lenders.
One good way to prepare for this process is to attend an education session for first time home buyers - you can start by searching the US Department of Housing & Urban Development's
Massachusetts mortgage information and homebuyer page.
Transitioning from renter to homeowner for the first time typically requires a large amount of cash for closing costs and a down payment.
There are homebuyer programs that help first time Massachusetts homebuyers (defined as those who haven't owned a home in 3 years) with down payment assistance if eligibility criteria are met. Massachusetts down payment assistance information is here.
Massachusetts Mortgages and Home Loans
Whether you're looking for an adjustable rate mortgage in Cambridge, a VA loan in Nantucket, or a simple thirty year fixed home loan in Boston, we are here to make your mortgage search easier. Finding the best mortgage in Massachusetts starts with your initial search of a mortgage broker or mortgage lender. Contact several lenders, check references, and eventually go with whom you're most comfortable and can trust.
If you're at the point where you're looking for a prequalification letter from a lender, or are shopping for the best Massachusetts mortgage rates for a new home loan or mortgage refinance, we offer a matching service that allows up to four different lenders to compete to offer you their lowest rates. Both the FDIC and the US Department of Housing & Urban Development (HUD) recommend that you shop around to ensure that you're getting the best rates. It's our service to you and there's no obligation to complete the form above.
In addition to traditional fixed rate mortgages and FHA home loans, Massachusetts is also known for its rural housing service which aids many in the purchase of modest homes in its rural areas. Massachusetts rural development information and application instructions are here.
Special Mortgage Accommodations in Massachusetts
As mentioned, Massachusetts offers many mortgage options in addition to the typical government loans such as FHA and VA loans. One program worth noting is the MassAdvantage program designed to provide special mortgages for low and moderate-income residents of Massachusetts. Some of the key benefits of the MassAdvantage program are access to below market interest rates, low down payments, low closing costs, flexible qualifying ratios, and flexible mortgage insurance programs.
Secure the Lowest Mortgage Rates in Massachusetts
Although there are special programs in Massachusetts offering borrowers access to below-market interest rates, it's also best to keep in mind the traditional methods of securing the lowest rates. Before comparing lenders and shopping different interest rates, borrowers should review their credit history for any inconsistencies that could cause problems.
In some cases, raising your credit score by just a few points could mean qualifying for significantly lower mortgage rates. Additionally, be sure to distinguish low fixed interest rates from teaser and introductory rates. Especially for residents planning to stay in Massachusetts, it may be best to consider mortgages that focus on paying off the principal balance quickly--such as 15-year mortgages--rather than focusing on low monthly mortgage payments itself.
Massachusetts Homeowners Needing Help
If you are having difficulty meeting your home payments, there are special foreclosure prevention programs dedicated to assisting you. The foreclosure prevention resources at Massresources.org can begin to put you on the path to saving your home.
