6 Best New York City Mortgage Lenders of 2022 - NerdWallet Advertiser disclosure
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Looking for a New York City mortgage lender? We've researched the city’s top lenders, selecting the best in five categories.NerdWallet Jan 6, 2022 Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. They call New York the city that never sleeps, and it's true that you can find something to eat or do at just about any time of the day or night. But finding a mortgage or a home equity line of credit? That can be almost as hard as finding a home in the city's notoriously labyrinthine real estate market. NerdWallet is here to help. We compared New York City's leading home lenders and identified some of the best. Whether you're buying a co-op, looking for a jumbo or searching for a loan with a low down payment (or all three at the same time), these national and local mortgage lenders are a good place to start in New York City and the surrounding metro area. They call New York the city that never sleeps, and it's true that you can find something to eat or do at just about any time of the day or night. But finding a mortgage or a home equity line of credit? That can be almost as hard as finding a home in the city's notoriously labyrinthine real estate market. NerdWallet is here to help. We compared New York City's leading home lenders and identified some of the best. Whether you're buying a co-op, looking for a jumbo or searching for a loan with a low down payment (or all three at the same time), these national and local mortgage lenders are a good place to start in New York City and the surrounding metro area. Best New York City Mortgage Lenders
LenderNerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.National / regionalMin. down paymentLearn more PNC NMLS#446303Learn more at PNC 5.0/5 Best for jumbo loans & ARMsNational20% Minimum down payment varies by mortgage loan type.Learn more at PNC Bethpage Federal Credit Union NMLS#449104Learn more at Bethpage Federal Credit Union 4.5/5 Best for jumbo loans & co-op lenders N/A3% Bethpage FCU offers conventional loans with as little as 3% down.Learn more at Bethpage Federal Credit Union Rocket Mortgage LLC NMLS#3030Learn more at Rocket Mortgage, LLC 4.0/5 Best for co-op lenders N/A3% Rocket Mortgage offers conventional mortgages with as little as 3% down.Learn more at Rocket Mortgage, LLC TD Bank NMLS#399800Read review 4.5/5 Best for home equity lending & ARMsRegional N/ARead review Bank of America NMLS#399802Read review 4.5/5 Best for low down paymentsNational5% Bank of America offers down payments as low as 3% through its Affordable Loan Solution mortgage program.Read review Chase NMLS#399798Read review 4.5/5 Best for low down payments & home equity lending N/A3% Chase's DreaMaker mortgage allows down payments as low as 3%.Read reviewLearn more at PNC PNC NMLS#446303
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.National / regionalNational Min. down payment20% Minimum down payment varies by mortgage loan type. View details Learn moreat PNC View details Why we like it Ideal for those looking for online application support and a variety of jumbo loan term options Pros Online tools help you estimate mortgage payments and track application progress. Can be used for primary or second home purchases. $5 million max jumbo loan amount. Cons Doesn't offer renovation mortgages. In-person service is not available in every state.Read Full ReviewLearn more at Bethpage Federal Credit Union Bethpage Federal Credit Union NMLS#449104
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:N/ACONVENTIONAL:620FHA:580JUMBO:620 Min. down payment3% Bethpage FCU offers conventional loans with as little as 3% down. View details Learn moreat Bethpage Federal Credit Union View details Why we like it Bethpage has a good selection of loan options but no USDA mortgages or renovation loans. And while it offers multiple online conveniences, you have to contact the lender for customized rates. Pros Offers a full array of online conveniences, including loan process updates. Offers financing for cooperatives, a type of home that’s common on the East Coast. Sample mortgage rates available for a variety of loan products. Cons In-person service available only in Queens and on Long Island, New York. USDA loans are not available. Customized rates not available online.Read Full ReviewLearn more at Rocket Mortgage, LLC Rocket Mortgage LLC NMLS#3030
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:580JUMBO:N/AFHA:580CONVENTIONAL:620 Min. down payment3% Rocket Mortgage offers conventional mortgages with as little as 3% down. View details Learn moreat Rocket Mortgage, LLC View details Why we like it Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service. Pros Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary. Estimates the loan amount you’ll qualify for within minutes. Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter. Cons Getting a customized interest rate requires a credit check, which can affect your credit score. Doesn't offer home equity loans or lines of credit. Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.Read Full ReviewRead review TD Bank NMLS#399800
