Do you have a glossary of the many different terms used in the mortgage industry?
We know that the various terms used in the mortgage business can get overwhelming.
Click here to open a glossary that helps you work through many of the words and phrases you will encounter on your application, settlement statement, or somewhere in between.

Does Mayflower Bank have special mortgage programs for first time homebuyers?
Yes we do! We are offering reduced closing costs and rate reductions for qualifying first-time homebuyers. Please call us at (508) 947-4343 and ask to speak to a residential mortgage specialist for more details.

How do I apply for a mortgage with Mayflower Bank?
Simply stop by one of our branches or contact (508) 947-4343 and ask to speak to a residential mortgage specialist. We will ask you a few questions and talk about some of our financing programs, then give you an application.

Should I be pre-approved or pre-qualified?
Pre-approvals are helpful to have while shopping for a home, so you know how much money a lender will feel comfortable lending you (based on your current income, credit, and other factors). Not only does a pre-approval help you determine how much you are willing to spend for a home, but it also gives confidence to the Seller, who knows you will be able to obtain financing. Pre-qualifications are helpful and take slightly less time to complete, but are not as powerful a tool when negotiating a Purchase and Sale agreement.

Will poor credit stop me from being approved?
Lenders place a high importance on their customers showing they can repay debt. That said, poor credit won't necessarily stop you from being approved (although it could), but it may affect the type of loan, interest rate, or dollar amount you can be approved for.

How long does it take to obtain a mortgage?
It typically takes six weeks from the time you submit a completed application to underwrite and close a mortgage. This timeframe may vary depending on the individual situation.

What are the fees involved?
There are several sets of fees involved in mortgage financing. Typically, fees range from 2%-6% of the loan amount. For a more detailed breakdown of fees, contact a residential mortgage specialist at (508) 947-4343.

Can I get a mortgage for a multi-family dwelling, modular home, or a mobile home?
Certain types of multi-family dwellings are eligible for financing using a conforming, residential mortgage. Restrictions on loan to value, dollar amount, and additional fees may apply. Contact us at (508) 947-4343 and ask to speak to a residential mortgage specialist for details. If your multi-family dwelling has more than four units, you will need to speak to a commercial loan officer instead.

Mayflower offers financing for modular home construction, but currently does not offer financing for mobile homes.