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Current mass housing interest rate


current mass housing interest rate

Find the right mortgage for your borrowing needs – fixed and adjustable rate mortgages with various options for purchasing or refinancing a home. Looking to refinance your existing mortgage loan? ERATE® helps you compare today's home refinance loan rates in Massachusetts. Select from popular programs. We are a participating lender with MassHousing, an independent, quasi-public agency charged with providing financing for affordable housing in Massachusetts. We.

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LOCKING an INTEREST RATE - When, Why and How - First Time Home Buyer Tips

Home Buying

First Time Home Buyer Program

Our First Time Home Buyer Program was designed to welcome you to homeownership. We do that by breaking down the home buying process every step of the way. We then help you get pre-approved for your mortgage, which can give you an edge when you’re ready to make an offer. Once you’re pre-approved, you’ll know how much home you can afford, and potential sellers will know you are a qualified buyer.

First Time Home Buyer program features:

  • Adjustable & fixed rate options
  • Reduced interest rates
  • Financing up to 97% on single-family homes
  • No private mortgage insurance (PMI) with 10% down payment*
  • Loan limits up to $702,000
  • A 60-day rate lock, with a one-time float down
*10% down, no Private Mortgage Insurance (PMI) option available on properties located in a stable or increasing value markets; 15% down, no PMI in declining value markets, as evidenced by a Residential Appraisal Report. Please see a Bristol County Savings Bank Mortgage Consultant for full details on these and other programs current mass housing interest rate.
Источник: https://www.bristolcountysavings.com/personal/home-financing/home-buying

Why choose a MassHousing loan?

  • Competitive interest rates, fixed for the life of the loan
  • Down payment assistance available to qualifying borrowers
  • No hidden fees or surprises
  • Responsible underwriting: we won't give you a loan you can't afford
  • MI Plus helps pay your mortgage in case of job loss
  • Local loan servicing: if you need us, you'll always know who to call

More than 70,000 people have used an affordable MassHousing Mortgage to buy their first home in Massachusetts!

Your Goal of Homeownership: Let's get started

  • Competitive interest rates, fixed for the life of the loan
  • Down payment assistance available to qualifying borrowers
  • No hidden fees or surprises
  • Responsible underwriting: we won't give you a loan you can't afford
  • MI Plus helps pay your mortgage in case of job loss
  • Local loan servicing: if you need us, you'll always know who to call

More than 70,000 people have used an affordable MassHousing Mortgage to buy their first home in Massachusetts!

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MassHousing Mortgage

A standard MassHousing Mortgage can provide the affordable financing you need to buy a home, condominium or 2- 3- or 4-family home.

If you are in the military or want to buy and renovate a home at the same time, see our other products on this page.

Next Steps

Questions? Contact our HomeOwnership Team at 888-843-6432 or [email protected]

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Down Payment Assistance

MassHousing has expanded its Down Payment Assistance Program to empower first-time homebuyers in Massachusetts!

  • Increased Assistance: MassHousing now provides down payment assistance for up to 5% of the purchase price or $15,000, whichever is less
  • More Property Types: Single-family homes, condominiums and 2- 3- or 4-family properties are now eligible
  • Higher Income Limits: First-time homebuyers in Boston and the Commonwealth's 26 Gateway Cities* can earn up to 135% of the area median income (AMI); first-time buyers can earn up to 100% of AMI in the remainder of the Commonwealth.

Down Payment Assistance Program Details

  • Down payment assistance is a 15-year, fixed-rate loan at 2%
    (Example: $15,000 down payment assistance loan = 180 payments of $96.53; 2.011% APR)
  • Repayment of the down payment assistance is also due upon sale or refinance of the property prior to the end of the 15-year term

*The Gateway Cities are Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Revere, Salem, Springfield, Taunton, Westfield, and Worcester.

Next Steps

Questions about Down Payment Assistance? Contact our HomeOwnership team at 888.843.6432 or [email protected]

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Workforce Advantage

Workforce Advantage 2.0

Down payment assistance of up to $25,000 and other benefits to help increase buying power for working families.

Workforce Advantage 2.0 is available to First-Time homebuyers who

  • Earn up to 80% of the Area Median Income (AMI) - Income Certification required by MassHousing for Total Household Income
  • Purchase a single-family home, condominium or two-family property in Massachusetts

Workforce Advantage 2.0 Details

Workforce Advantage 2.0 includes

  • An affordable, fixed-rate MassHousing Mortgage
  • A 0% interest rate down payment assistance loan (0% annual percentage rate), on which payment is completely deferred until the earliest of: sale or transfer or your home, payoff or refinance of your first mortgage, OR maturity of the first mortgage, at which time the balance is due in full
  • Mortgage Insurance with MI Plus job loss protection, paid by MassHousing

Expanded Down Payment Assistance

Expanded down payment assistance (DPA) gives Workforce Advantage 2.0 borrowers more buying power!

  • In the City of Boston (including neighborhoods) and the 26 Gateway Cities*, DPA is the lesser of 5% of a home's purchase price or $25,000
  • In the remainder of the Commonwealth, DPA is the lesser of 5% of a home's purchase price or $15,000

*The Gateway Cities are Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Revere, Salem, Springfield, Taunton, Westfield, and Worcester.

Next Steps

Questions about Workforce Advantage 2.0? Contact our HomeOwnership team at 888.843.6432 or [email protected]

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Purchase & Renovation

Are you interested in buying a home in need of repair? Would you like to make updates or improvements before moving in?

You can do it with one affordable loan from MassHousing!

Purchase and Renovation Loan Benefits

  • Financing for both the purchase of a home and renovation costs
  • A single, monthly mortgage payment that is easier to manage over the life of the loan
  • A Refinance and Renovate option is also available

Next Steps

Questions? Contact our HomeOwnership Team at 888.843.6432 or [email protected]

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Operation Welcome Home

Affordable financing for members of the National Guard and Reserves, active-duty military, Veterans and Gold Star families.

Closing cost assistance of up to $2,500 is available and may be combined with down payment assistance.

Eligibility

To qualify for an Operation Welcome Home loan, you must

  • Be an active duty military member; member of the Reserves or National Guard; Veteran who served honorably; or Gold Star Family member 
  • Be a first-time homebuyer*
  • Purchase a 1- to 4-family property in Massachusetts (including condominiums) 
  • Meet income and loan limits 

*You do not have to be a first-time homebuyer if you are purchasing a home in Boston, Chelsea, Cambridge, Everett, Fall River, Lawrence, Lynn, North Adams and Somerville.

Next Steps

Questions about Operation Welcome Home? Contact MassHousing's HomeOwnership team at 888.843.6432 or [email protected]

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MI Plus Mortgage Insurance

Loans insured by MassHousing feature MI Plus, a unique benefit that helps the borrower pay their mortgage if they lose their job.

MIPlus Benefits

  • Are included in the mortgage insurance provided by MassHousing at no additional cost.
  • Cover the principal and interest portion of the mortgage for up to 6 months (up to $2,000 per month).
  • Benefit is prorated based on borrowers' incomes at the time of the mortgage application.
  • Can be used for any 6 months during the first 10 years of the mortgage—after the first 6 months of the mortgage.

Questions about MI Plus? Contact our HomeOwnership team at 888.843.6432 or [email protected]

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Home Mortgage Rates in Massachusetts

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Make it Yours; The Spirit of America.

The following table shows current 30-year local mortgage refinance rates. You can use the menus to select other loan durations, alter the loan amount. or bank of eastman magnolia state bank your location.

Downtown Boston.

The metro Boston area has an estimated population of 4,794,447 while 6,811,779 live across the state. With more than 70 percent of its population living in the Greater Boston area, Massachusetts is a study in contrasts. A few of the most notable ones are rural versus urban, historical versus modern and rich versus poor.

Massachusetts is the site of the first colony in New England. The Pilgrims landed in 1620 in Plymouth, and much of America's early history can be traced to the Commonwealth of Massachusetts. Originally a state dependent on fishing and farming, the state’s economy switched over to manufacturing after the Industrial Revolution and has shifted again in recent decades to focus more on engineering, finance and biotechnology.

The state prides itself on its education system. Not only are two of the most highly ranked universities in the word located there – Harvard University and the Massachusetts Institute of Technology – but the Massachusetts public school system also ranks as one of the nation's best.

MIT Campus in Cambridge, Massachusetts.

Centuries old homes dot the landscape while modern glass high-rises fill the Boston skyline. However, the law of supply and demand has a big impact on Massachusetts real estate. June 2017 marked the 64th time in 65 months that the state's inventory of single family homes decreased when compared with the previous month, according to an article in the Boston Globe.

That demand for inventory is driving up prices across the state. The median home value in Massachusetts was $377,200 in September 2017. That value represents an increase of 7.1 percent over the previous year, and current mass housing interest rate expect values will rise 2.7 percent over the next year.

The median listing price for a home in the state was $419,900 with the median price per square foot at $243. The average rental price in Massachusetts was $2,600.

How Massachusetts Weathered the 2008 Recession

On some levels, it appears Massachusetts came through the recession well. Its poverty rate – one of the nation's lowest – has remained stable throughout the past decade as has its annual incomes. Analysts believe the low poverty rate is due to the fact that the state draws highly educated workers to its many jobs in technology, health and higher education.

On the other hand, the lack of new single-family homes on the market in Massachusetts reveals a sluggish rate of new construction since 2008.

Another factor – and another one of the state's marked contrasts – is the wide income gap among wage earners. Massachusetts vies with Arizona for the state with the widest income span in the nation. The top 10 percent of Massachusetts households earn an income that is equivalent to that of the bottom 70 percent combined.

The low inventory and resulting increasing prices for homes have made it difficult for first-time buyers to find affordable single-family homes or condos in the Boston area.

Foreclosures are still impacting the Massachusetts real estate market. In Boston, 6.1 homes were foreclosed (per 10,000) in 2017. This number exceeds the national rate of 1.7 homes per 10,000.

In 2000 the homeownership rate across the state of Massachusetts stood at 59.9%. This rate trended upward throughout the national housing bubble, the Great Recession & the early portion of the recovery with the peak coming in 2012 at 65.8%. By 2016 the ownership rate had fallen back to 59.7%.

Popular Locations Across the State

Metropolitan Areas

MA RankUS RankMetropolitan Area2016 Pop2010 PopChange% △
110Boston-Cambridge-Newton, MA-NH Metro Area4,794,4474,552,402242,0455.32%
238Providence-Warwick, RI-MA Metro Area1,614,7501,600,85213,8980.87%

3

58Worcester, MA-CT Metro Area935,781916,98018,8012.05%
490Springfield630,283621,5708,7131.40%
5208Barnstable214,276215,888-1,612-0.75%
6321Pittsfield126,903131,219-4,316-3.29%
7479Greenfield70,38271,372-990-1.39%
8919Vineyard Haven17,24616,5357114.30%

Boston

Boston Harbor.

As the state's capital city and its population center, Boston is the heart of Massachusetts. The sprawling metropolitan area offers history, beauty, arts and culture, professional sports, entertainment, fine dining and a fierce sense of civic price.

Comprising the cities of Boston itself, as well as Worcester, Providence, Lowell, Cambridge and Quincy, the Boston metro area spans 4,500 square miles. The city of Boston had a population of 667,137 in 2016, while the Greater Boston area’s population was estimated at 4.7 million.

As you might expect with such a large geographic area, the Greater Boston area has many different communities with their own distinct flavors. Bostonians take pride in their roots and in their neighborhoods.

Local residents restaurants in rockford mi enjoy baseball, basketball, football and hockey. Boston is home to the Red Sox, Celtics, and Bruins. The New England Patriots stadium is about a half-hour drive southwest, near the city of Foxborough.

The median value for a home in Boston was $560,300 in mid-2017, an increase of 11 percent over the past year. Experts expect values will rise about 3.8 percent over the next year.

The median listing price of homes in Boston was $699,000, and the average list price per square foot was $645, a price that exceeds the Greater Boston median price of $267. Rents average $2,700 in Boston, as compared with the metro rental average of $2,600.

International buyers are showing an increased interest in downtown Boston real estate, making it their third top choice (after New York and Los Angeles) of American cities for investment. A new Boston price record was set recently when a private equity investor paid $35 million for a penthouse condo.

Springfield

Springfield, Massachusetts Skyline.

Located in western Massachusetts along the eastern banks of the Connecticut River, Springfield and its surrounding area are the second – albeit distant second – most populous area in the state. Founded in 1636, it is the first of the many cities named Springfield in the United States.