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.National / regionalRegional Max LTVN/A Min. credit score620 HEL:620HELOC:620 View details Read reviewView details Min. credit score 620 Why we like it TD Bank Mortgage gets high marks for its variety of loan products and mortgage types, and excels at online convenience, including providing customized mortgage rates on its site. Pros Allows 3% down payment without borrower-paid mortgage insurance. Offers specialty loans like construction-to-permanent mortgages and medical professional mortgages. Among the best when it comes to online convenience, including loan process updates. Cons Available only in states on the East Coast. The only way to see mortgage rates is through a customizing form.Read Full ReviewRead review Bank of America NMLS#399802
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score660 CONVENTIONAL:660FHA:600JUMBO:720VA:620 Min. down payment5% Bank of America offers down payments as low as 3% through its Affordable Loan Solution mortgage program. National / regionalNational View details Read reviewView details National / regional National Why we like it Good for: first-time home buyers looking for low- or no-down-payment options and homeowners interested in a home equity line of credit. Pros Offers down payment and closing cost assistance programs. May give existing customers a discount on mortgage lender origination fees and HELOC interest rates. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Cons Doesn't offer renovation loans that roll costs into a mortgage.Read Full ReviewRead review Chase NMLS#399798
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 CONVENTIONAL:620FHA:620JUMBO:N/AUSDA:N/AVA:620 Min. down payment3% Chase's DreaMaker mortgage allows down payments as low as 3%. View details Read reviewView details Why we like it Good for: borrowers who want a wide selection of loan products, an in-person experience and comparatively low interest rates. Pros Carries a wide variety of mortgage types and products, including DreaMaker and Standard Agency mortgages, with down payments as low as 3%. Offers low rates compared with other lenders, according to the latest federal data. Offers a customizable mortgage calculator for personalized rate and payment estimates. Cons Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle. You have to speak with a home loan adviser to complete the application. Home equity lines of credit (HELOC) are currently unavailable.Read Full Review » MORE: See the best New York state mortgage lenders Local mortgage lenders in New York City
Some New York experiences are iconic, like folding your pizza slice so the pointy end doesn't sag toward the ground, dripping grease on your shoes. If you're looking for local New York flavor in a mortgage, these lenders are based in or near New York City and have offices in at least some of the boroughs. They are among the highest-volume lenders in the city. NerdWallet has not reviewed these lenders. FIRST AMERICAN INTERNATIONAL BANK
3 branches in Brooklyn, 3 in Manhattan, 3 in Queens, serving all 5 boroughs. Mortgages for one- to four-family units, condos and co-ops. Focuses on Chinese-American communities, with staffers who are fluent in English as well as Cantonese, Mandarin and multiple Chinese dialects including Fujianese. Certified by the U.S. Treasury as a Community Development Financial Institution, working in a market niche that is underserved by traditional financial institutions. FM HOME LOANS
1 office in the Bronx, 2 in Brooklyn, 1 in Manhattan, 1 in Queens. Offers fixed-rate and adjustable-rate mortgages as well as FHA, VA and construction loans. Specializes in mortgages for foreign nationals and nonresident aliens. Prepares preapproval letters for buyers to present with offers on homes. SUMMIT MORTGAGE BANKERS INC
1 office in Manhattan, 1 in Queens. Offers FHA and VA loans and an array of fixed-rate and adjustable-rate mortgages for purchases and refinances. Offers loans to international college graduates enrolled in Optional Practical Training, and non-permanent residents may borrow up to 90% loan to value. Accepts alternative income documentation. MEADOWBROOK FINANCIAL MORTGAGE
2 offices in Queens. Offers mortgages for various dwelling types, including condos and co-ops. Mortgages with down payment as low as 3% for low- to moderate-income borrowers. Offers home purchase-renovation loans under FHA 203(k) and Fannie Mae HomeStyle programs. Finances jumbo loans up to $2 million. More from NerdWallet How much house can you afford? Compare New York mortgage rates Calculate your New York mortgage payment Last updated on January 6, 2022 Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team. To recap our selections... NerdWallet' s Best New York City Mortgage Lenders of 2022
PNC: Best for jumbo loans & ARMsBethpage Federal Credit Union: Best for jumbo loans & co-op lendersRocket Mortgage, LLC: Best for co-op lendersTD Bank: Best for home equity lending & ARMsBank of America: Best for low down paymentsChase: Best for low down payments & home equity lending About the author
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