The Best Mortgage Lenders in Swansea, MA
Compare verified mortgage lenders serving Swansea, Massachusetts. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Swansea
Featured Mortgage Lenders
BayCoast Bank Mortgage Department
BayCoast Bank
BayCoast Bank stands as the premier local mortgage lender in Swansea with deep community roots spanning over a century. As a community-focused bank headquartered in the region, they offer personalized service and competitive rates with loan officers who understand the local Swansea real estate market. Their mortgage team provides comprehensive guidance through the entire home buying process, from pre-approval to closing, with the advantage of local underwriting and decision-making. Customers consistently praise their responsive service, transparency about fees, and ability to close loans efficiently.
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People's Credit Union Mortgage Services
People's Credit Union
People's Credit Union has been serving the Swansea area and surrounding communities for generations with exceptional mortgage services. As a member-owned financial cooperative, they offer highly competitive rates and personalized attention that larger national lenders can't match. Their mortgage specialists are known for taking time to educate borrowers, explain all options clearly, and guide first-time homebuyers through the process with patience and expertise. The credit union receives outstanding reviews for their low closing costs, flexible loan programs, and commitment to finding the right mortgage solution for each member's unique financial situation.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage has established an exceptional reputation in the Swansea area for their streamlined digital mortgage process and outstanding customer service. While a national lender, they maintain strong local presence with dedicated loan officers who understand the Massachusetts market. They're particularly praised for their "On-Time Closing Guarantee" and efficient processing that often closes loans in as little as 3 weeks. Customers consistently highlight their transparent communication, competitive rates, and the ability to handle complex loan scenarios with expertise. Their high volume of positive reviews emphasizes their reliability and stress-free mortgage experience.
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Frequently Asked Questions
Common questions about mortgage lending in Swansea, MA
What are the current average mortgage rates for homebuyers in Swansea, MA?
Mortgage rates in Swansea typically align with national averages but can be influenced by local market conditions. As of late 2024, conventional 30-year fixed rates in the area generally range from 6.5% to 7.25%, though rates vary by lender, credit score, and loan type. Swansea buyers should compare rates from both local Massachusetts lenders and national institutions to secure the best terms.
Are there any first-time homebuyer programs specifically available to Swansea residents?
Yes, Swansea homebuyers can access Massachusetts' state-wide programs like MassHousing's ONE Mortgage program, which offers low down payments (as little as 3%) and competitive interest rates. Additionally, the MassDREAMS program may provide down payment assistance grants for eligible first-time buyers in Bristol County, which includes Swansea. These programs are particularly valuable given Swansea's median home prices.
How does Swansea's proximity to Providence and Fall River affect mortgage lending considerations?
Swansea's location in the Providence-Fall River metro area means many lenders consider it part of a competitive housing market, which can impact appraisal values and loan approval processes. Buyers should be prepared for potential bidding wars, particularly on well-priced homes, and work with lenders experienced in this regional market. The area's strong commuter appeal to both Massachusetts and Rhode Island job centers also supports property values.
What unique closing costs should I expect when getting a mortgage in Swansea?
Beyond standard closing costs, Swansea homebuyers should budget for Massachusetts-specific fees including the state's deed transfer tax (typically split between buyer and seller), mortgage recording tax, and local title insurance rates that may be higher than national averages. Bristol County recording fees and potential Swansea-specific municipal lien certifications are additional local considerations that can add $2,000-$4,000 to typical closing costs.
Are there any special mortgage considerations for purchasing waterfront property in Swansea?
Yes, waterfront properties along the Cole, Lee, and Touisset areas often require additional insurance coverage like flood insurance, which lenders typically mandate and can significantly impact your monthly payment. These properties may also require specialized appraisals and might have different loan-to-value requirements from lenders. Given Swansea's coastal location, flood zone determinations are a critical early step in the mortgage process for waterfront homes.
Why Choose a Mortgage Lender in Swansea?
Local Market Knowledge
Lenders who understand Swansea'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 Swansea and get competitive rates on your home loan.