Springfield's city population is estimated at 154,074 while its metro population is estimated at 692,942. The city, which shares an airport with its across the river Connecticut neighbor of Hartford, is home to an array of higher educational institutions, including Springfield College, Western New England University and American International College.

The city offers abundant natural beauty and opportunities to enjoy the outdoors. There are 17 different neighborhoods in Springfield, each with its own characteristics and many of which offer a small town feel within a larger city.

The median value for a Springfield home in mid-2017 was $144,100, which is an increase of 8.3 percent over the previous year. Experts predict values will increase 3.7 percent in the coming year. The median home listing price was $149,000.

The average per square foot price was $113, which is lower than the Springfield metro area average price of $152. The average rental price in Springfield was $1,398, which is lower than the metro average of $1,500.

New Bedford, Fall River and Taunton

Palmer Island Lighthouse and New Bedford, Massachusetts Waterfront.

New Bedford, Fall River and Taunton are the three largest cities in the South Coast region of the state of Massachusetts. The entire region includes 11 municipalities with a combined population of about 306,588.

Formerly a whaling capital of the world, the seaport area is home to the largest Portuguese-American community in the nation.

Fishing and manufacturing are the largest businesses in the area, with jobs in tourism and education on the rise. Additionally, the area is embracing wind technology, and it hopes to be a center for that growing energy market.

The median home value in 2017 in New Bedford was $224,500, an increase of 8.7 percent over the previous year. Real estate experts expect that values will rise 3.7 percent over the next year.

The median listing price of in New Bedford was $209,800. The average price per square foot was $149, a price that is lower than the South Coast average of $198.

Massachusetts Census Data

Massachusetts has an estimated population of 6,811,779 across 7,800.6 square miles, current mass housing interest rate the state a population density of 873.24 people per square mile. Here is a table of cities & towns with a population above 10,000. based on the 2010 United States Census data & the 2016 population estimate update.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

RankGeographyCounty2016 Pop2010 PopChange% △Land mi²Pop Den mi²Established
1BostonSuffolk673,184617,59455,5909.00%48.2813,943.331630
2WorcesterWorcester184,508181,0453,4631.91%37.374,937.331684
3SpringfieldHampden154,074153,0601,0140.66%31.874,834.451636
4CambridgeMiddlesex110,651105,1625,4895.22%6.3917,316.281636
5LowellMiddlesex110,558106,5194,0393.79%13.588,141.241826
6BrocktonPlymouth95,63093,8101,8201.94%21.334,483.361821
7New BedfordBristol95,03295,072-40-0.04%204,751.601787
8QuincyNorfolk93,68892,2711,4171.54%16.575,654.071792
9LynnEssex92,69790,3292,3682.62%10.748,631.011629
10NewtonMiddlesex89,04585,1463,8994.58%17.844,991.311688
11Fall RiverBristol88,93088,857730.08%33.132,684.271803
12SomervilleMiddlesex81,32275,7545,5687.35%4.1219,738.351842
13LawrenceEssex80,20976,3773,8325.02%6.9311,574.171847
14FraminghamMiddlesex71,59468,3183,2764.80%25.042,859.191700
15WalthamMiddlesex63,00260,6322,3703.91%12.734,949.101738
16HaverhillEssex62,87360,8791,9943.28%32.971,906.981641
17MaldenMiddlesex60,84059,4501,3902.34%5.0412,071.431649
18PlymouthPlymouth59,30356,4682,8355.02%96.46614.791620
19BrooklineNorfolk59,12658,7323940.67%6.758,759.411705
20MedfordMiddlesex57,21356,1731,0401.85%8.17,063.331630
21TauntonBristol56,84355,8749691.73%46.71,217.191639
22ChicopeeHampden55,99155,2986931.25%22.832,452.521848
23WeymouthNorfolk55,97253,7432,2294.15%16.793,333.651635
24RevereSuffolk53,15751,7551,4022.71%5.699,342.181846
25PeabodyEssex52,49151,2511,2402.42%16.213,238.191868
26MethuenEssex49,91747,2552,6625.63%22.252,243.461725
27EverettMiddlesex46,34041,6674,67311.22%3.4313,510.201870
28ArlingtonMiddlesex45,05242,8442,2085.15%5.158,747.961807
29AttleboroBristol44,43443,5938411.93%26.811,657.371694
30BarnstableBarnstable44,25445,193-939-2.08%59.8740.031639
31SalemEssex43,13241,3401,7924.33%8.285,209.181626
32PittsfieldBerkshire42,84644,737-1,891-4.23%40.471,058.711761
33BillericaMiddlesex42,70040,2432,4576.11%25.571,669.931655
34LeominsterWorcester41,66340,7599042.22%28.811,446.131740
35WestfieldHampden41,55241,0944581.11%46.32897.061669
36BeverlyEssex41,36539,5021,8634.72%15.092,741.221668
37FitchburgWorcester40,41440,318960.24%27.831,452.171764
38HolyokeHampden40,28039,8804001.00%21.281,892.861850
39AmherstHampshire40,07937,8192,2605.98%27.61,452.141775
40ChelseaSuffolk39,69935,1774,52212.85%2.2117,963.351739
41MarlboroughMiddlesex39,69738,4991,1983.11%20.871,902.111660
42WoburnMiddlesex39,45238,1201,3323.49%12.643,121.201642
43BraintreeNorfolk37,29735,7441,5534.34%13.752,712.511640
44ShrewsburyWorcester36,76035,6081,1523.24%20.731,773.281727
45NatickMiddlesex36,13733,0063,1319.49%14.952,417.191781
46ChelmsfordMiddlesex35,15233,8021,3503.99%22.371,571.391655
47WatertownMiddlesex35,02531,9153,1109.74%3.998,778.201630
48DartmouthBristol34,71834,0326862.02%60.92569.891664
49RandolphNorfolk33,61032,1121,4984.66%9.833,419.131793
50LexingtonMiddlesex33,41031,3942,0166.42%16.432,033.481713
51FranklinNorfolk33,15031,6351,5154.79%26.631,244.841778
52AndoverEssex32,46133,201-740-2.23%30.851,052.221646
53FalmouthBarnstable31,47331,531-58-0.18%44.07714.161686
54DracutMiddlesex31,35229,4571,8956.43%20.631,519.731701
55TewksburyMiddlesex30,90628,9611,9456.72%20.71,493.041734
56NeedhamNorfolk30,75528,8861,8696.47%12.292,502.441711
57North AndoverEssex30,62828,3522,2768.03%26.311,164.121855
58GloucesterEssex29,79828,7891,0093.50%26.21,137.331623
59WellesleyNorfolk29,21527,9821,2334.41%10.022,915.671881
60NorwoodNorfolk29,09728,6024951.73%10.372,805.881872
61North AttleboroughBristol29,07528,7123631.26%18.871,540.811887
62AgawamHampden28,71828,4382800.98%23.311,232.001855
63MilfordWorcester28,64627,9996472.31%14.751,942.101780
64West SpringfieldHampden28,52928,3911380.49%16.711,707.301774
65NorthamptonHampshire28,48328,549-66-0.23%34.24831.861656
66StoughtonNorfolk28,43126,9621,4695.45%16.091,767.001726
67SaugusEssex27,99926,6281,3715.15%10.792,594.901815
68MelroseMiddlesex27,92826,9839453.50%4.685,967.521850
69DanversEssex27,90926,4931,4165.34%13.282,101.581775
70BridgewaterPlymouth27,59626,5631,0333.89%27.321,010.101656
71MiltonNorfolk27,35127,0033481.29%13.012,102.311662
72WakefieldMiddlesex26,75324,9321,8217.30%7.363,634.921812
73BurlingtonMiddlesex26,35124,4981,8537.56%11.732,246.461799
74BelmontMiddlesex26,17124,7291,4425.83%4.655,628.171859
75ReadingMiddlesex25,83424,7471,0874.39%9.952,596.381644
76MarshfieldPlymouth25,80725,1326752.69%28.62901.711640
77DedhamNorfolk25,26324,7295342.16%10.252,464.681636
78WalpoleNorfolk25,12524,0701,0554.38%20.441,229.211724
79MiddleboroughPlymouth24,78223,1161,6667.21%69.07358.801669
80WestfordMiddlesex24,23221,9512,28110.39%30.27800.531729
81EastonBristol24,03823,1129264.01%28.75836.101725
82MansfieldBristol23,73723,1845532.39%20.091,181.531775
83ActonMiddlesex23,63321,9241,7097.80%19.871,189.381735
84WilmingtonMiddlesex23,57022,3251,2455.58%16.981,388.101730
85YarmouthBarnstable23,41423,793-379-1.59%24.15969.521639
86CantonNorfolk23,25221,5611,6917.84%18.81,236.811797
87HinghamPlymouth23,20222,1571,0454.72%22.211,044.661635
88WinchesterMiddlesex22,80821,3741,4346.71%6.033,782.421850
89WarehamPlymouth22,60121,8227793.57%35.86630.261739
90StonehamMiddlesex21,95321,4375162.41%6.023,646.681725
91LudlowHampden21,42521,1033221.53%27.2787.681775
92MarbleheadEssex20,49319,8086853.46%4.394,668.111629
93GardnerWorcester20,43020,2282021.00%22.08925.271785
94SandwichBarnstable20,39120,675-284-1.37%42.74477.091638
95BourneBarnstable19,83719,754830.42%40.64488.121884
96HudsonMiddlesex19,82619,0637634.00%11.521,721.011866
97ConcordMiddlesex19,80917,6682,14112.12%24.52807.871635
98NortonBristol19,56919,0315382.83%27.81703.671711
99WestboroughWorcester18,94618,2726743.69%20.58920.601717
100SudburyMiddlesex18,89717,6591,2387.01%24.27778.621639
101HoldenWorcester18,79917,3461,4538.38%35.08535.891741
102GraftonWorcester18,60717,7658424.74%22.81815.741735
103ScituatePlymouth18,59818,1334652.56%17.631,054.911636
104PembrokePlymouth18,35817,8375212.92%21.78842.881712
105SharonNorfolk18,28617,6126743.83%23.44780.121775
106SomersetBristol18,22318,165580.32%7.92,306.711790
107WinthropSuffolk18,19017,4976933.96%1.979,233.501852
108NewburyportEssex17,98717,4165713.28%8.352,154.131764
109RocklandPlymouth17,86117,4893722.13%10.321,730.721874
110South HadleyHampshire17,79417,5142801.60%17.711,004.741775
111AshlandMiddlesex17,68416,5931,0916.58%12.331,434.231846
112FoxboroughNorfolk17,51916,8656543.88%19.85882.571778
113GreenfieldFranklin17,45617,45600.00%21.43814.561775
114AmesburyEssex17,43016,2831,1477.04%12.261,421.701668
115BellinghamNorfolk17,01216,3326804.16%18.35927.081719
116HopkintonMiddlesex16,97814,9252,05313.76%26.26646.531715
117WebsterWorcester16,85716,767900.54%12.371,362.731832
118SouthbridgeWorcester16,83116,7191120.67%20.28829.931816
119NorthbridgeWorcester16,55615,7078495.41%17.26959.211775
120AuburnWorcester16,49916,1883111.92%15.481,065.831778
121SwanseaBristol16,48215,8656173.89%22.69726.401667
122AbingtonPlymouth16,31115,9853262.04%9.651,690.261712
123East LongmeadowHampden16,17315,7204532.88%13.011,243.121894
124FairhavenBristol16,13415,8732611.64%12.331,308.521812
125WestwoodNorfolk16,07914,6181,4619.99%10.881,477.851897
126EasthamptonHampshire16,05916,05360.04%13.331,204.731809
127DuxburyPlymouth15,92615,0598675.76%23.74670.851637
128WestportBristol15,85415,5323222.07%49.84318.101787
129LongmeadowHampden15,80615,784220.14%9.121,733.111783
130North ReadingMiddlesex15,64614,8927545.06%13.141,190.721853
131SeekonkBristol15,24413,7221,52211.09%18.37829.831812
132BelchertownHampshire15,03314,6493842.62%52.64285.581761
133NorthboroughWorcester14,99414,1558395.93%18.48811.361775
134WhitmanPlymouth14,91914,4894302.97%6.942,149.711875
135SwampscottEssex14,82713,7871,0407.54%3.024,909.601852
136WilbrahamHampden14,64014,2194212.96%22.16660.651763
137HollistonMiddlesex14,55613,5471,0097.45%18.64780.901724
138HanoverPlymouth14,48513,8796064.37%15.61927.931727
139East BridgewaterPlymouth14,45213,7946584.77%17.21839.741823
140BedfordMiddlesex14,41113,3201,0918.19%13.661,054.981729
141MashpeeBarnstable14,22314,0062171.55%23.39608.081870
142DennisBarnstable14,00114,207-206-1.45%20.51682.641793
143RaynhamBristol13,94213,3835594.18%20.49680.431731
144UxbridgeWorcester13,91313,4574563.39%29.59470.191727
145OxfordWorcester13,91113,7092021.47%26.53524.351713
146IpswichEssex13,83513,1756605.01%32.11430.861634
147WaylandMiddlesex13,82712,9948336.41%15.05918.741780
148ClintonWorcester13,79913,6061931.42%5.652,442.301850
149MillburyWorcester13,56113,2613002.26%15.71863.211813
150CharltonWorcester13,48312,9815023.87%42.18319.651755
151KingstonPlymouth13,46212,6298336.60%18.66721.441726
152MedwayNorfolk13,30812,7525564.36%11.541,153.211713
153North AdamsBerkshire13,06413,708-644-4.70%20.34642.281878
154MedfieldNorfolk12,88812,0248647.19%14.4895.001651
155LynnfieldEssex12,81911,5961,22310.55%9.881,297.471814
156TyngsboroughMiddlesex12,31811,2921,0269.09%16.77734.531809
157HarwichBarnstable12,15312,243-90-0.74%20.88582.041694
158PepperellMiddlesex12,15211,4976555.70%22.6537.701775
159WestonMiddlesex12,11111,2618507.55%16.82720.041713
160PalmerHampden12,10812,140-32-0.26%31.58383.411775
161RehobothBristol12,06811,6084603.96%46.94257.091645
162SpencerWorcester11,88011,6881921.64%32.83361.861775
163DudleyWorcester11,74711,3903573.13%20.82564.221732
164NorfolkNorfolk11,72311,2274964.42%14.9786.781870
165WrenthamNorfolk11,71510,9557606.94%21.71539.611673
166CarverPlymouth11,63911,5091301.13%37.4311.201790
167AtholWorcester11,61911,584350.30%32.29359.831762
168LakevillePlymouth11,38010,6027787.34%29.56384.981853
169LeicesterWorcester11,29810,9703282.99%23.25485.941714
170GrotonMiddlesex11,29710,6466516.11%32.76344.841655
171LunenburgWorcester11,25810,0861,17211.62%26.48425.151728
172NorwellPlymouth11,05210,5065465.20%20.93528.051849
173HolbrookNorfolk11,02210,7912312.14%7.251,520.281872
174NantucketNantucket11,00810,1728368.22%44.97244.791671
175HansonPlymouth10,75810,2095495.38%15.05714.821820
176WinchendonWorcester10,73310,3004334.20%43.02249.491764
177MaynardMiddlesex10,65510,1065495.43%5.212,045.111871
178HullPlymouth10,51010,2932172.11%2.83,753.571644
179AcushnetBristol10,50510,3032021.96%18.43569.991860
180SouthboroughWorcester10,0879,7673203.28%14.02719.471727
181LittletonMiddlesex10,0008,9241,07612.06%16.52605.331715

