The Best Mortgage Lenders in Burlington, MA
Compare verified mortgage lenders serving Burlington, Massachusetts. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Burlington
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong local presence in the Burlington area, known for its competitive rates and digital-first approach that simplifies the home loan process. With over two decades of experience, they excel in customer satisfaction, offering a wide range of loan products and personalized service. Their high ratings stem from efficient processing, transparency, and a commitment to helping borrowers secure optimal financing, making them a preferred choice for homebuyers in Massachusetts.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a highly reputable lender with deep roots in New England, serving Burlington residents with exceptional customer service and competitive loan options. Founded in 1996, they have built a strong track record for reliability, offering tailored solutions for various home financing needs. Their high customer ratings reflect a focus on community engagement, fast closings, and expert guidance, making them a trusted partner for mortgages in the region.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a dynamic lender with a physical office in Burlington, providing localized service and innovative mortgage solutions. Since its founding in 2008, it has gained a reputation for speed and reliability, with a focus on community support and customer satisfaction. Their high ratings are driven by a streamlined application process, competitive rates, and a dedication to making homeownership accessible, ideal for buyers in the Burlington area seeking a responsive and experienced lender.
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Frequently Asked Questions
Common questions about mortgage lending in Burlington, MA
What are the current mortgage rates like for homebuyers in Burlington, MA?
Mortgage rates in Burlington are typically competitive with national averages but can be influenced by Massachusetts' higher cost of living. As of recent trends, rates for 30-year fixed mortgages in the area generally range from the mid-6% to low-7% range, though this varies by lender and borrower qualifications. It's advisable to compare rates from both local credit unions and national lenders serving the Burlington market.
Are there any first-time homebuyer programs specifically available in Burlington?
Yes, Burlington homebuyers can access Massachusetts' state-wide programs like MassHousing and the ONE Mortgage program, which offer competitive interest rates and down payment assistance. While Burlington doesn't have city-specific programs, these state programs are particularly valuable given Burlington's higher-than-average home prices. Many local lenders are well-versed in these programs and can help you determine eligibility.
How does Burlington's high property value affect mortgage lending requirements?
Burlington's median home prices, which often exceed $800,000, frequently require jumbo loans that have stricter qualification standards. Lenders typically require higher credit scores (often 700+), larger down payments (15-20% minimum), and more extensive reserve requirements. Given the premium home values in desirable neighborhoods like the Burlington Mall area, buyers should be prepared for more rigorous financial scrutiny.
What local factors should I consider when choosing a mortgage lender in Burlington?
Look for lenders with strong local market knowledge, particularly regarding Burlington's specific condo approval processes and understanding of the town's desirable school districts. Local credit unions like Northern Bank & Trust often have competitive rates and understand the nuances of the Burlington market. Also consider lenders familiar with the high-density of tech employers in the area, as they may offer specialized programs for professionals in these industries.
How do Burlington's property taxes impact mortgage affordability calculations?
Burlington's property tax rate is relatively moderate for Massachusetts (around $10.50 per $1,000 assessed value), but the high home values mean actual tax bills are substantial. Lenders will factor these taxes into your debt-to-income ratio, which can affect how much house you can qualify for. Given that annual property taxes on a typical Burlington home often exceed $8,000, this significantly impacts your monthly housing payment and borrowing capacity.
Why Choose a Mortgage Lender in Burlington?
Local Market Knowledge
Lenders who understand Burlington'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 Burlington and get competitive rates on your home loan.