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.
Best online mortgage lenders in Massachusetts
These lenders have advanced online capabilities, so applying for a mortgage is faster and more convenient.
- The first national lender to launch mobile mortgage lending
- Online employment and asset verification
- Loan decisions are often made in minutes
- Rocket Mortgage review
- Offers an online application process with secure document uploads and electronic signing
- Claims a 95% customer satisfaction rating
- Has 170 branches across the country for local service
- Guaranteed Rate review
Best Massachusetts mortgage lenders for first-time home buyers
With a one-two punch of experience and government-backed loan programs like FHA and USDA, these lenders can help you buy your first home.
- Is the largest FHA lender in the nation
- Offers a full complement of mortgage products for buying and refinancing
- Rocket Mortgage, from Quicken Loans, allows completion of the mortgage process entirely online
- Quicken Loans review
- Offers a full line of purchase mortgages, including FHA and VA loans
- Has low down payment options that don’t require private mortgage insurance
- Available in all 50 states
- CitiMortgage review
Best Massachusetts mortgage lenders for veterans
Your military service may qualify you for a VA loan with zero down payment. VA loans are a specialty of these Massachusetts lenders.
- With Department of Veterans Affairs loans, credit score standards are less stringent
- Considers “after the bills are paid” income, rather than just a debt-to-income ratio
- You’ll need military service to qualify
- Veterans United review
- Licensed in 50 states, with a wide range of affordable mortgage products for military members
- Underwriting model allows greater loan flexibility
- Willing to look at rent, utility and cell phone payments in evaluating eligibility
- Navy Federal Mortgage review
Best Massachusetts mortgage lenders for low down payments
Buying a home doesn’t always require a giant down payment. These lenders offer mortgages with 3% down or less.
- Finds state bond programs for first-time home buyers and limited-income households
- Embraces FHA-backed home loans
- Offers a full menu of fixed-rate and adjustable-rate home loans and refinancing
- Flagstar Bank review
- Offers a down payment of just 3%, with no mortgage insurance, through the Affordable Loan Solution program
- Has a physician loan program to assist doctors who are a bit short on a down payment but have strong earning potential
- Reduces fees for some existing bank customers
- Bank of America mortgage review
Best non-bank mortgage lenders in Massachusetts
Doing business with these non-bank lenders may yield savings and a more streamlined application experience.
- Offers a variety of refinance loans and home equity loans
- Is rolling out an $80 million technology upgrade
- Gives discounts and reimbursements for certain closing costs to repeat refinance customers
- LoanDepot mortgage review
- Uses manual underwriting to evaluate borrowers, which allows more flexibility to approve loans
- Offers a broad range of loans, including FHA, fixed-rate and adjustable-rate mortgages; minimum score 580
- Offers multiple down payment assistance and grant programs
- New American Funding review
Best Massachusetts mortgage lenders: summary
- Rocket Mortgage: Best for online experience
- Guaranteed Rate: Best for online experience
- Quicken Loans: Best for first-time home buyers
- CitiMortgage: Best for first-time home buyers
- Veterans United: Best for veterans
- Navy Federal: Best for veterans
- Flagstar Bank: Best for low down payments
- Bank of America: Best for low down payments
- LoanDepot: Best for non-bank lenders
- New American Funding: Best for non-bank lenders