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Current mass housing interest rate Division
Release Date: May 2017.

Most Popular Mortgage Options in Massachusetts

The most popular mortgage in Massachusetts is the 30-year fixed mortgage, which allows homebuyers to lock in a favorable interest rate for their loans. The 15-year fixed mortgage is the next most popular mortgage, followed by the 5-1 adjustable-rate mortgage (ARM), which features an initial five years with a fixed interest rate that is followed by an adjustable rate each year after that. Homes in the metro Boston area are typically far more expensive than the national average, so homebuyers shopping there might require a larger jumbo mortgage loan.

Fenway Park.

As of 2022 the conforming loan limit for single-family homes across the United States is set to $647,200, with a ceiling of 150% that amount in areas where median home values are higher. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions. Here are conforming limits in HERA high-cost areas and across the rest of the state.

CountyMetropolitan Designation1 Unit Limit2 Unit Limit3 Current mass housing interest rate Limit4 Unit Limit
DukesVineyard Haven, Ma$970,800 $1,243,050 $1,502,475 $1,867,275
EssexBoston-Cambridge-Newton, Ma-Nh$770,500 $986,400 $1,192,300 $1,481,750
MiddlesexBoston-Cambridge-Newton, Ma-Nh$770,500 $986,400 $1,192,300 $1,481,750
NantucketNon-Metro$970,800 $1,243,050 $1,502,475 $1,867,275
NorfolkBoston-Cambridge-Newton, Ma-Nh$770,500 $986,400 $1,192,300 $1,481,750
PlymouthBoston-Cambridge-Newton, Ma-Nh$770,500 $986,400 $1,192,300 $1,481,750
SuffolkBoston-Cambridge-Newton, Ma-Nh$770,500 $986,400 $1,192,300 $1,481,750
All OthersRest of the State$647,200$828,700$1,001,650$1,244,850

Down Payments & Federal Loan Programs

There is no universal minimum down payment required in Massachusetts. The amount depends on the type of loan and on the bank or mortgage company you use. Veterans can obtain low-interest VA loans & the FHA also insures loans with low down payment requirements.

For those who do not qualify for VA or FHA loans, another way to augment a low down payment is to use a piggyback mortgage where the second mortgage is used as a down payment on the first mortgage to negate PMI requirements.

Most private banks give their best rates to borrowers with credit scores above 740, but loans with higher interest rates can be obtained with lower scores. Mortgage underwriters prefer debt-to-income ratios to be below 40%, but other factors are considered on the loan application.

USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan.

Assistance Programs for Massachusetts Homebuyers

George Washington Equestrian Statue in Boston.

The state of Massachusetts has several programs in place to help first-time buyers purchase a home.

For example, the ONE Mortgage Program, a cooperative effort between public and private sectors, assists eligible low- to moderate-income first-time buyers by combining a standard first mortgage with a second mortgage that is publicly subsidized.

After the buyer puts 3 percent down, a conventional 30-year fixed rate mortgage can cover up to 77 percent of the purchase price with the publicly subsidized second mortgage covering the remainder. Interest only payments for the first 10 years can be part of the program for qualified buyers. Visit the One Current mass housing interest rate site for more information.

A typical requirement for mortgage assistance programs for first-time buyers is that they complete a state-sponsored home buyer's course. Visit here for options.

Active members of the Armed Forces can benefit from the Servicemembers' Civil Relief Act (SCRA), which sets a limit of 6 percent on the amount of interest owed on a home loan. Other assistance programs are available for veterans.

Operation Welcome Home loans are available through participating lenders to active duty service members, honorably discharged veterans and Gold Star Family members.

Qualified borrowers can receive up to 100 percent financing on the purchase of single-family homes or condominiums and may qualify for low down payment options for two- and three-family homes. Visit Operation Welcome Home for application details.

Closing Costs

For a $200,000 home purchase with a 20 percent down payment in 2017 in Massachusetts, the average lender fees are $905 and the average third party fees are $851, for a total of $1,756 in closing costs. Those fees are somewhat below the national average of $1,847 in 2017 and well below neighbor state Connecticut's closing costs of $2,033.

Homebuyers in Massachusetts can expect to pay about $935 for origination fees, $418 for an appraisal, $804 for legal costs, $255 for a survey, $125 for inspections, $21 for a credit report and $10 for flood certification. Title insurance fees are calculated individually for each property. Not all lenders charge for all these costs, and property taxes, homeowners' insurance and interest are not included in these totals.

Unfortunately, outside of mortgage discount points most typical closing costs are not tax deductible. Discount points remain deductible because they are treated as a form of pre-paid interest on the loan.

Natural Disasters

The state of Massachusetts has a very low risk of wildfires & tornadoes. Most counties across the state have a very low risk of earthquakes, with Essex county having a low risk.

Hail is far more common than the above listed issues. Franklin, Hampden & Worcester have a low risk while Berkshire, Hampshire, Middlesex, Norfolk & Current mass housing interest rate have a moderate risk.

Flood Insurance

Standard homeowner's insurance policies typically do not cover flooding or earthquakes. Here are counties across the state which have a risk profile above very low for either flooding or hurricane storm surges.

  • Low risk of flooding: Middlesex
  • Moderate risk of flooding: Bristol, Dukes, Essex, Plymouth, Nantucket, Norfolk, Suffolk
  • High risk of flooding: Barnstable
  • Moderate risk of hurricane storm surges: Dukes, Essex, Norfolk, Suffolk
  • High risk of hurricane storm surges: Barnstable, Bristol, Nantucket, Plymouth

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don't incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government's costs in the next disaster.

Typically, homes built after 2002, when building code regulations tightened, are subject to lower insurance rates than older homes. On the other hand, homes without hurricane straps, with roofs that do not meet current standards for wind, with older plumbing or with outdated electrical systems may be difficult €“ or very expensive €“ to insure.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

State Specific Real Estate Laws

Worcester, Massachusetts Skyline.

Caveat Emptor

Unlike many states that have specific home disclosure rules and regulations, Massachusetts is a caveat emptor (Latin for “let the buyer beware”) state. That means that with few exceptions, such as the required disclosure of lead paint, sellers do not legally have to report defects in the home or its systems to the buyer.

Rather it is up to the buyer to be sure everything is in good repair. Court cases have demonstrated that owners must answer buyers' questions truthfully, however.

Most buyers use the services of a licensed home inspector, and there is a contingency in the purchase and sale agreement in Massachusetts that allows the buyer the right to opt out of the purchase if there are serious problems with the condition of the property.

Massachusetts law also requires that a seller engage a lawyer for the transaction.

Taxes in Massachusetts

Massachusetts property taxes rank as the seventh highest in the nation. The average annual property tax payment is $3,794.

The effective average rate across teh state for home owners is 1.21%. In the Boston metro area property taxes cost an average of $6,624 in 2016.

Real estate property taxes are main revenue producers for towns in Massachusetts that have a limited commercial tax base. The tax rate is set by each local board of assessors according to the value of each property, which is often less than its market value.

There are some ways to qualify for property tax exemptions. The state of Massachusetts has some options for homebuyers listed here.

Massachusetts home sellers also must pay a tax – sometimes called a deed stamp, a transfer tax or an excise tax – upon the sale of their property. The state does not require an inheritance tax.

Foreclosures

Foreclosures in Massachusetts typically are nonjudicial, meaning they take place outside the courtroom.

As the foreclosing party, the lender must give two foreclosure notices to the borrower: a notice of default and right to cure, and a notice of sale. The notice of default is issued 30 days after the fourth missed monthly loan payment. From that point, the borrower gets 90 days to cure the default of the loan.

It typically takes 75 to 90 days to complete a non-judicial foreclosure in Massachusetts. The process may be interrupted or delayed, however, if the borrower formally contests the process in court or files for bankruptcy.

Additional Resources

Lowell, Massachusetts Gates and Locks.

Here are some further resources to help you navigate the home buying process in Massachusetts.

Homeowners May Want to Refinance While Rates Are Low

The Federal Reserve has hinted they are likely to taper their bond buying program later this year. Lock in today's low rates and save on your loan.

Are you paying too much for your mortgage?

Find Out What You Qualify For

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Answer a few questions below and connect with a lender who can help you refinance and save today!

Источник: https://www.mortgagecalculator.org/mortgage-rates/massachusetts.php

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There is yet another zero down mortgage option available to prospective home buyers, the latest being offered by The Massachusetts Housing Finance Agency (MassHousing).

The quasi-public agency already offers 30-year fixed-rate mortgages up to 97% loan-to-value (LTV), but launched its Down Payment Assistance (DPA) program to extend financing to 100% combined loan-to-value (CLTV), meaning no down payment is necessary to purchase a home.

Like similar home loan programs, there are maximum income limits, and it’s only available to home buyers in the state of Massachusetts.

First-Time Home Buyers Can Get a Property with Zero Down

  • MassHousing is offering a rare zero down home loan option
  • To first-time home buyers
  • Generally defined as those who haven’t owned real estate in the past 3 years
  • The property must be your primary residence

First things first, the single-family home or condo needs to be your first. Generally, this means no ownership in real property in the past three years prior to application. It also means the home should be your primary residence, one that you occupy.

But in reality, you may have owned a home several years ago and could still be eligible. Additionally, it might be possible to purchase a 1-4 unit property via this program.

On top of the occupancy requirement, there are income limits, which vary by county. The maximum area median income is $103,4000 or less in eastern Massachusetts, $85,700 in Worcester County, and $67,200 in Berkshire County.

Assuming you meet those requirements, you also have to meet minimum credit score and debt-to-income ratio (DTI) guidelines. It’s unclear what these are, but they say you need good credit.

