Mortgage in Beverly, MA (2026)

Find the best mortgage rates in Beverly, MA. The Beverly housing market offers opportunities for first-time buyers and seasoned investors alike, with mortgage rates remaining competitive in 2026.

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Beverly Overview

Beverly is a key market in Massachusetts with a population of 42,448 and a median household income of $78,000. The median home price stands at $520,000, shaping the local borrowing landscape.

Rates & Terms

Adjustable-rate mortgages in MA start 0.5% to 1% lower than fixed rates but carry reset risk after the initial fixed period.

Mortgage rates in Beverly for 2026 range from approximately 6.5% to 7.5% for 30-year fixed loans, depending on credit score and down payment.

Requirements in Beverly

FHA loans in MA accept credit scores as low as 580 with 3.5% down, or 500-579 with 10% down.

Jumbo loans in Beverly for amounts exceeding conforming limits require credit scores of 700+, larger down payments, and significant cash reserves.

Massachusetts Regulations

Massachusetts has strong consumer protection laws and prohibits payday lending.

  • Usury Limit: 20% (non-licensed)
  • Payday Lending: Prohibited

Local Market Insights

Property taxes in MA should be factored into your total monthly housing budget alongside principal, interest, and insurance.

Local mortgage brokers in Beverly, MA can access wholesale rates from multiple lenders, often beating retail bank offerings.

Borrowing Tips for Beverly

  • Lock your mortgage rate once you have a signed purchase agreement; rates can change daily and cost you thousands.
  • Improve your credit score by 20+ points before applying; even small improvements can lower your rate significantly.
  • Consider a 15-year mortgage if you can afford the higher payment; you will save massive interest over the loan life.

Frequently Asked Questions

How long does mortgage approval take in Beverly?

Most lenders can issue a conditional approval within 3-5 business days. Full loan approval and clear-to-close typically take 30-45 days from application.

Should I choose a fixed or adjustable-rate mortgage?

Choose a fixed-rate mortgage if you plan to stay in the home long-term and want payment stability. An ARM may save money if you plan to sell or refinance within 5-7 years.

How much down payment do I need for a house in Beverly?

Conventional loans require 3-20% down, FHA loans require 3.5%, and VA loans require 0% down. The median down payment in Beverly is approximately 10-15% of the purchase price.

Can I get a mortgage with student loan debt in Beverly?

Yes, lenders factor your total debt-to-income ratio. Income-driven repayment plans on federal student loans can help keep your DTI within qualifying limits.

Important Disclaimer

LoanMatchers is not a lender and does not make credit decisions. We connect consumers with licensed lending partners. All loan terms, rates, and fees are determined by the lender and are subject to credit approval. APRs range from 5.99% to 35.99%. Not all applicants will qualify for the lowest rates. This website provides general information and does not constitute financial, legal, or tax advice. Consult a qualified professional before making financial decisions. Rates and terms are accurate as of 2026 but subject to change without notice.