The Best Mortgage Lenders in Andover, MA
Compare verified mortgage lenders serving Andover, Massachusetts. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Andover
Featured Mortgage Lenders
Jeanne D'Arc Credit Union
Jeanne D'Arc Credit Union
Jeanne D'Arc Credit Union stands as one of the most highly-rated mortgage lenders serving Andover directly, with an exceptional 4.8-star rating across hundreds of reviews. As a community-focused financial institution with over a century of service, they offer personalized mortgage solutions with competitive rates and local underwriting. Their Andover branch provides convenient in-person service, and they're particularly praised for their first-time homebuyer programs and responsive loan officers. The credit union's member-owned structure often results in lower fees and more flexible qualification requirements than traditional banks.
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North Easton Savings Bank
North Easton Savings Bank
North Easton Savings Bank has built an outstanding reputation across Eastern Massachusetts with a 4.7-star rating and nearly two centuries of community banking experience. While based in North Easton, they actively serve the Andover market and are renowned for their competitive rates and exceptional customer service. Their mortgage team includes local experts who understand the Andover real estate market specifically. Customers consistently praise their streamlined application process, transparent communication, and ability to close loans quickly. The bank offers a comprehensive range of mortgage products with particularly strong conventional and jumbo loan options.
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Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate maintains a strong physical presence in Andover with a local office and has earned a 4.6-star rating through thousands of positive reviews nationwide. As one of the largest retail mortgage lenders in the U.S., they combine national scale with local expertise, offering competitive rates and innovative digital mortgage technology. Their Andover-based loan officers have deep knowledge of the local market and are praised for their responsiveness and professionalism. The company is particularly noted for their streamlined online application process, quick closing times, and extensive loan product selection, making them a top choice for both purchase and refinance transactions in the Andover area.
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Frequently Asked Questions
Common questions about mortgage lending in Andover, MA
What are the current mortgage rates like for homebuyers in Andover, MA?
Mortgage rates in Andover typically align with national averages but can be slightly higher due to Massachusetts' competitive real estate market. As of recent trends, 30-year fixed rates in Andover range between 6.5-7%, though this varies by lender, credit score, and loan type. Local lenders familiar with Andover's market often provide competitive rates for well-qualified buyers in this affluent community.
Are there any first-time homebuyer programs specifically available in Andover?
While Andover doesn't have town-specific programs, first-time homebuyers can access Massachusetts statewide programs like MassHousing and ONE Mortgage, which offer lower down payments and competitive rates. These programs are particularly valuable in Andover's expensive market, where the median home price exceeds $900,000. Many local lenders are well-versed in these programs and can help Andover buyers navigate eligibility requirements.
How does Andover's high property value affect mortgage lending requirements?
Andover's high property values often mean buyers need larger loan amounts, which can trigger jumbo loan requirements for mortgages over $766,550 (2023 conforming limit). Jumbo loans in Andover typically require stronger credit profiles (700+ scores), larger down payments (10-20%), and more cash reserves. Local lenders familiar with Andover's luxury market can help structure these larger loans effectively.
What special considerations should I know about getting a mortgage for Andover's historic homes?
Many homes in Andover's historic districts require special mortgage considerations, particularly if they're designated historic properties. Lenders may require additional inspections and appraisals that account for historic preservation requirements. Some renovation loans like the FHA 203(k) can be particularly useful for updating Andover's older homes while maintaining historical integrity, though local preservation guidelines must be followed.
How do Andover's property taxes impact mortgage affordability calculations?
Andover's property tax rate (approximately $13.50 per $1,000 assessed value) significantly impacts debt-to-income ratios and overall affordability. For a typical $900,000 home, annual taxes around $12,150 must be factored into monthly payments. Lenders will carefully evaluate this tax burden during pre-approval, and many recommend setting aside additional funds for potential tax increases given Andover's excellent school system and municipal services.
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Why Choose a Mortgage Lender in Andover?
Local Market Knowledge
Lenders who understand Andover's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Massachusetts.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Andover and get competitive rates on your home loan.