It’s a conventional loan product that I believe is backed by Fannie Mae or Freddie Mac, so chances are the minimum allowable credit score is 620. That also means conforming loan limits likely apply.

Lastly, you need to attend a homeownership class, an activity that has been proven to lower mortgage payment default and subsequent foreclosure.

How the Down Payment Assistance Works

  • You receive a second service credit union branches near me for up to 3% of the purchase price
  • With a maximum loan amount of $12,000 ($400k max purchase)
  • The loan is a fully-amortizing 15-year fixed that must be paid back
  • But the interest rate is set at a very low 1%

Unlike some other loan programs that might provide a grant for the down payment, this isn’t a gift or a forgivable silent second mortgage.

Like the first mortgage, it must be paid back, and is due in full if and when the property is sold or refinanced. But there is no prepayment penalty.

It is a second mortgage for up to 3% of the purchase price, with a maximum loan amount of $12,000, meaning you can purchase a property valued as high as $400,000.

Interestingly, it is a fully-amortizing 15-year fixed mortgage, not a 30-year loan, so homeowners will actually make a dent in it sooner and own their homes that much quicker.

That makes the loan a bit less risky, despite borrowers having no skin in the game initially.

And unlike typical second mortgages, there are no additional fees or closing costs to worry about.

You Get a Second Mortgage with a Rate of 1%!

  • Despite actually having to pay back the down payment assistance
  • The interest rate is so low that the monthly payment will be cheap
  • We’re talking $72 per month if you max it out
  • Which shouldn’t make or break any qualified homeowner

What makes it even better is the fact that the interest rate on the second mortgage is just 1%. Yes, 1%!

To give you some perspective, the monthly mortgage payment on a $12,000 15-year fixed set at a rate of 1% is only about $72.

The extra $72 per month shouldn’t make or break many borrowers, but having to come up with $12,000 for down payment can be a serious barrier to homeownership.

The DPA is being internally subsidized via MassHousing, so the mortgage rates on the second mortgage are much cheaper than what you’d find in the open market, assuming you could even find a second mortgage at 100% CLTV.

I believe mortgage insurance is required, but like Fannie Mae’s HomeReady program, there are reduced rates for MI.

And the MI from MassHousing comes with mortgage protection insurance built-in, which covers the principal and interest portion of the mortgage for up to six months (up to $2,000 per month).

The benefit can be used for any six-month period during the first 10 years of the mortgage, at any time other than the first six months, for obvious reasons.

MassHousing offers the new zero down financing option via more than 160 banks, credit unions, and other mortgage companies, and is making it available to homeowners immediately.

Veterans Can Get a $2,500 Closing Cost Credit

  • The deal is even better for veterans
  • Who can get 100% financing via Operation Welcome Home
  • And a $2,500 closing cost credit
  • Which could make the home purchase virtually cost-free!

Massachusetts military veterans who purchase a home via MassHousing are able to get up to $2,500 in closing cost credit and 100% financing.

The Operation Welcome Home loan program offers the same 97% LTV loan along with up to 3% in down payment assistance, which combined gives them 100% financing.

To make the deal even sweeter, they can get $2,500 to help out with closing costs, meaning they might not need to come out of pocket at all to land their dream home.

This deal is good for single-unit properties. If veterans wish to purchase a multi-unit property, such as a duplex, triplex, or fourplex, the max LTV is 95% plus the DPA.

Источник: https://www.thetruthaboutmortgage.com/masshousing-launches-zero-down-mortgage/

Mortgages

Fixed Rate Mortgages Disclosure

1 All rates subject to change without notice.  Payment amounts on the above products do not include taxes and insurance. Your payments may be greater.

2 Conforming Fixed rates above are based upon a loan amount of $350,000, 1 unit, primary residence, purchase or rate and term with a loan to value of 75% or less and FICO Score 740 or greater for a 60 day rate lock period. Rates may vary based on other scenarios.

3 Jumbo Fixed rates above are based upon a loan amount of $647,201 for a 1 unit, primary residence, purchase or rate and term with a loan to value of 75% or less and FICO Score 740 or greater for a 60 day rate lock period. Rates may vary based on other scenarios.

5 High Balance County loan limits may be restricted.

6 Annual Percentage Rate (APR) is based on a primary residence property. All rates subject to change without notice. Subject to credit approval. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for federal income tax purposes; and the consumer should consult a tax adviser for further information regarding the deductibility of interest and charges.

Adjustable Rate Mortgages (ARM) Disclosures

Adjustable Rate Mortgage Rates are based on a 1 unit, primary residence, purchase or rate and term with a loan amount of $350,000 for Conforming or a loan amount of $647,201 for Jumbo, a loan to value of 75% or less and FICO Score 740 or greater for a 60 day rate lock period. Rates may vary based on other scenarios.  All rates subject to change without notice. Subject to credit approval. The interest rate on adjustable rate programs may increase after the initial period. The fully-indexed rate is equal to a margin plus the index. Please ask us about the current index and margin for these products.

7 All rates subject to change without notice.  Payment amounts on the above products do not include taxes and insurance. Your payments may be greater.

8 The adjustable rate programs are based on a 30 year term. The rate may increase after the initial period.

9 High Balance County loan limits may be restricted.

10 Purchase Special ARM rates above is based upon a loan amount of $647,200 for a 1 unit, primary residence, purchase with a loan to value of 80% or less and FICO Score 680 or greater for a 60 day rate lock period. Rates may vary based on other scenarios.

11 Annual Percentage Rate (APR) is based on a primary residence property. All rates subject to change without notice. Subject to credit approval. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for federal income tax purposes; and the consumer should consult a tax adviser for further information regarding the deductibility of interest and charges.

Источник: https://www.cambridgesavings.com/personal/borrowing/mortgages

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Mortgages

At South Shore Bank, we pride ourselves on our lasting reputation as an outstanding mortgage lender. We work proudly with real estate professionals, builders and homebuyers throughout our community.

As a local, full-service mortgage lender, our dedicated team of professionals at South Shore Bank is here to assist you every step of the way. Your mortgage needs are unique, so whether you're planning to purchase your first home or looking to refinance an existing mortgage, we're ready to help you with whatever you need! 

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First Time and Affordable Housing Buyers

We are a participating lender with MassHousing, an independent, quasi-public agency charged with providing financing for affordable housing in Massachusetts. We will work together and make homeownership a reality for all qualified borrowers.

Reach out to one of our lending specialists to see if you qualify, or stop into your nearest branch today!

Learn More- MassHousing

First-Time Home Buyer

Buying your first home can be over-whelming and often times expensive. We're here to help! We'll cover the cost of your appraisal, and reduce your rate by 0.125% off our standard qualifying rate!*

Contact Us- First-Time Home Buyer

Hometown Heroes

We want to give back to our local heroes who keep us all healthy and safe!

Eligible heroes include: Healthcare Professionals (doctors, nurses, certified nursing assistants, pharmacists, pharmacy technicians, physician's assistants, therapists, medical technicians, or technologists), Educators (pre-K through grade 12 teachers, administrators, or counselors) and First Responders (EMS, Fire, and Police).

As our thanks to you for all you do, this product reduces the interest rate by .125% to help you save money when purchasing a new home or refinancing an existing mortgage.**

Contact Us- Hometown Heroes

Refinance your Current Loan current mass housing interest rate you think your rate is too high, we might be able to help! Give us a call to see how we may be able to lower your rate, and help you save on monthly payments.  

Getting ready to make some home improvements or pay down a debt? We offer ways to structure a cashout-refinance to get you the funds you need. 

We have a wide variety of loan terms to help meet your needs, so if you're looking to avoid interest payment and pay your current mortgage off sooner, we may be able to help!

Our team of highly qualified lending officers are here to answer your questions! We'll work on lending solutions for you, or you can start your refinance online if you're ready to get started today. As always, we’re here to help you either way, and have tools like our calculator to help you get started. 

Contact Us- Refinance

Home Purchase

The perfect loan for the perfect home

Since 1833 South Shore Bank has been taking care of the lending needs of our community. Our lending specialists are here to help you with your home purchase, whether you begin your application online or in-person. 

Our team of highly qualified lending officers are here to answer your questions and work on lending solutions for you. 

Products

  • Conventional Fixed Rate Loans
  • Adjustable Rate Loans (ARMs)
  • Jumbo Loans

Contact Us- Home Purchase

Construction & Renovation

Lets build or renovate your new home together!

Our construction programs are here to help you and your builder finance the home of your dreams. Create a funding schedule that pays out your construction needs to your contractor as planned! Pay interest only on the first 12 months of construction disbursements and have your loan automatically convert to a fixed rate loan after.

To work with one of our lending specialists for Construction loans, stop into your nearest branch or give one of our lenders a call.

Contact Us- Construction & Renovation

Home Equity Loan

A Home Equity Loan lets you borrow a single lump sum of money that will be repaid over the course of an agreed upon term. Since both the rate and term are fixed, loan payments will be predictable!

Contact Us- Home Equity LoanLoan Details

Ready to get started?

Easily apply online, and our local team will follow up with you shortly! South Shore Bank is a licensed mortgage lender in Massachusetts. Our NMLS # is 407656.

For more information and guidance, please visit your local branch or contact our South Shore Bank Client Information Center (CIC) at 781.682.3715 or [email protected]

* First Time Homebuyer loans are available to borrowers who are purchasing their first home or have not owned or been part owner of a home for more than 3 years. South Shore Current mass housing interest rate will cover the cost of the appraisal on eligible First Time Homebuyer loans. To be eligible for discounted rate and appraisal cost coverage: 1) open a new South Shore Bank Checking account, which is subject to approval, OR have an existing South Shore Bank Checking account; AND 2) set-up and continuance of an automatic payment deduction from a South Shore Bank Checking account. LTV maximum is 95% and FICO minimum is 660.

** Hometown Heroes loans are available to healthcare workers including, Doctors, Nurses (including RN, LPN, APN's), therapists including Physical and Occupational. Pre K – 12th Grade teachers, administrators, and counselors for both public and private schools. Additionally, First Responders including Fire, Police, and EMS personnel are eligible. To be eligible for discounted rate: 1) open a new South Shore Bank Checking account, which is subject to approval, OR have an existing South Shore Bank Checking account; AND 2) set-up and continuance of an automatic payment deduction from a South Shore Bank Checking current mass housing interest rate. LTV maximum is 95% and FICO minimum is 660.

Источник: https://prod-web-southshore.azurewebsites.net/lending/mortgages

Current mass housing interest rate -

Massachusetts Mortgage Rates

Historical Mortgage Rates in Massachusetts

Massachusetts Mortgage Rates Quick Facts

  • Median Home Value: $418,600 (U.S. Census Bureau)
  • Loan Funding Rate: 57.11% (CFPB)
  • Homeownership Rate: 61.3% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $2,225 (U.S. Census Bureau)

Massachusetts mortgage rates are generally lower than the national average.

A financial advisor in Massachusetts can help you plan for the homebuying process. Financial advisors can also help with investing and financial plans, including tax, retirement and estate planning, to make sure you are preparing for the future.

Massachusetts Historic Mortgage Rates*

YearMassachusetts RateU.S. Rate
20007.887.86
20016.936.94
20026.386.44
20035.555.67
20045.385.68
20055.625.85
20066.326.54
20076.306.42
20085.966.06
20094.865.05
20104.764.81
20114.444.56
20123.633.65
20133.713.84
20143.944.13
20153.713.88
20163.543.73
20173.864.03
20184.334.56

*The FHFA stopped reporting new data in 2018.

Massachusetts Mortgages Overview

Many people choose to make their home in Massachusetts, drawn by the jobs, the excellent public schools and other Bay State attractions. If you decide to buy a home in one of the more expensive housing markets in the state you’ll have a hefty mortgage on your hands.

Half of all Massachusetts counties have conforming loan limits above the standard $548,250 cut-off. Those counties are: Dukes, Essex, Middlesex, Nantucket, Norfolk, Plymouth and Suffolk. If you buy a home in one of these counties, you won’t hit the jumbo loan mark at the aforementioned standard mark. In other words, you’ll have more wiggle room to borrow more and still have a normal interest rate, whereas the transition to jumbo loan territory usually comes with a higher interest rate.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Barnstable$548,250$506,000
Berkshire$548,250$356,362
Bristol$548,250$506,000
Dukes$822,375$822,375
Essex$724,500$724,500
Franklin$548,250$356,362
Hampden$548,250$356,362
Hampshire$548,250$356,362
Middlesex$724,500$724,500
Nantucket$822,375$822,375
Norfolk$724,500$724,500
Plymouth$724,500$724,500
Suffolk$724,500$724,500
Worcester$548,250$364,550

When it comes to housing, Massachusetts has some pretty consumer-friendly laws in place. The foreclosure process in the Bay State gives homeowners a long time to get current on their mortgage payments and protects borrowers from the kinds of swift foreclosures that can happen in some other states.

