Rate Map for Massachusetts
Want to know what sort of mortgage rates others in your area are getting? This Rate Map for Massachusetts depicts individual mortgage loans obtained by borrowers in various locations across the state. Each balloon represents a single mortgage – clicking on one will provide information on the mortgage rate, amount, loan-to-value ratio and more.
To sort results by credit score or location, make your selections from the column at left.
If you found this tool useful in negotiating a mortgage and would like to add your own loan information to the database (anonymously, of course!), just click on “Share Your Rate” above the map. Your fellow consumers will appreciate it!
NOTE: MortgageLoan.com cannot guarantee the accuracy of the data provided as it is submitted by our visitors.
Home Equity Loans
The home equity loan is a type of second mortgage that has a fixed rate of interest. These loans are used to convert equity into cash when a full refinance isn't appropriate. Although home equity loan rates in Massachusetts tend to be higher than refinance rates, the home equity loan is the right choice if:
- You want to save on upfront costs.
- You have a competitively priced mortgage.
- You'd rather pay off the home equity debt quickly.
Massachusetts lenders have many variations of adjustable-rate mortgages (ARMs) available. ARMs have a fixed rate of interest at the start, which later converts to a variable rate. The low initial payment amount makes the ARM a good option for borrowers who need more buying power now but expect to earn more income later.
There's no substitute for clarifying your budget and your goals prior to setting up lender consultations. The items to consider include:
- Your future plans. Consider when you might be ready to sell the home and what future events might impact your income. Both of these items might be factors in choosing between an ARM and a fixed-rate mortgage (FRM).
- Your budget. First, review how rates compare from one mortgage type to the next. You'll see that FRMs might have higher opening rates than ARMs, or refinances will have lower rates than second mortgages. Then use mortgage calculators to test the numbers on various loans, amounts, and rates. This should clarify your budget and improve your knowledge of the options available.
Once you're ready to consult with several different Massachusetts lenders, you can find contact information in the Massachusetts broker directory. Select a few and start scheduling appointments. Once you start submitting loan applications, your mortgage offers will start rolling in!