What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?
If you’re ready to buy a home in Massachusetts, you’ll want to make sure that you get the best mortgage rate possible. Your final rate can depend on a wide variety of factors, including your credit score, your debt-to-income ratio, your level of income, and how much of a down payment you can put down.
You can assure that you get the best mortgage rate available to you in Massachusetts by checking your credit report for errors prior to applying for a home loan. Also be sure to have all of your documentation ready to submit to a professional mortgage lender so that you can be preapproved.
Here’s a quick look at current Massachusetts mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||6.572%||6.649%||-0.04%|
|Conventional 20 year fixed||6.24%||6.33%||Unchanged|
|Conventional 15 year fixed||5.933%||6.063%||-0.05%|
|Conventional 7 year ARM||7.141%||7.777%||Unchanged|
|Conventional 5 year ARM||7.008%||7.883%||+0.01%|
|FHA 30 year fixed||5.746%||6.557%||-0.13%|
|VA 30 year fixed||5.909%||6.186%||-0.06%|
|VA 15 year fixed||5.875%||6.39%||+0.06%|
|VA 5 year ARM||6.138%||7.078%||-0.03%|
Ready to purchase a home in Massachusetts? This could be a great time to find your dream home in the Bay State. Here’s what you need to know:
Where do you want to live? Massachusetts has a population of just over 6.6 million, one in five of which live in the top five cities:
Next, you’ll need to decide how much home you can afford. Massachusetts is ranked 4th in US homes for sale at average price, and 7th for homes over $1,000,000. Getting preapproval from a professional mortgage lender can help you decide what your price point is before you start looking for your dream home.
If you are a first time homebuyer, you should look into whether you qualify for assistance through a program administered by MassHousing.
MassHousing Mortgage offers a fixed-rate mortgage featuring MI Plus, a type of mortgage payment protection that covers the mortgage principal and interest in the event of a job loss. MI Plus covers payments for as long as six months, and up to $2,000 per month.
To qualify for this first-time home buyer program in Massachusetts, you’ll need:
If you want to take advantage of favorable Massachusetts mortgage rates by refinancing a home in Massachusetts, you can do any of the following:
You may qualify for a streamlined refinance if you have a certain type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.