For example, a homeowner who falls behind on mortgage payments in Massachusetts has what’s called a right to cure. If your lender sends you a right to cure notice you have 150 days to get current on your mortgage payment. During this time, your lender can’t charge you excessive fees and penalties, according to state law.

If you miss that 150-day deadline your lender must send you an acceleration notice giving you 21 days to pay the entire loan balance. Only after that 21-day period can the lender hold a foreclosure sale. If the lender plans to sue you for deficiency (the difference between the home’s selling price and what you still owe on the mortgage) you must also get 21 days’ notice. Lenders are required to send a notice of foreclosure sale 14 days before the sale.

After the foreclosure, any excess proceeds from the sale must be paid to the homeowner. And if your home is foreclosed and sold, you’re still not required to move on the sale day. The new owner must bring an eviction action against you in court, where you can make a case for why you need more time before moving. Of course, no one buys a home anticipating foreclosure, but it’s nice to know that Massachusetts has homeowner protections in place.

30-Year Fixed Mortgage Rates in Massachusetts

Most homebuyers opt for a 30-year fixed-rate mortgage when they cross over from renting to buying. You have 30 years to pay back the mortgage (unless you refinance or make mortgage prepayments) and your interest rate won’t change.

There are fixed-rate mortgages with shorter terms, but they come with higher monthly payments because you’re paying back the same loan in fewer months. There are also 40-year mortgages but most people feel that’s too long and involves paying too much interest.

The average Massachusetts rate for a fixed 30-year mortgage is 2.74% (Zillow, Jan. 2021).

Massachusetts Jumbo Loan Rates

In most U.S. counties, any loan that’s $548,250 or less is a conforming loan. That means the loan can be sold on the secondary mortgage market. Any loan that exceeds the conforming loan limit is considered a jumbo loan and is typically accompanied by higher interest. In Massachusetts 50% of counties have conforming loan limits that are higher than $548,250, in recognition of the high housing prices in those counties. Interestingly enough, jumbo loan rates are currently lower than normal mortgage rates.

The average Massachusetts 30-year fixed jumbo loan rate is 2.71% (Zillow, Jan. 2021).

Massachusetts ARM Loan Rates

An adjustable-rate mortgage (ARM) is a loan that usually comes with a low introductory rate that, after a period of between one and 10 years, can adjust upwards or downwards. In Massachusetts, ARM rates are higher than their counterparts. Generally, mortgage rates on ARMs increase after the introductory period ends, and can keep increasing up to the cap set in the mortgage documents. It’s easy to see how a person with an ARM could fall behind on mortgage payments after one or more rate increases.

The average rate for a 5/1 ARM in Massachusetts is 3.19% (Zillow, Jan. 2021).

Massachusetts Mortgage Resources

Available Resources

ResourceProblem or IssueWho Qualifies
Massachusetts Division of BanksForeclosure.Qualifying Massachusetts residents who are facing foreclosure may get a 30- or 60-day reprieve while the DOB works with the borrower and the lender to avert foreclosure.
Massachusetts Housing PartnershipHomebuying assistance with a low down payment, low interest rate and no Private Mortgage Insurance (PMI).First-time Massachusetts homebuyers whose total household income doesn't exceed 100% of area median income (AMI). Households below 80% of AMI may be eligible for a subsidy.
MassHousingOperation Welcome Home mortgages help veterans, active-duty military, members of the Reserves and National Guard, and Gold Star Families achieve homeownership.An applicant must be an active duty military member, veteran who served honorably, member of the Reserves of National Guard, or be a Gold Star Family member. Applicants must also be first-time homebuyers purchasing a 1- to 3-family property in Massachusetts limits. Income and loan limits apply, but not in certain MA cities.
MassHousingHomebuying assistance with up to 100% financing and mortgage payment protection.Qualifying Massachusetts residents who meet income limits, have good credit and plan to buy in one of several "Buy Cities" in Massachusetts.
MassHousingHome purchase and rehabilitation for homes that need work.Applicants must meet income and purchase price limits and make at least a 3% down payment. They must also have a signed Purchase and Sales Agreement for a 1- to 4-family home, be creditworthy and have housing debt of less than 33% of household income and total debt less than 41% of income.

Massachusetts offers resources for people who want to buy or keep a home. If you qualify, you can get a “MassHousing Mortgage with No MI” – a mortgage that has zero mortgage insurance, even if you can’t make a 20% down payment. If you meet the income, credit and loan size requirements for your county, you’ll be able to put as little as 3-5% down. You’ll have a fixed, low interest rate and a 30-year repayment term. You will have to complete a homebuyer education course before you can secure your MassHousing Mortgage with No MI.

There’s also a plain old MassHousing Loan. It comes with a fixed, affordable interest rate and a 30-year loan term. There’s mortgage payment protection that will help you make your payments if you lose your job. There are low down payment options but you will have to pay mortgage insurance, unlike in the MassHousing Mortgage with No MI program. Income and mortgage size limits vary.

If you’re buying a fixer-upper you may qualify for a Purchase & Rehab Loan from MassHousing. If you meet the requirements, are creditworthy and have a signed purchase and sales agreement for a one- to four-family home, you could get a Purchase and Rehab mortgage of up to 97% of the purchase price plus rehabilitation costs of the home (or the estimated valuable of the home after rehabilitation, whichever is less). You must have housing debt of less than 33% of your income and total monthly debt of less than 41% of your income.

If you’re a veteran, active-duty military personnel or the spouse of a soldier, sailor or marine killed on active duty you may qualify for the MassHome program “A Home for the Brave.” If eligible you would receive up to 97% financing on single-family homes and condos, or up to 95% financing on two-, three- and four-family homes. These loans come with MI Plus, which covers principal and interest for up to six months in case of unemployment or deployment. You may also qualify for a MassHousing grant to help with closing costs. Income limits apply.

If you want to buy a home in Attleboro, Brockton, Fall River, New Bedford, North Quabbin, Quincy, Southbridge, Springfield, Taunton or Worcester you may qualify for a special Buy Cities mortgage through MassHousing. The Buy Cities mortgages are 30-year fixed-rate mortgages that may be used to finance up to 100% of the purchase price for the home. Rates and terms are competitive with regular mortgages but you’ll get the bonus of MI Plus, which covers principal and interest payments for up to six months and may be used for any six months during the first 10 years of the loan.

There’s another program, called ONE Mortgage, that’s offered by the Massachusetts Housing Partnership. It’s designed for low- and middle-income first-time homebuyers and offers a discounted 30-year loan with a fixed interest rate. You can put as little as 3% down for a single-family home, a condo or a two-family home. If you’re buying a three-family property you must put 5% down. No Private Mortgage Insurance is required with the ONE Mortgage. Some buyers may qualify for an interest subsidy to help with payments in the early years of their ONE mortgage.

Of course, you don’t have to use a Massachusetts-specific form of mortgage help. You can also apply for a VA loan, a USDA Rural Development Loan or an FHA loan. Talking to a lender who participates in a range of programs aimed at helping first-time buyers, and to a HUD-approved housing counselor, can help you decide which option is best for you.

Massachusetts Mortgage Taxes

Massachusetts has a flat income tax rate of 5.05%. You cannot deduct your mortgage interest on your Massachusetts state income tax return like you can on your federal income tax return.

Massachusetts residents who sell their homes will pay a real estate transfer tax of $2 per $500 of value. In Barnstable County, the figure is a bit lower at $1.50 per $500 of value. There is also a document fee in Massachusetts for real estate transfers. The fee ranges from $10 to $20.

Massachusetts Mortgage Refinance

When it’s time to refinance your Massachusetts mortgage, you may consider a refinancing option from Fannie Mae, which has emerged as an alternative to the now-defunct Home Affordable Refinance Program (HARP). It’s also worth remembering that you don’t have to refinance with the same lender that gave you your initial home loan. You can shop around for the most favorable interest rate and loan terms.

See Mortgage Rates in These Other States

Best Places To Get A Mortgage

SmartAsset’s interactive map highlights the best counties in the U.S. (and in each state) for securing a home mortgage. Hover over states and counties to see rankings and data points for each region, or use the map’s tabs to view the top counties for each of the factors included in our analysis.

RankCountyLoan Funding Rate5 Year Borrowing CostsProperty TaxAnnual Mortgage Payment

Methodology In order to determine the best places in the country to get a mortgage, our study compared four factors, including overall borrowing costs, likelihood of securing a mortgage, property taxes and annual mortgage payments.

To calculate the overall borrowing costs, we analyzed the expected costs throughout the first five years for a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to mortgage originations (secured mortgages) in each county. Annual mortgage payments are a measure of the annual principal and interest payments for a $200,000 loan in that location using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Sources: Mortgage Bankers Association, US Census Bureau 2018 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset

Источник: https://smartasset.com/mortgage/massachusetts-mortgage-rates

Home Mortgage Rates in Massachusetts

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Make it Yours; The Spirit of America.

The following table shows current 30-year local mortgage refinance rates. You can use the menus to select other loan durations, alter the loan amount. or change your location.

Downtown Boston.

The metro Boston area has an estimated population of 4,794,447 while 6,811,779 live across the state. With more than 70 percent of its population living in the Greater Boston area, Massachusetts is a study in contrasts. A few of the most notable ones are rural versus urban, historical versus modern and rich versus poor.

Massachusetts is the site of the first colony in New England. The Pilgrims landed in 1620 in Plymouth, and much of America's early history can be traced to the Commonwealth of Massachusetts. Originally a state dependent on fishing and farming, the state’s economy switched over to manufacturing after the Industrial Revolution and has shifted again in recent decades to focus more on engineering, finance and biotechnology.

The state prides itself on its education system. Not only are two of the most highly ranked universities in the word located there – Harvard University and the Massachusetts Institute of Technology – but the Massachusetts public school system also ranks as one of the nation's best.

MIT Campus in Cambridge, Massachusetts.

Centuries old homes dot the landscape while modern glass high-rises fill the Boston skyline. However, the law of supply and demand has a big impact on Massachusetts real estate. June 2017 marked the 64th time in 65 months that the state's inventory of single family homes decreased when compared with the previous month, according to an article in the Boston Globe.

That demand for inventory is driving up prices across the state. The median home value in Massachusetts was $377,200 in September 2017. That value represents an increase of 7.1 percent over the previous year, and analysts expect values will rise 2.7 percent over the next year.

The median listing price for a home in the state was $419,900 with the median price per square foot at $243. The average rental price in Massachusetts was $2,600.

How Massachusetts Weathered the 2008 Recession

On some levels, it appears Massachusetts came through the recession well. Its poverty rate – one of the nation's lowest – has remained stable throughout the past decade as has its annual incomes. Analysts believe the low poverty rate is due to the fact that the state draws highly educated workers to its many jobs in technology, health and higher education.

On the other hand, the lack of new single-family homes on the market in Massachusetts reveals a sluggish rate of new construction since 2008.

Another factor – and another one of the state's marked contrasts – is the wide income gap among wage earners. Massachusetts vies with Arizona for the state with the widest income span in the nation. The top 10 percent of Massachusetts households earn an income that is equivalent to that of the bottom 70 percent combined.

The low inventory and resulting increasing prices for homes have made it difficult for first-time buyers to find affordable single-family homes or condos in the Boston area.

Foreclosures are still impacting the Massachusetts real estate market. In Boston, 6.1 homes were foreclosed (per 10,000) in 2017. This number exceeds the national rate of 1.7 homes per 10,000.

In 2000 the homeownership rate across the state of Massachusetts stood at 59.9%. This rate trended upward throughout the national housing bubble, the Great Recession & the early portion of the recovery with the peak coming in 2012 at 65.8%. By 2016 the ownership rate had fallen back to 59.7%.

Popular Locations Across the State

Metropolitan Areas

MA RankUS RankMetropolitan Area2016 Pop2010 PopChange% △
110Boston-Cambridge-Newton, MA-NH Metro Area4,794,4474,552,402242,0455.32%
238Providence-Warwick, RI-MA Metro Area1,614,7501,600,85213,8980.87%

3

58Worcester, MA-CT Metro Area935,781916,98018,8012.05%
490Springfield630,283621,5708,7131.40%
5208Barnstable214,276215,888-1,612-0.75%
6321Pittsfield126,903131,219-4,316-3.29%
7479Greenfield70,38271,372-990-1.39%
8919Vineyard Haven17,24616,5357114.30%

Boston

Boston Harbor.

