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Massachusetts Mortgage Rates

Massachusetts mortgage loans

You’ll feel more comfortable buying or refinancing a home or condo in Massachusetts if you’re confident you’ve found the best deal on your mortgage.

As you search for that great deal, don’t forget to access the free tools available at Everything you need to ease any confusion is there – lender rate comparison charts, mortgage payment calculators, even a directory of lenders in Massachusetts, including contact details.

Massachusetts home equity loans

Want to tap into your home’s equity but don’t want to go through the mortgage refinance process? Then consider the home equity loan with its fixed interest rate. It’s a second mortgage and likely has a higher rate that a refinance mortgage. But it could be right for you if:

  • You want to keep upfront expenses to a minimum.
  • The mortgage is competitively priced.
  • Fast repayment of mortgage debt is your goal.

Massachusetts adjustable-rate mortgages

Adjustable rate mortgages (ARMs) come in many varieties and different Massachusetts lenders may offer different ARM options. In the beginning, ARMs have fixed interest rates. At some point in the future this changes to a variable rate. ARMs offer buyers a way to purchase the homes they want now with the expectation that in the future, their income will increase making the increased monthly payments will be affordable.

Finding Massachusetts mortgages

Before you begin talking with Massachusetts lenders, take time to identify your goals. Then make sure those goals are in line with your budget. Here are some issues to consider:

  • How long you plan to remain in the new home and what you expect future income to be play a key role in determining whether an ARM or a FRM (fixed rate mortgage) is the better option.
  • Knowing how interest rates change depending on the type of loan helps determine whether or not the mortgage works with your budget.

Initial rates on ARMs are lower, making payments lower than fixed-rate mortgages. Interest rates for second mortgages are usually higher than they are on refinances. Take time to run the numbers for the different loan types through the mortgage calculators. This will give you a realistic idea of your budget as well as your options.

With this knowledge, you’ll be ready to use the broker directory to begin contacting Massachusetts lenders. Talk with a few, submit mortgage applications, and get ready to review the offers you start getting.

Popular Areas in Massachusetts

Barnstable County
Barnstable Town
Fall River
New Bedford
Norfolk County
Plymouth County
Yarmouth Port