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Find the Best Mortgage Lenders in Boston, MA

Few purchases match the investment and magnitude of buying a home. And for most people, owning a house means taking out a mortgage. Boston.com has partnered with ConsumerAffairs to create this guide, comparing mortgage products from over 50 companies and selecting the 13 best mortgage lenders in Boston.

This content was created by a Boston.com partner. The editorial department of Boston.com had no role in writing, production, or display. Boston.com may be compensated for publishing this content and/or receive a commission on purchases of products or services described within the post.

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How to choose a mortgage lender in Boston

boston skyline

Evaluating your financial situation is the first step to choosing a mortgage lender. You can obtain a recent copy of your credit report to view your current FICO score. This helps narrow mortgage lender options to those open to your credit score range. You’ll also need to consider the mortgage payment you can comfortably afford and how much you plan to offer for a down payment.

With your credit score and budget in mind, you can gather quotes from multiple lenders. Reputable lenders can be found by reading online reviews or getting recommendations from friends and family in the area. Keep in mind that some lenders conduct a hard credit check to compile a quote, so your credit score may see a slight dip in the short term.

As you evaluate quotes, be sure to read the fine print and check for all fees associated with refinancing your loan. Also, ensure that you are working with a reputable lender who is licensed to do business in your area. You can view state licensing information through the Consumer Access page of the NMLS.

Different types of home loans in Boston

There are a variety of home loans available to potential homeowners in the Boston area. Conventional loans tend to be a popular choice among homeowners because they are widely available. Most lenders require a down payment of 3% and at least a 620 credit score to qualify. The average rate for a 30-year conventional loan in the Boston area is about 7.08%.

There are also government-backed mortgage loans that may be easier to qualify for than conventional ones. FHA loans require a 3.5% down payment, but you’ll only need a credit score of 580 to qualify. VA loans don’t typically have credit score or down payment requirements. USDA loans are more difficult to find because many lenders don’t offer them. You may not need to offer a down payment, but you’ll need a 640 credit score to qualify. Average 30-year mortgage rates for FHA loans, VA loans and USDA loans in the Boston area are 7.03%, 6.72% and 6.84%, respectively.

Boston house prices

The median sale price of single-family homes in Boston is $875,000, according to May 2022 data published by the Greater Boston Association of Realtors. That’s a 15.1% increase from the previous year. Condominiums in Boston also sell at higher prices, with a median sale price of $700,000 compared to $639,950 in May 2021.

Best places to buy a house in Boston

City Neighborhoods School Districts What does this city offer? Who would love to live here?
Boston Charlestown Boston School District, private and charter school options available Vibrant downtown area with cafes and stylish architecture Young professionals, working singles
Boston Hyde Park Boston School District, private and charter school options available Lively area with a variety of housing options available (condos, homes with backyards, etc.); close to a commuter train to get downtown Families, retirees, young professionals
Boston Mattapan Boston School District, private and charter school options available Neighborhood rich with history and a diverse population; housing may be more affordable than in other parts of Boston Families, working singles, young professionals
Chelsea Belingham Square Chelsea Public Schools Energetic town with lots of events and activities; visit museums, historic parks or take a walk along the river Working singles, young professionals, retirees
Boston Dorchester Boston School District, private and charter school options available Historic neighborhood with a diverse population; offers restaurants with many types of cuisines, home to the Franklin Park Zoo Young families, professionals of all ages
Boston South End Boston School District, private and charter school options available Home to boutiques, theaters and art studios; outdoor attractions include almost 30 different parks to visit Families, young professionals
Boston Fenway/Kenmore Boston School District, private and charter school options available Sports attractions nearby (like Fenway Park), variety of bars and nightclubs, places to walk or ride a bike like greenways, low crime rate Young professionals, working singles
Boston Beacon Hill Private and charter school options available Historical architecture, museums and landmarks Families, retirees
Roxbury Washington Park Boston School District, private and charter school options available A cultural center for visual and performing arts, a variety of restaurants and shops to visit Families, professionals of all ages
Boston Allston/Brighton Boston School District, private and charter school options available Low crime rate, close to universities like Harvard University, different types of housing to choose from (apartments, townhouses, etc.), lots of options for public transportation nearby Young professionals, students, working singles

Boston has a wide selection of neighborhoods to choose from based on your individual needs for housing. We focused on those areas that offer various housing options at different price points. For example, Hyde Park has condos, townhomes and single-family homes available.

We also looked at areas with many options for things to do nearby. Neighborhoods like Chelsea, Dorchester and South End have a mix of museums, cafes, shops and restaurants to visit. Many of these areas also have low crime rates and are near public transportation, like the commuter trains.

Boston mortgage FAQ

What is a mortgage broker?

A mortgage broker is an intermediary between you and the lenders, introducing you to various loan products at multiple financial institutions. This can make it easier to find loan options that best suit your needs.

What is a mortgage lender?

A mortgage lender generally refers to the bank or financial institution that offers mortgage loans and funds those loans directly.

What are today’s mortgage rates?

Mortgage rates have been rising since mid-year 2021. The current average rate for a 30-year fixed-rate mortgage is currently 7.08%. In 2021, rates bottomed out at averages around 2.65%. Experts believe mortgage rates could continue trending upward, depending on the actions of the Federal Reserve.

Which loan is best for first-time homebuyers?

