Mortgage Rates

Boston Mortgages & South Coast Mortgages | Mortgages and the Home Buying Process

Your mortgage rate will greatly impact your home purchase for Boston and South Coast properties. A high rate will increase your monthly home payments drastically, so it's important to find the lowest rate possible. Our real estate agents are experts in helping buyers find excellent Boston real estate mortgages. For current mortgage rates and payments go to Bank Rates.

A low rate can be attained in a number of different ways, and excellent rates are reserved for people who are considered "well-qualified" buyers. These individuals have a low debt-to-income ratio, a steady-paying job, and an excellent credit score. Generally, lenders will give low rates for Boston real estate mortgages to people who have a credit score of 700 or higher. First-time home buyers, retired individuals, and other home buyers may also qualify for low rates.

Another way to obtain an ideal rate is to gather enough funds for a sizeable down payment. A down payment of 10% or more may guarantee a low rate. The more you are able to pay off in cash initially, the lower your rate will be.

Current Mortgage Rates

Prior to shopping for Boston real estate mortgages, it's a wise idea to check current rates, and obtaining this information will allow you to determine whether a quoted price is above or below the going rate. In most instances, your personal credit history will determine your rate. However, shopping around for the best rate possible is always a good idea, and a good realty agency should be able to help you do this.

Keep in mind that it is possible to work towards lowering your personal mortgage rate. By improving your credit rating, increasing your down payment, and securing a well-paying job, your rate can become lower. If you are moving to Boston to pursue a new career or are buying a new home after getting a new job, this can help you get a good rate for Boston real estate mortgages. If you are moving to the Boston area after selling a home, a high down payment can help you with Boston real estate mortgages. Even people who have gone through bankruptcy can still gain a low rate by improving their personal credit history. Use our mortgage calculator below to prepare for a home purchase by gaining a monthly estimate (you will need to know your current mortgage rate to do this). You can also contact a mortgage professional.