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.
Last updated on January 22, 2021
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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.
Why trust NerdWallet
- 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.
Why trust NerdWallet
- 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 â–¾ â–¾ | NerdWallet Rating â–¾ â–¾ | Min. credit score â–¾ â–¾ | Min. down payment â–¾ â–¾ | Learn more |
|---|---|---|---|---|
580 | 3% | Learn more at New American Funding | ||
620 | 3% | Learn more at Guaranteed Rate | ||
620 | 1% | Learn more at Rocket Mortgage, LLC | ||
620 | 0% | Learn more at Veterans United | ||
 loanDepot: NMLS#174457 LEARN MORE on NerdWallet | 620 | 5% | LEARN MORE on NerdWallet | |
 Navy Federal: NMLS#399807 LEARN MORE on NerdWallet | N/A | 0% | LEARN MORE on NerdWallet | |
 Bank of America: NMLS#399802 LEARN MORE on NerdWallet | 660 | 5% | LEARN MORE on NerdWallet | |
 Citibank: NMLS#412915 LEARN MORE on NerdWallet | N/A | 3% | LEARN MORE on NerdWallet | |
 Flagstar: NMLS#417490 LEARN MORE on NerdWallet | N/A | 5% | LEARN MORE on NerdWallet |
Learn more
at New American Funding
New American Funding: NMLS#6606
4.0
Home loans overall
NerdWallet ratingMin. credit score
580
Min. down payment
3%
Why We Like ItGood for: first-time home buyers, military members and self-employed or underrepresented borrowers.
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.
- Has a program to enable buyers to make cash offers.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
- Mortgage origination fees tend to be on the high end.
- Personalized mortgage rates are not available on the website without providing contact information.
Learn more
at Guaranteed Rate
Guaranteed Rate: NMLS#2611
5.0
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
3%
Why We Like ItGood for: borrowers seeking a broad menu of loans, including jumbo and interest-only options, renovation loans and government-backed mortgages, as well as home equity lines of credit.
Pros
- Offers a one-day mortgage approval process.
- Offers a generous selection of loans, including government-backed, interest-only, ITIN, jumbo and renovation loans.
- Advertises a HELOC that can be funded in as few as five business days.
Cons
- Origination fees are higher than average, according to the latest federal data.
- HELOC has a relatively short draw period, which may not provide flexibility for someone who wants the option of accessing home equity over a longer period.
Learn more
at Rocket Mortgage, LLC
Rocket Mortgage, LLC: NMLS#3030
4.0
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
1%
Why We Like ItGood for: FHA borrowers and others short on down payment cash, as well as home buyers who value convenience over low fees.
Pros
- Streamlined online process with document and asset retrieval capabilities, as well as the ability to edit your preapproval letter.
- Offers the option to work with loan officers by phone if desired.
- Largest FHA lender in the nation.
Cons
- Getting a customized interest rate requires a credit check, which can affect your credit score.
- Origination fees are on the high side compared with other lenders, according to the latest federal data.
- Doesn't offer home equity lines of credit.
Learn more
at Veterans United
Why We Like ItGood for: veterans, active-duty service members and eligible reservists looking for VA loans.
Pros
- Largest VA lender in the country by far.
- Offers 24/7 customer service over the phone.
- Offers a free credit counseling service.
Cons
- Does not offer second mortgage options like home equity loans or HELOCs.
- Borrower must provide contact info for customized rates.
LEARN MORE
on NerdWallet
Why We Like ItGood for: borrowers who are comfortable with an entirely online experience, and who want a one-stop shop for buying and selling.
Pros
- Offers a variety of repayment terms.
- Online loan calculator lets borrowers compare monthly payments and lifetime interest.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
- No sample interest rates are provided.
- Origination fees are on the higher end, according to the latest federal data.
- Lender’s website does not have a live chat feature.
LEARN MORE
on NerdWallet
Why We Like ItGood 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.
LEARN MORE
on NerdWallet
Bank of America: NMLS#399802
4.0
Home loans overall
NerdWallet ratingMin. credit score
660
Min. down payment
5%
National / regional
National
Why We Like ItGood 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 or construction-to-permanent mortgage loans.
- Must enroll in online banking to access Home Loan Navigator.
- Fined $12 million for reporting inaccurate mortgage applicant info to the federal government.
LEARN MORE
on NerdWallet
Citibank: NMLS#412915
4.0
Home loans overall
NerdWallet ratingNational / regional
National
Min. down payment
3%
Why We Like ItGood for: Rates-focused borrowers who are Citi customers, or home buyers seeking down payment assistance.
Pros
- Average interest rates are among the lowest compared to other lenders’, according to the latest federal data.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- Borrowers with existing Citi accounts may receive discounts.
Cons
- Customized mortgage rates are not available without contacting the lender.
- HELOCs and home equity loans are not currently available.
- No live chat feature on the lender’s site.
LEARN MORE
on NerdWallet
Why We Like ItGood for: Borrowers who may benefit from Flagstar’s unique loan options, such as ITIN loans, loans for manufactured homes or physician loans.
Pros
- Multiple loans for those who are renovating or building a home, including loans with interest-only payments during construction.
- Offers home equity loans and lines of credit.
- Offers down payment assistance and loans for underserved borrowers, including ITIN loans and loans with flexible qualifications in certain communities.
- Interest rates are on the low side relative to other lenders, according to the latest federal data.
- Borrowers can enter their information (including their desired loan amount, down payment and zip code) into the lender’s Mortgage Quote Comparison tool and receive a customized rate quote.
Cons
- Home equity loans are not available in all locations served by Flagstar.
- In 2022, the lender was fined for violating laws regarding properties in flood zones.
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
- Guaranteed 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
