Working with Mortgage Lenders in Massachusetts

What to expect from mortgage companies in MA

Your expectations when working with mortgage lenders in Massachusetts depend on the type of lender. A lender that works directly for a lending institution will provide all of the options that particular lender allows and that you qualify for. Other lenders actually work as brokers that shop your loan to a variety of lending institutions.

Brokers that provide mortgages in Massachusetts can provide access to more lenders but may not share your best interests. Brokers usually receive a commission from the lender and will tend to push mortgages that offer the greatest profit for them.

There are three points you should discuss with a MA mortgage lender when considering which one to use:

1. Interest rate on the loan. Rates change quickly in the volatile housing market and your credit rating will also affect the rate you can expect from Massachusetts mortgage companies.

2. Points on the loan. Prepaid mortgage interest points will lower your interest rate but other types of points may not benefit you at all.

3. Closing costs. Lenders charge fees for various services and you will want to know what they are as soon as possible.

 

Get loan offers through a Massachusetts mortgage broker

Talk with several of the broker's recent clients before getting a loan through that broker. Find out if the broker was able to meet all of their expectations.
Try: Poli Mortgage Group is in Norwood and offers a variety of tools for homeowners in addition to standard broker services. GSF Mortgage Corporation is based in Winchendon and provides a full range of brokerage services.

Obtain a referral for mortgages in Mass. from a real estate agent

Real estate agents usually send a substantial amount of business to their preferred lenders. A smart mortgage lender will take good care of these referrals.
Try: ReMax Prestige is based in Dracut and provides specific information on agency relationships including mortgage brokers. Priscilla Stolba Real Estate in Mashpee lists banks that it does business with.

Solicit quotes directly from mortgage companies in Massachusetts

You may want to contact a lender directly if you are already comfortable with one. Local lenders should be familiar with specific factors that affect the housing market in your area.
Try: Homestead Funding in Chalmsford provides an online pre-qualification form and a complete range of mortgage products. Applied Mortgage Services is located in Northampton and offers FHA and VA loans.

 

• Mortgage lenders may sell Massachusetts mortgages to another company. Don't be surprised if you receive a notice from both the old and new lending company advising you of the change and providing instructions for making your payments to the new lending company. The right to service your loan also includes managing your escrows for insurance and property taxes.

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