The Best Mortgage Lenders in Fairhaven, MA
Compare verified mortgage lenders serving Fairhaven, Massachusetts. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Fairhaven
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a highly-rated national mortgage lender with a robust presence in Massachusetts, serving Fairhaven through its Boston office. Known for competitive rates, a user-friendly digital application platform, and exceptional customer service, they consistently receive high marks for efficiency and transparency. Their extensive loan options and strong local agent partnerships make them a top choice for homebuyers in the South Coast region.
Loan Types:
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is renowned for its personalized approach and deep local expertise, with a Quincy office that actively serves the Fairhaven area. They excel in customer satisfaction, offering tailored mortgage solutions and educational resources. Their commitment to community involvement and numerous positive reviews highlight their reliability and dedication to helping homebuyers navigate the lending process smoothly.
Loan Types:
New American Funding
New American Funding, LLC
New American Funding provides a wide array of loan products and is praised for its competitive rates and inclusive lending practices. With a strong regional presence from their Braintree office, they serve Fairhaven residents with reliability and expertise. Their high customer satisfaction scores and focus on diverse financing options make them a trusted lender for first-time and repeat homebuyers in the area.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Fairhaven, MA
Are there any first-time homebuyer programs specific to Fairhaven, MA that can help with down payment or closing costs?
Yes, the Massachusetts Housing Partnership's ONE Mortgage Program is popular in Fairhaven and offers a low down payment (as little as 3%), no private mortgage insurance, and a below-market interest rate. Additionally, the MassHousing Mortgage program provides competitive rates and down payment assistance options that are accessible to Fairhaven residents purchasing their first home.
How do Fairhaven's flood zone designations affect the mortgage process?
Given Fairhaven's coastal location, many properties require flood insurance, which is mandatory for mortgages in FEMA-designated Special Flood Hazard Areas. Lenders will require a flood certification during underwriting, and buyers should budget for this additional insurance cost, which can range from $500 to $2,000+ annually depending on the property's elevation and flood risk.
What are typical mortgage rates available to Fairhaven homebuyers compared to national averages?
Fairhaven mortgage rates typically align with national averages but can vary by 0.125-0.25% based on the lender and loan program. Currently, rates in Fairhaven range from 6.5% to 7.25% for 30-year fixed mortgages, with local credit unions often offering competitive rates. It's advisable to compare offers from both local Massachusetts lenders and national institutions.
Are there any property tax considerations in Fairhaven that impact mortgage affordability?
Fairhaven has a property tax rate of approximately $11.65 per $1,000 of assessed value (FY2024), which is slightly above the Massachusetts average. Lenders factor this into your debt-to-income ratio, and many Fairhaven homeowners opt for lender-administered escrow accounts to spread tax payments monthly. First-time buyers should specifically budget for this ongoing expense.
What special mortgage considerations exist for purchasing historic homes in Fairhaven's designated districts?
Purchasing historic properties in areas like Fairhaven's Center Street Historic District may require specialized lending considerations. While these homes can qualify for standard mortgages, lenders may require additional inspections and some may have restrictions on major exterior alterations. Massachusetts offers historic rehabilitation tax credits, but these typically don't directly affect the mortgage process itself.
Nearby Cities
Explore mortgage lenders in cities near Fairhaven, MA
Why Choose a Mortgage Lender in Fairhaven?
Local Market Knowledge
Lenders who understand Fairhaven'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 Fairhaven and get competitive rates on your home loan.