The Best Mortgage Lenders in Boston, NY
Compare verified mortgage lenders serving Boston, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Boston
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated mortgage lender known for its competitive rates, innovative digital mortgage platform, and high customer satisfaction. With over two decades of experience, they offer a streamlined application process and personalized service through local experts in Boston. Their strong reputation is backed by numerous industry awards and a commitment to transparency, making them a preferred choice for homebuyers and refinancers in the area.
Loan Types:
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is highly regarded for its exceptional customer service, extensive loan options, and community-focused approach. Serving the Boston area for nearly three decades, they provide tailored mortgage solutions with a emphasis on education and support for first-time homebuyers. Their consistent high ratings reflect a dedication to reliability and competitive pricing, backed by a team of local professionals.
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New American Funding
New American Funding, LLC
New American Funding stands out for its diverse loan programs, including specialized options for underserved communities and first-time homebuyers. With over 20 years in business, they have built a strong presence in Boston by offering competitive rates, flexible terms, and personalized service. Their high customer satisfaction scores and commitment to innovation make them a trusted lender for purchases and refinances in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Boston, NY
What are the current mortgage rates like in Boston, and how do they compare to national averages?
Mortgage rates in Boston are typically very close to national averages, as they are driven by broader economic factors. However, due to Boston's competitive and high-cost market, lenders may have slightly different qualifying criteria. It's always wise to shop around with both local credit unions and national lenders to find the best combination of rate and service for your specific financial situation.
Are there any special first-time homebuyer programs available in Boston?
Yes, the City of Boston offers the ONE+ Mortgage Program, which provides a deferred, no-interest loan of up to $50,000 for down payment and closing cost assistance. This program is specifically for first-time homebuyers purchasing a 1-4 family home in Boston, with income and purchase price limits. Additionally, MassHousing offers competitive first-time buyer loans with lower down payments and no private mortgage insurance (PMI).
How does Boston's high property tax rate affect my mortgage qualification and monthly payment?
Boston's effective property tax rate is relatively high compared to other U.S. cities. Lenders will include your estimated property taxes in your debt-to-income (DTI) ratio calculation, which can significantly impact how much home you can qualify for. When budgeting, be sure to account for this substantial monthly escrow payment, as it can add hundreds of dollars to your total monthly housing cost.
What should I know about getting a mortgage for a condo in Boston, especially in older buildings?
Financing a condo in Boston, particularly in historic brownstones or older associations, comes with extra scrutiny. Lenders will closely review the condo association's budget, reserves, insurance, and the percentage of owner-occupants. Many older buildings have high monthly condo fees and may not meet Fannie Mae or Freddie Mac guidelines, potentially requiring a non-conforming portfolio loan, which can have stricter terms.
Does Boston's competitive real estate market require specific mortgage strategies?
Absolutely. To be competitive, you should get a strong pre-approval (not just a pre-qualification) from a reputable local lender. Consider waiving the mortgage contingency only with extreme caution and after thorough vetting. Being prepared to close quickly is also an advantage, so working with an efficient, responsive lender familiar with Boston's fast-paced market and complex closing process is crucial.
Why Choose a Mortgage Lender in Boston?
Local Market Knowledge
Lenders who understand Boston'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 New York.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Boston and get competitive rates on your home loan.