There are mortgage loan options available to first-time homebuyers, like conventional loans or government-backed loans (like FHA or VA loans). Some first-time homebuyers opt for an FHA loan, which has a lower credit score requirement than most conventional loans (580 compared to 620). FHA loans do require a 3.5% down payment, though, while you could get a conventional loan with only a 3% down payment. FHA loan interest rates may be lower than most conventional rates, too. Essentially, the best loan for you depends on your financial situation: your credit score, how much you’re able to put towards a down payment and the monthly payment that best fits your budget.

Can I get a home loan with a credit score of 550?

You may be able to secure an FHA loan with a credit score of 550, but you’ll have to offer a down payment of 10% or more. For those borrowers with credit scores of 580 or more, the down payment requirement is 3.5%. Borrowers with low credit should consider repairing their credit before taking on more debt.

Boston mortgage company information

New American Funding

New American Funding is a California-based mortgage lender that serves 49 states. It offers a variety of mortgage products, including conventional and government-backed loan options. The company offers competitive rates that may be lower than other lenders’ rates in the Boston area. When you start a loan with New American Funding, you can make your payments online or through their app. New American Funding has a local office at 990 Washington St., Ste. 107, Dedham, MA 2026.

New American Funding Learn More (855) 435-0747

Rocket Mortgage

Rocket Mortgage offers a simplified online experience to apply for a home loan or refinancing. You can apply for a mortgage and then manage the loan completely online through the company’s website or mobile app. Rocket Mortgage’s Home Loan Experts are available by phone if you need assistance. The company markets itself to those with good credit who plan to buy a home or refinance within the next six months.

Rocket Mortgage Learn More (800) 762-5471

Better Mortgage

Better Mortgage offers an online lending program for borrowers in all states except Nevada. The company doesn’t charge lender fees or incentivize its officers with commissions (meaning they shouldn’t try to sell you a loan larger than you need), and it has a referral discount program for its customers. Better Mortgage changes its rates multiple times per day — check its website regularly to see the most current mortgage rates.

Better Mortgage

AmeriSave Mortgage

AmeriSave is an Atlanta-based mortgage company that offers a wide range of loan services in most states. Eligible borrowers can find competitive rates for buying a house or refinancing an existing loan, and the company has an average of 34 days to closing. AmeriSave has over 20 years experience in mortgage lending and has originated over $115 billion in home loans.

AmeriSave Mortgage Learn More

Fairway Independent Mortgage Corporation

Fairway Independent Mortgage Corporation is a lender that provides a large collection of loan products. The company has hundreds of locations across the country, with multiple offices in the Boston area. It offers a mobile app called FairwayNow, which provides users with an all-in-one experience. Once a loan is closed, Fairway may transfer it to an investor. Fairway Independent Mortgage Corporation’s Boston office is at 37 Newbury St., Boston, MA 02116.

Fairway Independent Mortgage Corporation

Veterans United

Veterans United Home Loans is a mortgage lender that specializes in Veterans Affairs loans. It’s the #1 VA loan lender by volume in 2022, originating over $26.5 billion in home purchase loans. The lender secures home purchase financing for veterans, active-duty military and their spouses. Veterans United is headquartered in Columbia, MO and originates loans to customers all across the U.S.

Veterans United

Ally Financial

Ally Financial is a digital financial services company that offers conventional mortgage loan products like fixed-rate loans and ARM loans. The company advertises no lender fees, which means you won’t have to pay an origination fee or application fee on your refinanced loan. Ally Financial also claims to have faster closing times than industry averages.

Ally Financial

The Cooperative Bank

The Cooperative Bank is a Massachusetts-based financial institution with multiple branches across the Boston area. The company offers mortgage loan products in addition to depository services. You can view starting rates online via the company’s website. The Cooperative Bank is located at 201 Main St., Charlestown, MA 02129.

The Cooperative Bank

Rockland Trust Company

Rockland Trust Company is a full-service bank that offers a wide selection of mortgage loan products, like conventional loans and governement-backed mortgages. When you secure a construction loan with Rockland Trust, you’ll get a single closing to cover all phases of the construction project. The company offers free financial tools and calculators on their website. Rockland Trust Company has an office at 288 Union St., Rockland, MA 02370.

Rockland Trust Company

Ross Mortgage

Ross Mortgage is an independent mortgage lender with multiple locations in Massachusetts. You can apply for a mortgage loan directly from the company’s website or by phone with one of their lending experts. Ross Mortgage’s closest Boston-area location is 652B Park Ave., Worcester, MA 01603.

Ross Mortgage

East West Mortgage Company

East West Mortgage Company is a Boston-based lender that advertises its competitive rates online. You can get a rate quote for various loan scenarios on the company’s website without inputting your contact information. You can apply for a mortgage loan online. East West Mortgage Company is located at 100 Hallet St., Boston, MA 02124.

East West Mortgage Company


PrimeLending is a Dallas-based mortgage lender that originates loans across the U.S. The company offers various refinancing options, including fixed-rate mortgages, ARM loans, jumbo loans, USDA loans, VA loans, FHA loans and cash-out refinances. PrimeLending even has a refinancing calculator available on their website, so you can estimate your potential savings from starting a new loan. PrimeLending has a local branch at 149 Meridian St., East Boston, MA 02128.


Drew Mortgage Associates, Inc.

Drew Mortgage Associates, Inc. is a privately-held mortgage lender based in Shrewsbury, MA. The company offers both conventional and government-backed mortgages at competitive rates. You can easily apply for a mortgage loan online through the company’s website or schedule a consultation for advice about the next steps. Drew Mortgage Associates operates at 232 Commercial St., Boston, MA 02109.

Drew Mortgage Associates, Inc.