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
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
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 ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
|---|---|---|---|---|
580 | N/A | See Offers at New American Funding | ||
620 | 3% | See Offers at Rate | ||
620 | 1% | See Offers at Rocket Mortgage, LLC | ||
620 | 0% | See Offers at Veterans United | ||
 loanDepot: NMLS#174457 Compare More Lenders on NerdWallet | 620 | 3% | Compare More Lenders on NerdWallet | |
 Navy Federal: NMLS#399807 Compare More Lenders on NerdWallet | N/A | 0% | Compare More Lenders on NerdWallet | |
 Bank of America: NMLS#399802 Compare More Lenders on NerdWallet | 660 | 5% | Compare More Lenders on NerdWallet | |
 Citibank: NMLS#412915 Compare More Lenders on NerdWallet | N/A | 3% | Compare More Lenders on NerdWallet | |
 Flagstar: NMLS#417490 Compare More Lenders on NerdWallet | N/A | 5% | Compare More Lenders on NerdWallet |
New American Funding: Best for non-bank lenders
Min. credit score
580
Min. down payment
N/A
Learn more
on New American Funding's website
- Why we like itNew American Funding offers a large menu of loan products, as well as programs like first-time home buyer assistance, but personalized mortgage rates aren't available on its website.Pros
- 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.
ConsRead full review- 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.
Rate: Best for online lenders
- Why we like itRate boasts a streamlined application process, with full underwriting in as little as one business day, though average fees are higher than many competitors’.Pros
- 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.
ConsRead full review- Origination fees are on the high side, according to the latest federal data.
- HELOC requires immediate, full withdrawal of funds.
Rocket Mortgage, LLC: Best for online lenders
Min. credit score
620
Min. down payment
1%
Learn more
on Rocket Mortgage, LLC's website
- Why we like itRocket Mortgage is the largest mortgage lender by volume, standing out for its range of affordable borrowing options, down payment assistance and closing cost credits.Pros
- 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.
ConsRead full review- 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.
Veterans United: Best for veterans
Min. credit score
620
Min. down payment
0%
Learn more
on Veterans United's website
- Why we like itVeterans United is the largest VA loan originator in the country by far, according to the latest federal data.Pros
- Specializes in working with military borrowers.
- Offers VA refinancing.
- Sample interest rates are posted online.
ConsRead full review- Interest rates are on the higher end compared to other VA lenders.
- Does not offer VA renovation loans.
loanDepot: Best for non-bank lenders
Min. credit score
620
Min. down payment
3%
Compare More Lenders
on NerdWallet
- Why we like itLoanDepot is a large nonbank lender that offers the potential for a streamlined mortgage process and cash back, but to start an application or get a rate quote you must work with a loan officer over the phone.Pros
- 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.
ConsRead full review- Interest rates are not available on the website.
- Origination fees are on the higher end, according to the latest federal data.
Navy Federal: Best for veterans
Min. down payment
0%
National / regional
National
Compare More Lenders
on NerdWallet
- Why we like itNavy Federal Credit Union stands out for having exceptionally low VA interest rates and fees.Pros
- Best-scoring VA lender for interest rates and fees.
- Offers VA refinancing.
- Specializes in working with military borrowers.
ConsRead full review- Does not offer VA renovation loans.
Bank of America: Best for low down payments
Min. credit score
660
Min. down payment
5%
National / regional
National
Compare More Lenders
on NerdWallet
- Why we like itBank of America offers low interest rates, in-person service and plenty of loan options. Current banking customers may be eligible for additional perks.Pros
- 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.
ConsRead full review- Mortgage origination fees are on the high side, according to the latest federal data.
- Rate estimator tool doesn’t personalize by credit score.
Citibank: Best for first-time home buyers
Min. down payment
3%
National / regional
National
Compare More Lenders
on NerdWallet
- Why we like itCiti offers solid customer support and a highly rated mobile app. Borrowers need to contact the lender for a customized rate quote or preapproval — but average mortgage rates are among the lowest of lenders we review.Pros
- 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.
ConsRead full review- 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.
Flagstar: Best for low down payments
Min. credit score
N/A
Min. down payment
5%
Compare More Lenders
on NerdWallet
- Why we like itFlagstar Bank stands out for its range of accessible loans and programs, including loans with flexible requirements and down payment grant options. Its mortgage operations were acquired by Mr. Cooper in 2024.Pros
- 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.
ConsRead full review- 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
