Buying a home can be an emotional journey — you’re excited about becoming a homeowner, yet might not know the ins and outs of home financing. Before choosing a lender in Massachusetts, you’ll need to understand mortgage rates and how they impact the amount you’ll ultimately pay on your home.
This Benzinga guide will walk you through the important aspects of mortgage rates, so you can select one of the best mortgage companies for your Massachusetts home.
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What is a Mortgage Rate?
Your mortgage rate refers to the rate of interest you’ll pay on your home loan. When you take out a home loan for $300,000, for example, you’ll pay back not only the $300,000 you borrowed but also the interest, which will be determined by your individual mortgage rate.
Securing a low mortgage rate can save you thousands of dollars in interest over the course of your loan. To find out how to lock in the best rate, let’s look at the factors that help determine your rate.
What Factors Impact Your Mortgage Rate?
It’s easy to find average mortgage rate data by city, lender or mortgage type, but there are a few personal financial factors that are important to understand. We’ll walk you through the most common factors lenders look at when determining your mortgage rate.
- Credit score: This is the most important…