Getting the Best MA Mortgage Rates in Massachusetts (10-15-30-Year Fixed and 3/1, 5/1, 7/1 ARM Loans)
If you’re in the market to purchase a home in Massachusetts—or if you are considering refinancing an existing Massachusetts mortgage loan—finding the best Massachusetts mortgage rates should be your number one priority.
Refinancing or buying a home in Boston, Worchester, Springfield, Cambridge, Lowell, Brockton, New Bedford, Quincy, or any other city in Massachusetts will be one of the most important purchases you will ever make. Not surprisingly, MA mortgages also tend to be one of the most expensive financial landmarks for a homeowner.
Before you commit to a long-term Massachusetts mortgage, you’ll want to take the time to compare multiple lenders to find the best mortgage rates in Massachusetts, ensuring that your new home can support your financial health, rather than break it.
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Hidden Costs of MA Mortgage Rates
Most mortgage lenders in Worchester, Boston, Springfield, Lowell, Cambridge, New Bedford, or any other Massachusetts city will disclose additional costs that come within the first stages of homeownership.
Before you even start the application process, it’s helpful to consider the following “hidden costs” of MA mortgage rates:
- Mortgage application fees (typically 1-2 percent of the total purchase price)
- “Good faith deposit” (helps the seller know that you intend to buy)
- Down payment (20 percent of the total mortgage)
There are also closing costs to consider, which can include a wide range of expenses from:
- Mortgage points
- Attorney’s fees
- Inspections or surveys
- Title insurance
- Escrow deposit
- City recording fees
Boston, MA
Although all Massachusetts mortgage loans and rates are subject to differences depending on the loan amount, location, appraisal, etc., Investopedia estimates that the average closing costs for a Massachusetts mortgage can include:
- $935 for origination fees
- $418 for an appraisal
- $804 for legal fees
- $255 for a lot survey
- $125 for inspections
- $21 for a credit report
- $10 for flood certification
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Good, Great, or Excellent Credit Scores for Massachusetts Mortgages
The costs associated with a Massachusetts mortgage can easily pile up, but getting the best Massachusetts mortgage rates can help decrease the long-term costs of owning a home.
Mortgage rates in Massachusetts can be affected by a number of different factors, which includes whether the borrower has a good credit score. Most Massachusetts mortgage lenders use a borrower’s FICO score to determine whether they will receive favorable MA mortgage rates and terms.
The range of FICO scores generally falls into these categories:
- 300 – 629 is considered a bad credit score
- 630 – 689 is considered a fair credit score
- 690 – 719 is considered a good credit score
- 720 – 850 is considered an excellent credit score
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Conclusion – Finding the Best Mortgage Rates in Massachusetts
No matter how you look at it, purchasing a home is anything but a brief transaction. In fact, the average processing time for mortgage processing lies between 30-45 days.
Whether you are a new homeowner looking for MA mortgage rates or searching for Massachusetts refinance rates, you’ll want to make sure that you have weighed all of your options for Massachusetts mortgages. With mortgage terms ranging between 15-30 years, it’s likely that you’ll be working a mortgage payment into your monthly budget for decades to come.
For this reason, it’s crucial to find the right Massachusetts mortgage lender with the best rates, keeping your home purchase as convenient and as affordable as possible through the long-term.
Make sure that you choose a lender that offers flexible terms and favorable MA mortgage rates to ensure that you can have a positive lending relationship to last throughout the life of your Massachusetts mortgage.
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Image sources:
- https://pixabay.com/en/boston-downtown-massachusetts-2642188/
- http://www.fico.com/en/blogs/wp-content/uploads/2015/08/April-2015-Average-FICO-Score.png
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