The Best Mortgage Lenders in Shrewsbury, MA
Compare verified mortgage lenders serving Shrewsbury, Massachusetts. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Shrewsbury
Featured Mortgage Lenders
Bay State Savings Bank Mortgage Team
Bay State Savings Bank
Bay State Savings Bank has been serving Central Massachusetts communities including Shrewsbury for over 125 years, earning exceptional customer satisfaction ratings for their personalized mortgage services. As a local community bank, they offer competitive rates with the advantage of local decision-making and relationship-based lending. Their mortgage team provides comprehensive guidance through the entire home buying process, from pre-approval to closing, with particular expertise in first-time homebuyer programs and Massachusetts-specific loan options.
Loan Types:
Leader Bank Mortgage Division
Leader Bank
Leader Bank has established itself as one of Massachusetts' top mortgage lenders with a strong presence throughout the Greater Boston area including Shrewsbury. They consistently receive high marks for their competitive rates, efficient processing, and exceptional customer service. The bank specializes in both traditional and complex mortgage scenarios, with particular strength in jumbo loans and investment property financing. Their digital mortgage platform combined with local expertise makes them a preferred choice for Shrewsbury homebuyers seeking a seamless lending experience.
Loan Types:
Fairway Independent Mortgage Corporation - Worcester Team
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation's Worcester branch serves the Shrewsbury community with outstanding customer service ratings and extensive mortgage expertise. As one of the nation's largest mortgage lenders with strong local presence, they offer competitive rates across all loan types with particular excellence in first-time homebuyer programs and VA loans. Their team provides personalized service with the backing of national resources, ensuring smooth transactions and timely closings. The company has received multiple industry awards for customer satisfaction and operational excellence.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Shrewsbury, MA
What are the current average mortgage rates for homebuyers in Shrewsbury, MA?
Current mortgage rates in Shrewsbury typically align with national averages but can vary slightly based on local lenders and property types. As of 2024, you can expect 30-year fixed rates around 6.5-7% and 15-year fixed rates around 6-6.5% from local lenders like Avidia Bank and DCU. It's wise to compare rates from multiple Shrewsbury-area lenders since even small differences can significantly impact your monthly payments in this competitive market.
Are there any first-time homebuyer programs specifically available for Shrewsbury residents?
Yes, Shrewsbury homebuyers can access Massachusetts' One Mortgage Program, which offers low down payments (as little as 3%) and more flexible credit requirements. Additionally, the MassHousing Mortgage program provides competitive rates and down payment assistance that can be particularly helpful given Shrewsbury's median home prices. Many local lenders also offer special first-time buyer programs with reduced fees for Shrewsbury properties.
How does Shrewsbury's property tax rate affect my mortgage qualification and payments?
Shrewsbury's current property tax rate of approximately $15.28 per $1,000 of assessed value is an important factor in your mortgage calculation. Lenders will include these taxes in your debt-to-income ratio assessment, and your monthly mortgage payment will include escrow for property taxes. Given Shrewsbury's above-average home values, property taxes can add several hundred dollars to your monthly payment, so factor this into your budget.
What special considerations should I know about getting a mortgage for Shrewsbury's historic homes?
If you're considering one of Shrewsbury's historic properties, particularly in areas like the Town Center Historic District, you'll need specialized financing. Many lenders require additional inspections and may have stricter requirements for older homes. Look for lenders experienced with historic properties in Worcester County, and consider that renovation loans might be necessary if the home needs updates to meet modern standards.
How competitive is the mortgage pre-approval process in Shrewsbury's housing market?
Given Shrewsbury's highly competitive real estate market and desirable school system, having a strong pre-approval is crucial. Sellers often receive multiple offers, so working with a local lender who can provide quick underwriting and solid pre-approval letters gives you an advantage. Many successful buyers in Shrewsbury obtain pre-approvals from lenders who have established relationships with local real estate agents and can offer faster closing timelines.
Nearby Cities
Explore mortgage lenders in cities near Shrewsbury, MA
Why Choose a Mortgage Lender in Shrewsbury?
Local Market Knowledge
Lenders who understand Shrewsbury'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 Shrewsbury and get competitive rates on your home loan.