The Best Mortgage Lenders in Melrose, MA
Compare verified mortgage lenders serving Melrose, Massachusetts. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Melrose
Featured Mortgage Lenders
Michael McCarthy
CrossCountry Mortgage, LLC
CrossCountry Mortgage has established itself as one of the top-rated mortgage lenders in the Greater Boston area, serving Melrose with exceptional customer satisfaction. With over 20 years of experience, they offer a comprehensive range of loan products and are particularly noted for their competitive rates and personalized service. Their local team understands the unique Melrose real estate market and provides dedicated support throughout the entire mortgage process, from pre-approval to closing.
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John McGeoghegan
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation has built an outstanding reputation throughout Massachusetts with consistently high customer ratings. Their local branch serves Melrose homeowners with a wide array of mortgage solutions and exceptional customer service. They are particularly recognized for their efficient processing, competitive rates, and expertise in both purchase and refinance transactions. The company's long-standing presence since 1996 demonstrates their stability and commitment to the community.
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Metro Credit Union
Metro Credit Union
As one of Massachusetts' largest credit unions, Metro Credit Union has been serving the Melrose community for decades with exceptional mortgage lending services. Their not-for-profit structure often allows for more competitive rates and lower fees than traditional banks. They offer personalized mortgage counseling and have deep expertise in local market conditions. With multiple branches throughout the region and extensive digital banking capabilities, they provide both convenience and exceptional member service that consistently earns high customer satisfaction ratings.
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Frequently Asked Questions
Common questions about mortgage lending in Melrose, MA
What are the current mortgage rates like for homes in Melrose, MA?
Mortgage rates in Melrose typically align with national averages but can be slightly higher due to Massachusetts' competitive housing market. As of recent trends, 30-year fixed rates in Melrose range between 6.5-7%, though this varies by lender, credit score, and loan type. It's advisable to compare rates from local credit unions and regional banks who understand the Melrose market specifically.
Are there any first-time homebuyer programs specifically for Melrose residents?
Yes, Melrose homebuyers can access the MassHousing Mortgage program, which offers competitive interest rates and down payment assistance. Additionally, the City of Melrose occasionally partners with state programs like ONE Mortgage, providing affordable financing options with low down payments. These programs are particularly valuable given Melrose's median home prices, which often exceed $700,000.
How does Melrose's property tax rate affect my mortgage payments?
Melrose's property tax rate is approximately $11.20 per $1,000 of assessed value, which is relatively moderate for the Boston metro area. This means on a $700,000 home, you'd pay about $7,840 annually in property taxes, which lenders will factor into your monthly mortgage payment through an escrow account. Understanding this impact is crucial for budgeting in Melrose's housing market.
What special considerations should I know about getting a mortgage for a multi-family home in Melrose?
Multi-family properties are common in Melrose and require different lending criteria, typically requiring 15-25% down payment rather than the standard 3-20% for single-family homes. Lenders will also consider potential rental income from additional units when qualifying you, which can be beneficial given Melrose's strong rental market near Boston. You'll need to provide documentation of rental income potential for accurate underwriting.
Are there any local down payment assistance programs available for Melrose homebuyers?
While Melrose doesn't have city-specific down payment assistance, buyers can utilize Massachusetts state programs like the MassHousing Down Payment Assistance program, which provides up to $15,000 towards down payment and closing costs. Many local lenders also offer special programs for Melrose buyers, particularly for those purchasing two- or three-family homes that contribute to the city's housing stock.
Why Choose a Mortgage Lender in Melrose?
Local Market Knowledge
Lenders who understand Melrose'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 Melrose and get competitive rates on your home loan.