As the state's capital city and its population center, Boston is the heart of Massachusetts. The sprawling metropolitan area offers history, beauty, arts and culture, professional sports, entertainment, fine dining and a fierce sense of civic price.

Comprising the cities of Boston itself, as well as Worcester, Providence, Lowell, Cambridge and Quincy, the Boston metro area spans 4,500 square miles. The city of Boston had a population of 667,137 in 2016, while the Greater Boston area’s population was estimated at 4.7 million.

As you might expect with such a large geographic area, the Greater Boston area has many different communities with their own distinct flavors. Bostonians take pride in their roots and in their neighborhoods.

Local residents can enjoy baseball, basketball, football and hockey. Boston is home to the Red Sox, Celtics, and Bruins. The New England Patriots stadium is about a half-hour drive southwest, near the city of Foxborough.

The median value for a home in Boston was $560,300 in mid-2017, an increase of 11 percent over the past year. Experts expect values will rise about 3.8 percent over the next year.

The median listing price of homes in Boston was $699,000, and the average list price per square foot was $645, a price that exceeds the Greater Boston median price of $267. Rents average $2,700 in Boston, as compared with the metro rental average of $2,600.

International buyers are showing an increased interest in downtown Boston real estate, making it their third top choice (after New York and Los Angeles) of American cities for investment. A new Boston price record was set recently when a private equity investor paid $35 million for a penthouse condo.

Springfield

Springfield, Massachusetts Skyline.

Located in western Massachusetts along the eastern banks of the Connecticut River, Springfield and its surrounding area are the second – albeit distant second – most populous area in the state. Founded in 1636, it is the first of the many cities named Springfield in the United States.

Springfield's city population is estimated at 154,074 while its metro population is estimated at 692,942. The city, which shares an airport with its across the river Connecticut neighbor of Hartford, is home to an array of higher educational institutions, including Springfield College, Western New England University and American International College.

The city offers abundant natural beauty and opportunities to enjoy the outdoors. There are 17 different neighborhoods in Springfield, each with its own characteristics and many of which offer a small town feel within a larger city.

The median value for a Springfield home in mid-2017 was $144,100, which is an increase of 8.3 percent over the previous year. Experts predict values will increase 3.7 percent in the coming year. The median home listing price was $149,000.

The average per square foot price was $113, which is lower than the Springfield metro area average price of $152. The average rental price in Springfield was $1,398, which is lower than the metro average of $1,500.

New Bedford, Fall River and Taunton

Palmer Island Lighthouse and New Bedford, Massachusetts Waterfront.

New Bedford, Fall River and Taunton are the three largest cities in the South Coast region of the state of Massachusetts. The entire region includes 11 municipalities with a combined population of about 306,588.

Formerly a whaling capital of the world, the seaport area is home to the largest Portuguese-American community in the nation.

Fishing and manufacturing are the largest businesses in the area, with jobs in tourism and education on the rise. Additionally, the area is embracing wind technology, and it hopes to be a center for that growing energy market.

The median home value in 2017 in New Bedford was $224,500, an increase of 8.7 percent over the previous year. Real estate experts expect that values will rise 3.7 percent over the next year.

The median listing price of in New Bedford was $209,800. The average price per square foot was $149, a price that is lower than the South Coast average of $198.

Massachusetts Census Data

Massachusetts has an estimated population of 6,811,779 across 7,800.6 square miles, giving the state a population density of 873.24 people per square mile. Here is a table of cities & towns with a population above 10,000. based on the 2010 United States Census data & the 2016 population estimate update.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

RankGeographyCounty2016 Pop2010 PopChange% △Land mi²Pop Den mi²Established
1BostonSuffolk673,184617,59455,5909.00%48.2813,943.331630
2WorcesterWorcester184,508181,0453,4631.91%37.374,937.331684
3SpringfieldHampden154,074153,0601,0140.66%31.874,834.451636
4CambridgeMiddlesex110,651105,1625,4895.22%6.3917,316.281636
5LowellMiddlesex110,558106,5194,0393.79%13.588,141.241826
6BrocktonPlymouth95,63093,8101,8201.94%21.334,483.361821
7New BedfordBristol95,03295,072-40-0.04%204,751.601787
8QuincyNorfolk93,68892,2711,4171.54%16.575,654.071792
9LynnEssex92,69790,3292,3682.62%10.748,631.011629
10NewtonMiddlesex89,04585,1463,8994.58%17.844,991.311688
11Fall RiverBristol88,93088,857730.08%33.132,684.271803
12SomervilleMiddlesex81,32275,7545,5687.35%4.1219,738.351842
13LawrenceEssex80,20976,3773,8325.02%6.9311,574.171847
14FraminghamMiddlesex71,59468,3183,2764.80%25.042,859.191700
15WalthamMiddlesex63,00260,6322,3703.91%12.734,949.101738
16HaverhillEssex62,87360,8791,9943.28%32.971,906.981641
17MaldenMiddlesex60,84059,4501,3902.34%5.0412,071.431649
18PlymouthPlymouth59,30356,4682,8355.02%96.46614.791620
19BrooklineNorfolk59,12658,7323940.67%6.758,759.411705
20MedfordMiddlesex57,21356,1731,0401.85%8.17,063.331630
21TauntonBristol56,84355,8749691.73%46.71,217.191639
22ChicopeeHampden55,99155,2986931.25%22.832,452.521848
23WeymouthNorfolk55,97253,7432,2294.15%16.793,333.651635
24RevereSuffolk53,15751,7551,4022.71%5.699,342.181846
25PeabodyEssex52,49151,2511,2402.42%16.213,238.191868
26MethuenEssex49,91747,2552,6625.63%22.252,243.461725
27EverettMiddlesex46,34041,6674,67311.22%3.4313,510.201870
28ArlingtonMiddlesex45,05242,8442,2085.15%5.158,747.961807
29AttleboroBristol44,43443,5938411.93%26.811,657.371694
30BarnstableBarnstable44,25445,193-939-2.08%59.8740.031639
31SalemEssex43,13241,3401,7924.33%8.285,209.181626
32PittsfieldBerkshire42,84644,737-1,891-4.23%40.471,058.711761
33BillericaMiddlesex42,70040,2432,4576.11%25.571,669.931655
34LeominsterWorcester41,66340,7599042.22%28.811,446.131740
35WestfieldHampden41,55241,0944581.11%46.32897.061669
36BeverlyEssex41,36539,5021,8634.72%15.092,741.221668
37FitchburgWorcester40,41440,318960.24%27.831,452.171764
38HolyokeHampden40,28039,8804001.00%21.281,892.861850
39AmherstHampshire40,07937,8192,2605.98%27.61,452.141775
40ChelseaSuffolk39,69935,1774,52212.85%2.2117,963.351739
41MarlboroughMiddlesex39,69738,4991,1983.11%20.871,902.111660
42WoburnMiddlesex39,45238,1201,3323.49%12.643,121.201642
43BraintreeNorfolk37,29735,7441,5534.34%13.752,712.511640
44ShrewsburyWorcester36,76035,6081,1523.24%20.731,773.281727
45NatickMiddlesex36,13733,0063,1319.49%14.952,417.191781
46ChelmsfordMiddlesex35,15233,8021,3503.99%22.371,571.391655
47WatertownMiddlesex35,02531,9153,1109.74%3.998,778.201630
48DartmouthBristol34,71834,0326862.02%60.92569.891664
49RandolphNorfolk33,61032,1121,4984.66%9.833,419.131793
50LexingtonMiddlesex33,41031,3942,0166.42%16.432,033.481713
51FranklinNorfolk33,15031,6351,5154.79%26.631,244.841778
52AndoverEssex32,46133,201-740-2.23%30.851,052.221646
53FalmouthBarnstable31,47331,531-58-0.18%44.07714.161686
54DracutMiddlesex31,35229,4571,8956.43%20.631,519.731701
55TewksburyMiddlesex30,90628,9611,9456.72%20.71,493.041734
56NeedhamNorfolk30,75528,8861,8696.47%12.292,502.441711
57North AndoverEssex30,62828,3522,2768.03%26.311,164.121855
58GloucesterEssex29,79828,7891,0093.50%26.21,137.331623
59WellesleyNorfolk29,21527,9821,2334.41%10.022,915.671881
60NorwoodNorfolk29,09728,6024951.73%10.372,805.881872
61North AttleboroughBristol29,07528,7123631.26%18.871,540.811887
62AgawamHampden28,71828,4382800.98%23.311,232.001855
63MilfordWorcester28,64627,9996472.31%14.751,942.101780
64West SpringfieldHampden28,52928,3911380.49%16.711,707.301774
65NorthamptonHampshire28,48328,549-66-0.23%34.24831.861656
66StoughtonNorfolk28,43126,9621,4695.45%16.091,767.001726
67SaugusEssex27,99926,6281,3715.15%10.792,594.901815
68MelroseMiddlesex27,92826,9839453.50%4.685,967.521850
69DanversEssex27,90926,4931,4165.34%13.282,101.581775
70BridgewaterPlymouth27,59626,5631,0333.89%27.321,010.101656
71MiltonNorfolk27,35127,0033481.29%13.012,102.311662
72WakefieldMiddlesex26,75324,9321,8217.30%7.363,634.921812
73BurlingtonMiddlesex26,35124,4981,8537.56%11.732,246.461799
74BelmontMiddlesex26,17124,7291,4425.83%4.655,628.171859
75ReadingMiddlesex25,83424,7471,0874.39%9.952,596.381644
76MarshfieldPlymouth25,80725,1326752.69%28.62901.711640
77DedhamNorfolk25,26324,7295342.16%10.252,464.681636
78WalpoleNorfolk25,12524,0701,0554.38%20.441,229.211724
79MiddleboroughPlymouth24,78223,1161,6667.21%69.07358.801669
80WestfordMiddlesex24,23221,9512,28110.39%30.27800.531729
81EastonBristol24,03823,1129264.01%28.75836.101725
82MansfieldBristol23,73723,1845532.39%20.091,181.531775
83ActonMiddlesex23,63321,9241,7097.80%19.871,189.381735
84WilmingtonMiddlesex23,57022,3251,2455.58%16.981,388.101730
85YarmouthBarnstable23,41423,793-379-1.59%24.15969.521639
86CantonNorfolk23,25221,5611,6917.84%18.81,236.811797
87HinghamPlymouth23,20222,1571,0454.72%22.211,044.661635
88WinchesterMiddlesex22,80821,3741,4346.71%6.033,782.421850
89WarehamPlymouth22,60121,8227793.57%35.86630.261739
90StonehamMiddlesex21,95321,4375162.41%6.023,646.681725
91LudlowHampden21,42521,1033221.53%27.2787.681775
92MarbleheadEssex20,49319,8086853.46%4.394,668.111629
93GardnerWorcester20,43020,2282021.00%22.08925.271785
94SandwichBarnstable20,39120,675-284-1.37%42.74477.091638
95BourneBarnstable19,83719,754830.42%40.64488.121884
96HudsonMiddlesex19,82619,0637634.00%11.521,721.011866
97ConcordMiddlesex19,80917,6682,14112.12%24.52807.871635
98NortonBristol19,56919,0315382.83%27.81703.671711
99WestboroughWorcester18,94618,2726743.69%20.58920.601717
100SudburyMiddlesex18,89717,6591,2387.01%24.27778.621639
101HoldenWorcester18,79917,3461,4538.38%35.08535.891741
102GraftonWorcester18,60717,7658424.74%22.81815.741735
103ScituatePlymouth18,59818,1334652.56%17.631,054.911636
104PembrokePlymouth18,35817,8375212.92%21.78842.881712
105SharonNorfolk18,28617,6126743.83%23.44780.121775
106SomersetBristol18,22318,165580.32%7.92,306.711790
107WinthropSuffolk18,19017,4976933.96%1.979,233.501852
108NewburyportEssex17,98717,4165713.28%8.352,154.131764
109RocklandPlymouth17,86117,4893722.13%10.321,730.721874
110South HadleyHampshire17,79417,5142801.60%17.711,004.741775
111AshlandMiddlesex17,68416,5931,0916.58%12.331,434.231846
112FoxboroughNorfolk17,51916,8656543.88%19.85882.571778
113GreenfieldFranklin17,45617,45600.00%21.43814.561775
114AmesburyEssex17,43016,2831,1477.04%12.261,421.701668
115BellinghamNorfolk17,01216,3326804.16%18.35927.081719
116HopkintonMiddlesex16,97814,9252,05313.76%26.26646.531715
117WebsterWorcester16,85716,767900.54%12.371,362.731832
118SouthbridgeWorcester16,83116,7191120.67%20.28829.931816
119NorthbridgeWorcester16,55615,7078495.41%17.26959.211775
120AuburnWorcester16,49916,1883111.92%15.481,065.831778
121SwanseaBristol16,48215,8656173.89%22.69726.401667
122AbingtonPlymouth16,31115,9853262.04%9.651,690.261712
123East LongmeadowHampden16,17315,7204532.88%13.011,243.121894
124FairhavenBristol16,13415,8732611.64%12.331,308.521812
125WestwoodNorfolk16,07914,6181,4619.99%10.881,477.851897
126EasthamptonHampshire16,05916,05360.04%13.331,204.731809
127DuxburyPlymouth15,92615,0598675.76%23.74670.851637
128WestportBristol15,85415,5323222.07%49.84318.101787
129LongmeadowHampden15,80615,784220.14%9.121,733.111783
130North ReadingMiddlesex15,64614,8927545.06%13.141,190.721853
131SeekonkBristol15,24413,7221,52211.09%18.37829.831812
132BelchertownHampshire15,03314,6493842.62%52.64285.581761
133NorthboroughWorcester14,99414,1558395.93%18.48811.361775
134WhitmanPlymouth14,91914,4894302.97%6.942,149.711875
135SwampscottEssex14,82713,7871,0407.54%3.024,909.601852
136WilbrahamHampden14,64014,2194212.96%22.16660.651763
137HollistonMiddlesex14,55613,5471,0097.45%18.64780.901724
138HanoverPlymouth14,48513,8796064.37%15.61927.931727
139East BridgewaterPlymouth14,45213,7946584.77%17.21839.741823
140BedfordMiddlesex14,41113,3201,0918.19%13.661,054.981729
141MashpeeBarnstable14,22314,0062171.55%23.39608.081870
142DennisBarnstable14,00114,207-206-1.45%20.51682.641793
143RaynhamBristol13,94213,3835594.18%20.49680.431731
144UxbridgeWorcester13,91313,4574563.39%29.59470.191727
145OxfordWorcester13,91113,7092021.47%26.53524.351713
146IpswichEssex13,83513,1756605.01%32.11430.861634
147WaylandMiddlesex13,82712,9948336.41%15.05918.741780
148ClintonWorcester13,79913,6061931.42%5.652,442.301850
149MillburyWorcester13,56113,2613002.26%15.71863.211813
150CharltonWorcester13,48312,9815023.87%42.18319.651755
151KingstonPlymouth13,46212,6298336.60%18.66721.441726
152MedwayNorfolk13,30812,7525564.36%11.541,153.211713
153North AdamsBerkshire13,06413,708-644-4.70%20.34642.281878
154MedfieldNorfolk12,88812,0248647.19%14.4895.001651
155LynnfieldEssex12,81911,5961,22310.55%9.881,297.471814
156TyngsboroughMiddlesex12,31811,2921,0269.09%16.77734.531809
157HarwichBarnstable12,15312,243-90-0.74%20.88582.041694
158PepperellMiddlesex12,15211,4976555.70%22.6537.701775
159WestonMiddlesex12,11111,2618507.55%16.82720.041713
160PalmerHampden12,10812,140-32-0.26%31.58383.411775
161RehobothBristol12,06811,6084603.96%46.94257.091645
162SpencerWorcester11,88011,6881921.64%32.83361.861775
163DudleyWorcester11,74711,3903573.13%20.82564.221732
164NorfolkNorfolk11,72311,2274964.42%14.9786.781870
165WrenthamNorfolk11,71510,9557606.94%21.71539.611673
166CarverPlymouth11,63911,5091301.13%37.4311.201790
167AtholWorcester11,61911,584350.30%32.29359.831762
168LakevillePlymouth11,38010,6027787.34%29.56384.981853
169LeicesterWorcester11,29810,9703282.99%23.25485.941714
170GrotonMiddlesex11,29710,6466516.11%32.76344.841655
171LunenburgWorcester11,25810,0861,17211.62%26.48425.151728
172NorwellPlymouth11,05210,5065465.20%20.93528.051849
173HolbrookNorfolk11,02210,7912312.14%7.251,520.281872
174NantucketNantucket11,00810,1728368.22%44.97244.791671
175HansonPlymouth10,75810,2095495.38%15.05714.821820
176WinchendonWorcester10,73310,3004334.20%43.02249.491764
177MaynardMiddlesex10,65510,1065495.43%5.212,045.111871
178HullPlymouth10,51010,2932172.11%2.83,753.571644
179AcushnetBristol10,50510,3032021.96%18.43569.991860
180SouthboroughWorcester10,0879,7673203.28%14.02719.471727
181LittletonMiddlesex10,0008,9241,07612.06%16.52605.331715

