Best Massachusetts Mortgage Rates

best Massachusetts mortgage rates

Wouldn’t it be amazing to have access to your own mortgage industry insider who could advise you how to get the lowest mortgage rates?

Best Massachusetts Mortgage Rates is the creation of a real honest-to-goodness Massachusetts mortgage broker here to help you. As a nationally acclaimed mortgage professional certified by the National Association of Mortgage Brokers, my passion is to educate and empower consumers like you so you make an informed decision when shopping for a mortgage.

So sit back and explore all that this website has to offer on how to get the best Massachusetts mortgage rates. And if you find this information to be of value to you, please consider contacting me for your mortgage needs. I’m here for you.

How to Use the Best Massachusetts Mortgage Rates Website

Tips for Finding the Best Massachusetts Mortgage Rates

A recent study shockingly found that mortgage shoppers spend twice as long shopping for a car as they do researching a home loan to find the best Massachusetts mortgage rates.

Don’t make the same mistake. Take advantage of this website and the following tips to avoid making a bad decision that can cost you thousands of dollars in the long run.

Looking to purchase or refinance a property in another state? Check out great deals on Connecticut mortgage rates, Florida mortgage rates, New Hampshire mortgage rates, Rhode Island mortgage rates and Washington state mortgage rates.

1. Research Massachusetts home loans before shopping for mortgage rates.

The 30-year fixed rate mortgage is as American as apple pie and baseball, yet there are numerous other loan programs that may be a better fit for your situation.

Take the time and research all the different loan programs available to you.  There are advantages and disadvantages to each program, but you typically will find only a few best suited to your situation based on your personal preferences.

This website provides a good place to start by providing detailed information on most Massachusetts home loan programs.

2. Save time by getting Massachusetts mortgage rate quotes from mortgage companies rather than banks and credit unions.

Simply put, banks and credit unions have a much higher cost structure than dedicated mortgage companies which results in higher interest rates.

Loan officers at banks and credit unions are employees whereas loan officers at mortgage companies are 100% commissioned-based salespeople. Banks and credit unions have to pay salaries and benefits to their employees whether or not they generate business whereas mortgage companies only pay their loan officers when a loan closes and generally do not pay for costly benefits.

Banks and credit unions also have to maintain expensive, high traffic retail locations whereas Massachusetts mortgage companies typically select less expensive office space.

Combined this leads to a much more expensive cost to originate a loan for banks and credit unions. Banks and credit unions make up for that additional cost by marking up the mortgage rate and charging higher Massachusetts closing costs than mortgage companies.

In fact, you will find rates at banks and credit unions generally to be 0.250% – 0.500% higher than mortgage companies.

3. Compare at least 2 mortgage companies at the same time to get the best Massachusetts mortgage rates.

Shopping for a mortgage is a critical step in the home loan process but one that a lot of people do not devote enough attention.  The reason? Studies have shown that people by nature don’t like sharing their personal information with mortgage companies whom they don’t yet know or trust.

With that in mind, take advantage of this website and get a free Massachusetts mortgage rate quote right now without providing any personal information or SSN.

Just be sure to make your comparisons on the same day and, even better, at the same time. Rates can be volatile on a day-to-day basis and can even change within the same day. If you don’t get rate quotes all at the same time, you might miss out on getting a better rate by relying on old information when previous rate quotes could in actuality be lower.

Bonus tip : Make sure to avoid submitting your information to websites offering quotes from several lenders unless you want to be bombarded incessantly.

4. Compare closing costs only for the same Massachusetts loan program at the same rate.

Equally important, compare Massachusetts closing costs between mortgage companies for the same type of home loan at the same rate. Don’t try to compare closing costs between different home loan programs and don’t try to compare closing costs for the same type of home loan but at different rates.

Without an apples-to-apples comparison, it is easy to become confused and inadvertently select the offer with the lowest rate when it actually is a worse deal because it is loaded with points and/or junk fees. When you compare the same type of home loan at the same interest rate, comparisons are much clearer.

5. Choose your loan officer carefully.

It’s easy to fall in the trap that shopping for a mortgage is the same as shopping for any other item, like a car. The danger though lies in the fact that getting a mortgage approved is much more complicated than people realize. Unlike a car which anyone can buy, not everyone can obtain a mortgage due to their individual financial situation and circumstances.

This is where the experience and knowledge of the individual loan officer comes into play. And not all loan officers are created equal.

Don’t be shy. Interview your loan officer and check their credentials. Verify at minimum that your loan officer is licensed (not simply registered *) through the Nationwide Mortgage Licensing System & Registry (NMLS).  Licensed loan originators must :

  • Complete 20 hours of pre-licensure education
  • Pass the National component of the SAFE MLO Test with a minimum score of 75%
  • Pass the State component of the SAFE MLO Test with a minimum score of 75%
  • Pass a criminal background check annually
  • Demonstrate financial responsibility by submitting a credit report annually
  • Complete 8 hours of continuing education each year

* Loan officers at banks and credit unions are exempt from the SAFE Act and not required to meet these licensing requirements.

Top loan officers go further by attaining professional certification through the leading mortgage industry organization, the National Association of Mortgage Brokers (NAMB). Due to the tough eligibility requirements, rigorous exam and continuing education requirements, only a very small percentage of loan originators ultimately earn and maintain certification.

Take a quick minute to check out my professional credentials and learn more about me.

6. Stay informed with the latest news to get the best Massachusetts mortgage rates.

You eventually will discover the Massachusetts mortgage companies offering the most competitive rates, but you still can’t make an informed decision on the right time to lock or float without being informed.

The only way to stay informed is by reading expert mortgage commentary that explains the economic and technical factors affecting interest rates.

Stay up-to-date with the latest mortgage rate news by reading the Massachusetts mortgage rates blog daily.

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