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Most Popular Mortgage Options in Massachusetts

The most popular mortgage in Massachusetts is the 30-year fixed mortgage, which allows homebuyers to lock in a favorable interest rate for their loans. The 15-year fixed mortgage is the next most popular mortgage, followed by the 5-1 adjustable-rate mortgage (ARM), which features an initial five years with a fixed interest rate that is followed by an adjustable rate each year after that. Homes in the metro Boston area are typically far more expensive than the national average, so homebuyers shopping there might require a larger jumbo mortgage loan.

Fenway Park.

As of 2022 the conforming loan limit for single-family homes across the United States is set to $647,200, with a ceiling of 150% that amount in areas where median home values are higher. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions. Here are conforming limits in HERA high-cost areas and across the rest of the state.

CountyMetropolitan Designation1 Unit Limit2 Unit Limit3 Unit Limit4 Unit Limit
DukesVineyard Haven, Ma$970,800 $1,243,050 $1,502,475 $1,867,275
EssexBoston-Cambridge-Newton, Ma-Nh$770,500 $986,400 $1,192,300 $1,481,750
MiddlesexBoston-Cambridge-Newton, Ma-Nh$770,500 $986,400 $1,192,300 $1,481,750
NantucketNon-Metro$970,800 $1,243,050 $1,502,475 $1,867,275
NorfolkBoston-Cambridge-Newton, Ma-Nh$770,500 $986,400 $1,192,300 $1,481,750
PlymouthBoston-Cambridge-Newton, Ma-Nh$770,500 $986,400 $1,192,300 $1,481,750
SuffolkBoston-Cambridge-Newton, Ma-Nh$770,500 $986,400 $1,192,300 $1,481,750
All OthersRest of the State$647,200$828,700$1,001,650$1,244,850

Down Payments & Federal Loan Programs

There is no universal minimum down payment required in Massachusetts. The amount depends on the type of loan and on the bank or mortgage company you use. Veterans can obtain low-interest VA loans & the FHA also insures loans with low down payment requirements.

For those who do not qualify for VA or FHA loans, another way to augment a low down payment is to use a piggyback mortgage where the second mortgage is used as a down payment on the first mortgage to negate PMI requirements.

Most private banks give their best rates to borrowers with credit scores above 740, but loans with higher interest rates can be obtained with lower scores. Mortgage underwriters prefer debt-to-income ratios to be below 40%, but other factors are considered on the loan application.

USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan.

Assistance Programs for Massachusetts Homebuyers

George Washington Equestrian Statue in Boston.

The state of Massachusetts has several programs in place to help first-time buyers purchase a home.

For example, the ONE Mortgage Program, a cooperative effort between public and private sectors, assists eligible low- to moderate-income first-time buyers by combining a standard first mortgage with a second mortgage that is publicly subsidized.

After the buyer puts 3 percent down, a conventional 30-year fixed rate mortgage can cover up to 77 percent of the purchase price with the publicly subsidized second mortgage covering the remainder. Interest only payments for the first 10 years can be part of the program for qualified buyers. Visit the One Mortgage site for more information.

A typical requirement for mortgage assistance programs for first-time buyers is that they complete a state-sponsored home buyer's course. Visit here for options.

Active members of the Armed Forces can benefit from the Servicemembers' Civil Relief Act (SCRA), which sets a limit of 6 percent on the amount of interest owed on a home loan. Other assistance programs are available for veterans.

Operation Welcome Home loans are available through participating lenders to active duty service members, honorably discharged veterans and Gold Star Family members.

Qualified borrowers can receive up to 100 percent financing on the purchase of single-family homes or condominiums and may qualify for low down payment options for two- and three-family homes. Visit Operation Welcome Home for application details.

Closing Costs

For a $200,000 home purchase with a 20 percent down payment in 2017 in Massachusetts, the average lender fees are $905 and the average third party fees are $851, for a total of $1,756 in closing costs. Those fees are somewhat below the national average of $1,847 in 2017 and well below neighbor state Connecticut's closing costs of $2,033.

Homebuyers in Massachusetts can expect to pay about $935 for origination fees, $418 for an appraisal, $804 for legal costs, $255 for a survey, $125 for inspections, $21 for a credit report and $10 for flood certification. Title insurance fees are calculated individually for each property. Not all lenders charge for all these costs, and property taxes, homeowners' insurance and interest are not included in these totals.

Unfortunately, outside of mortgage discount points most typical closing costs are not tax deductible. Discount points remain deductible because they are treated as a form of pre-paid interest on the loan.

Natural Disasters

The state of Massachusetts has a very low risk of wildfires & tornadoes. Most counties across the state have a very low risk of earthquakes, with Essex county having a low risk.

Hail is far more common than the above listed issues. Franklin, Hampden & Worcester have a low risk while Berkshire, Hampshire, Middlesex, Norfolk & Suffolk have a moderate risk.

Flood Insurance

Standard homeowner's insurance policies typically do not cover flooding or earthquakes. Here are counties across the state which have a risk profile above very low for either flooding or hurricane storm surges.

  • Low risk of flooding: Middlesex
  • Moderate risk of flooding: Bristol, Dukes, Essex, Plymouth, Nantucket, Norfolk, Suffolk
  • High risk of flooding: Barnstable
  • Moderate risk of hurricane storm surges: Dukes, Essex, Norfolk, Suffolk
  • High risk of hurricane storm surges: Barnstable, Bristol, Nantucket, Plymouth

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don't incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government's costs in the next disaster.

Typically, homes built after 2002, when building code regulations tightened, are subject to lower insurance rates than older homes. On the other hand, homes without hurricane straps, with roofs that do not meet current standards for wind, with older plumbing or with outdated electrical systems may be difficult €“ or very expensive €“ to insure.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

State Specific Real Estate Laws

Worcester, Massachusetts Skyline.

Caveat Emptor

Unlike many states that have specific home disclosure rules and regulations, Massachusetts is a caveat emptor (Latin for “let the buyer beware”) state. That means that with few exceptions, such as the required disclosure of lead paint, sellers do not legally have to report defects in the home or its systems to the buyer.

Rather it is up to the buyer to be sure everything is in good repair. Court cases have demonstrated that owners must answer buyers' questions truthfully, however.

Most buyers use the services of a licensed home inspector, and there is a contingency in the purchase and sale agreement in Massachusetts that allows the buyer the right to opt out of the purchase if there are serious problems with the condition of the property.

Massachusetts law also requires that a seller engage a lawyer for the transaction.

Taxes in Massachusetts

Massachusetts property taxes rank as the seventh highest in the nation. The average annual property tax payment is $3,794.

The effective average rate across teh state for home owners is 1.21%. In the Boston metro area property taxes cost an average of $6,624 in 2016.

Real estate property taxes are main revenue producers for towns in Massachusetts that have a limited commercial tax base. The tax rate is set by each local board of assessors according to the value of each property, which is often less than its market value.

There are some ways to qualify for property tax exemptions. The state of Massachusetts has some options for homebuyers listed here.

Massachusetts home sellers also must pay a tax – sometimes called a deed stamp, a transfer tax or an excise tax – upon the sale of their property. The state does not require an inheritance tax.

Foreclosures

Foreclosures in Massachusetts typically are nonjudicial, meaning they take place outside the courtroom.

As the foreclosing party, the lender must give two foreclosure notices to the borrower: a notice of default and right to cure, and a notice of sale. The notice of default is issued 30 days after the fourth missed monthly loan payment. From that point, the borrower gets 90 days to cure the default of the loan.

It typically takes 75 to 90 days to complete a non-judicial foreclosure in Massachusetts. The process may be interrupted or delayed, however, if the borrower formally contests the process in court or files for bankruptcy.

Additional Resources

Lowell, Massachusetts Gates and Locks.

Here are some further resources to help you navigate the home buying process in Massachusetts.

Homeowners May Want to Refinance While Rates Are Low

The Federal Reserve has hinted they are likely to taper their bond buying program later this year. Lock in today's low rates and save on your loan.

Are you paying too much for your mortgage?

Find Out What You Qualify For

Check your refinance options with a trusted local lender.

Answer a few questions below and connect with a lender who can help you refinance and save today!

Источник: https://www.mortgagecalculator.org/mortgage-rates/massachusetts.php

Mortgage Products
& Resources

MassHousing Loan

More than 50,000 families have used a simple, straightforward MassHousing loan to buy their first home.

Features of a MassHousing Loan

With a loan from MassHousing, you'll get

  • Affordable interest rates, fixed for the life of the loan
  • Mortgage payment protection, which helps pay your loan in case you lose your job
  • No hidden fees or other surprises

Additional Benefits

  • Low-and no-downpayment options
  • Flexible underwriting and income limits mean more families qualify
  • Loans serviced by MassHousing. If you have a question or concern, you'll know who to call

Eligibility

To qualify for a MassHousing Loan, borrowers must

  • Meet income guidelines
  • Purchase a condominium, single family, 2, 3 or 4-family property
  • Have good credit
  • Complete a homebuyer education course, if you are a first-time homebuyer or purchasing a multi-family property

Want to learn more? Ask a participating lender about a MassHousing loan. See if you might be eligible for a MassHousing Mortgage!

Rehabilitation Option 

A MassHousing Mortgage with Rehabilitation can help you purchase and rehabilitate a property, or refinance and rehabilitate your current home. 

How to Apply

To apply for a MassHousing Mortgage with Rehabilitation, contact a participating lender or rehabilitation agency. 

Income Limits

To obtain a MassHousing Mortgage with Rehabilitation, borrowers must meet income limits, which vary by city or town. 

Up to 75% of the ''as completed" appraised value of the property can be financed toward renovation costs. 

Available on 1-to-4-family properties 

Downpayment

A MassHousing Mortgage with Rehabilitation features low-and no-down payment requirements. Down payment and closing cost assistance can be used in partnership with this program.

Loan Terms 

  • Minimum rehabilitation amount is $10,000 for all property types.
  • Rehabilitation costs include the amount required to pay for the repairs, as well as other allowable expenses:
    • Inspection fees
    • Title update fees
    • Required contingency reserve equal to 10% of the total rehabilitation cost.

DownPayment Assistance Option

MassHousing has expanded its Down Payment Assistance Program to empower first-time homebuyers in Massachusetts!

  • Increased Assistance: MassHousing now provides down payment assistance for up to 5% of the purchase price or $15,000, whichever is less
  • More Property Types: Single-family homes, condominiums and 2-, 3- or 4-family properties are now eligible
  • Higher Income Limits: First-time homebuyers in Boston and the Commonwealth's 26 Gateway Cities* can earn up to 135% of the area median income (AMI); first-time buyers can earn up to 100% of AMI in the remainder of the Commonwealth. View income limits.
  • Down payment assistance is a 15-year, fixed-rate loan at 2%
    (Example: $15,000 down payment assistance loan = 180 payments of $96.53; 2.011% APR)
  • Repayment of the down payment assistance is also due upon sale or refinance of the property prior to the end of the 15-year term

*The Gateway Cities are Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Revere, Salem, Springfield, Taunton, Westfield, and Worcester

Operation Welcome Home

Operation Welcome Home provides affordable mortgage financing as well as closing cost and down payment assistance to help members of the Reserves and National Guard, active-duty military, Veterans and Gold Star Families achieve the dream of homeownership.

All Operation Welcome Home loans feature

  • Affordable interest rates, fixed for the life of the loan
  • Flexible underwriting and income limits
  • Loan servicing by MassHousing. If you have a question, you’ll know who to call!    

 

$2,500 Closing Cost Credit
Operation Welcome Home borrowers can now take advantage of a closing cost credit for up to $2,500. Mortgage closing costs are an often overlooked expense. This credit is in addition to MassHousing's Down Payment Assistance Program.

DownPayment Assistance

Operation Welcome Home borrowers can qualify for a down payment assistance loan for up to 5% of the purchase price or $15,000, whichever is less. Learn more about Down Payment Assistance from MassHousing!

Mortgage Insurance (MI) Options 

Not all MassHousing Mortgages require MI. Loans insured by MassHousing feature 

  • Mortgage Payment Protection with MI Plus: unique coverage that helps pay your mortgage if you lose your job!  Regardless of which MI option you choose, all loans insured by MassHousing feature MI Plus, a unique borrower protection that helps pay your mortgage if you lose your job.
  • Discounted MI premiums for eligible borrowers
  • Monthly and single MI premiums available

MI Plus

Regardless of which MI option you choose, all loans insured by MassHousing feature MI Plus, a unique borrower protection that helps pay your mortgage if you lose your job. MI Plus

  • Covers principal and interest payments for up to six months (up to $2,000/month)
  • Comes at no added cost on loans insured by MassHousing
  • May be used for any six months during the first 10 years of the loan.

View Participating Lenders of MassHousing Mortgages

Источник: https://www.mymassmortgage.org/masshousing-products

Massachusetts Mortgage Rates

Massachusetts Mortgage Overview

Massachusetts has around 6.8 million people and the average home price is around $380,000. It's one of the most populated states in the New England area thanks to its incredible economy rich with high-tech companies and a diverse set of industries.

If you're looking for a stable place to buy a home Massachusetts is a great choice. Here are your loan options in Massachusetts:

Massachusetts FHA loans

Borrowers with less than perfect credit enjoy the FHA loan. You only need a 580 credit score for a 3.5 percent down payment or a 500 - 579 score with a 10 percent down payment. FHA loans have flexible deb ratio guidelines and as long as you have a stable income, may be a good candidate. The rates are low, but the mortgage insurance lasts for the loan term.

Massachusetts VA loans

Veterans don't need perfect credit to buy a home. The VA loan makes it easy. All you need is proof of your time in the military, a 620 credit score, and enough money to cover your debts and the cost of living. VA loans don't charge mortgage insurance.

Massachusetts USDA loans

If you will live in a rural area and make less than 115 percent of the area's median income, the USDA loan may be a great option. You don't need a down payment but must have a 640 credit score and a max 41 percent debt ratio. USDA loans have mortgage insurance for the loan term, but the rates are low.

Massachusetts conventional loans

If you have great credit and a 3 percent down payment for first-time homebuyers or 5 percent for everyone else, the conventional loan may be a great option. Conventional loans require low debt ratios and stable employment, but in exchange have low rates and Private Mortgage Insurance you can cancel when you owe less than 80 percent of the home's value.

First-Time Homebuyer Programs in Massachusetts

MassHousing Mortgage

The MassHousing mortgage makes it easy to afford a mortgage if you are within the income limits for your area. It offers low interest rates to make the mortgage more affordable.

Down payment assistance

Receive up to 5 percent of the home's purchase price or $15,000 as a 15-year term with a 2 percent rate. If you sell the home or refinance, the loan becomes immediately payable.

Workforce Advantage 2.0

If you earn 80 percent or less of the area's median income, and purchase a single-family home or condo, you may secure a low rate first mortgage and 0% interest down payment loan. Payments are deferred until you move or refinance the loan.

Expanded Down Payment Assistance

If you move to certain areas of MA, you may receive an amount of down payment assistance that's 5 percent of the sales price or $25,000, whichever is less.

Operation Welcome Home

Veterans and members of the Reserves may get up to $2,500 in closing cost assistance along with a loan with favorable terms.

Источник: https://www.mlcalc.com/mortgage-rates/massachusetts/
Nós falamos Português

MassHousing's Staff Homebuying Experts

TEL: 888.843.6432

Search

Routing #:
211371447
NMLS ID:
407656

Mortgages

At South Shore Bank, we pride ourselves on our lasting reputation as an outstanding mortgage lender. We work proudly with real estate professionals, builders and homebuyers throughout our community.

As a local, full-service mortgage lender, our dedicated team of professionals at South Shore Bank is here to assist you every step of the way. Your mortgage needs are unique, so whether you're planning to purchase your first home or looking to refinance an existing mortgage, we're ready to help you with whatever you need! 

Apply Now

First Time and Affordable Housing Buyers

We are a participating lender with MassHousing, an independent, quasi-public agency charged with providing financing for affordable housing in Massachusetts. We will work together and make homeownership a reality for all qualified borrowers.

Reach out to one of our lending specialists to see if you qualify, or stop into your nearest branch today!

Learn More- MassHousing

First-Time Home Buyer

Buying your first home can be over-whelming and often times expensive. We're here to help! We'll cover the cost of your appraisal, and reduce your rate by 0.125% off our standard qualifying rate!*

Contact Us- First-Time Home Buyer

Hometown Heroes

We want to give back to our local heroes who keep us all healthy and safe!

Eligible heroes include: Healthcare Professionals (doctors, nurses, certified nursing assistants, pharmacists, pharmacy technicians, physician's assistants, therapists, medical technicians, or technologists), Educators (pre-K through grade 12 teachers, administrators, or counselors) and First Responders (EMS, Fire, and Police).

As our thanks to you for all you do, this product reduces the interest rate by .125% to help you save money when purchasing a new home or refinancing an existing mortgage.**

Contact Us- Hometown Heroes

Refinance your Current Loan

If you think your rate is too high, we might be able to help! Give us a call to see how we may be able to lower your rate, and help you save on monthly payments.  

Getting ready to make some home improvements or pay down a debt? We offer ways to structure a cashout-refinance to get you the funds you need. 

We have a wide variety of loan terms to help meet your needs, so if you're looking to avoid interest payment and pay your current mortgage off sooner, we may be able to help!

Our team of highly qualified lending officers are here to answer your questions! We'll work on lending solutions for you, or you can start your refinance online if you're ready to get started today. As always, we’re here to help you either way, and have tools like our calculator to help you get started. 

Contact Us- Refinance

Home Purchase

The perfect loan for the perfect home

Since 1833 South Shore Bank has been taking care of the lending needs of our community. Our lending specialists are here to help you with your home purchase, whether you begin your application online or in-person. 

Our team of highly qualified lending officers are here to answer your questions and work on lending solutions for you. 

Products

  • Conventional Fixed Rate Loans
  • Adjustable Rate Loans (ARMs)
  • Jumbo Loans

Contact Us- Home Purchase

Construction & Renovation

Lets build or renovate your new home together!

Our construction programs are here to help you and your builder finance the home of your dreams. Create a funding schedule that pays out your construction needs to your contractor as planned! Pay interest only on the first 12 months of construction disbursements and have your loan automatically convert to a fixed rate loan after.

To work with one of our lending specialists for Construction loans, stop into your nearest branch or give one of our lenders a call.

Contact Us- Construction & Renovation

Home Equity Loan

A Home Equity Loan lets you borrow a single lump sum of money that will be repaid over the course of an agreed upon term. Since both the rate and term are fixed, loan payments will be predictable!

Contact Us- Home Equity LoanLoan Details

Ready to get started?

Easily apply online, and our local team will follow up with you shortly! South Shore Bank is a licensed mortgage lender in Massachusetts. Our NMLS # is 407656.

For more information and guidance, please visit your local branch or contact our South Shore Bank Client Information Center (CIC) at 781.682.3715 or [email protected]

* First Time Homebuyer loans are available to borrowers who are purchasing their first home or have not owned or been part owner of a home for more than 3 years. South Shore Bank will cover the cost of the appraisal on eligible First Time Homebuyer loans. To be eligible for discounted rate and appraisal cost coverage: 1) open a new South Shore Bank Checking account, which is subject to approval, OR have an existing South Shore Bank Checking account; AND 2) set-up and continuance of an automatic payment deduction from a South Shore Bank Checking account. LTV maximum is 95% and FICO minimum is 660.

** Hometown Heroes loans are available to healthcare workers including, Doctors, Nurses (including RN, LPN, APN's), therapists including Physical and Occupational. Pre K – 12th Grade teachers, administrators, and counselors for both public and private schools. Additionally, First Responders including Fire, Police, and EMS personnel are eligible. To be eligible for discounted rate: 1) open a new South Shore Bank Checking account, which is subject to approval, OR have an existing South Shore Bank Checking account; AND 2) set-up and continuance of an automatic payment deduction from a South Shore Bank Checking account. LTV maximum is 95% and FICO minimum is 660.

Источник: https://prod-web-southshore.azurewebsites.net/lending/mortgages
current mass housing interest rate

Comments

  1. agree ... i was so excited everthing was going so well. suddenly he skipped the linking part. and .......

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