9 Best New York Mortgage Lenders of 2022 - NerdWallet Advertiser disclosure
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If you’re looking for a mortgage in New York, you have many lenders to choose from. These are some of the best lenders in the city, upstate and in western New York.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. New York mortgage lenders' offerings can vary significantly. Whether you're looking for a lender with programs specifically for first-time home buyers or a mortgage company willing to work with less-than-perfect credit, there are plenty of options in the Empire State. The national lenders displayed below have been reviewed by NerdWallet and are some of the highest-volume — and highest-rated — mortgage providers in the state of New York. New York mortgage lenders' offerings can vary significantly. Whether you're looking for a lender with programs specifically for first-time home buyers or a mortgage company willing to work with less-than-perfect credit, there are plenty of options in the Empire State. The national lenders displayed below have been reviewed by NerdWallet and are some of the highest-volume — and highest-rated — mortgage providers in the state of New York. Best New York 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.Min. credit score Minimum credit score on top loans; other loan types or factors may selectively influence minimum credit score standardsMin. down paymentLearn more Guaranteed Rate NMLS#2611Learn more at Guaranteed Rate 5.0/5 Best for online mortgage lenders620 VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:6203%Guaranteed Rate offers conventional loans with as little as 3% down.Learn more at Guaranteed Rate Quicken Loans NMLS#3030Learn more at Quicken Loans 4.0/5 Best for first-time home buyers620 VA:620JUMBO:N/AFHA:580CONVENTIONAL:6203%On conventional loans, Quicken offers down payments as low as 3%.Learn more at Quicken Loans Rocket Mortgage LLC NMLS#3030Learn more at Rocket Mortgage, LLC 4.0/5 Best for online mortgage lenders620 VA:580JUMBO:N/AFHA:580CONVENTIONAL:6203%Rocket Mortgage offers conventional mortgages with as little as 3% down.Learn more at Rocket Mortgage, LLC Network Capital NMLS#11712Learn more at Network Capital 4.0/5 Best for borrowers with weaker credit620 CONVENTIONAL:620FHA:640JUMBO:N/AUSDA:640VA:5803%Network Capital offers conventional loans with as little as 3% downLearn more at Network Capital Bank of America NMLS#399802Read review 4.5/5 Best for face-to-face service660 CONVENTIONAL:660FHA:600JUMBO:720VA:6205%Bank of America offers down payments as low as 3% through its Affordable Loan Solution mortgage program.Read review Citibank NMLS#412915Read review 4.5/5 Best for first-time home buyers & face-to-face service N/A3% Citibank offers down payments as low as 3% through its HomeRun loan program.Read review SunTrust Truist NMLS#2915Read review 4.5/5 Best for refinancing620 VA:620USDA:640JUMBO:N/AFHA:620CONVENTIONAL:6203%SunTrust Mortgage offers conventional loans for as little as 3% down.Read review Homebridge NMLS#6521Read review 3.5/5 Best for borrowers with weaker credit620 FHA:550USDA:550CONVENTIONAL:620JUMBO:N/AVA:5503%Homebridge offers conventional loans for as little as 3% down.Read review Chase NMLS#399798Read review 4.0/5 Best for refinancing620 CASHOUT:N/ACONVENTIONAL:620FHA:620JUMBO:N/AVA:620N/ARead reviewLearn more at Guaranteed Rate Guaranteed Rate NMLS#2611
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.Min. credit score620 VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:620 Min. down payment3% Guaranteed Rate offers conventional loans with as little as 3% down. View details Learn moreat Guaranteed Rate View details Why we like it Good for: borrowers seeking a solid variety of loan types, including jumbo and interest-only options, and a totally online experience. Pros Displays detailed sample rates for many of its loan products. Offers a wide variety of loans, including jumbo and interest-only products. Offers low rates compared with other lenders, according to the latest federal data. Cons Doesn't offer home equity loans.Read Full ReviewLearn more at Quicken Loans Quicken Loans 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:620JUMBO:N/AFHA:580CONVENTIONAL:620 Min. down payment3% On conventional loans, Quicken offers down payments as low as 3%. View details Learn moreat Quicken Loans 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 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 ReviewLearn more at Network Capital Network Capital NMLS#11712
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 CONVENTIONAL:620FHA:640JUMBO:N/AUSDA:640VA:580 Min. down payment3% Network Capital offers conventional loans with as little as 3% down View details Learn moreat Network Capital View details Why we like it Good for: borrowers looking for a lender with online convenience and mortgage banker assistance. Pros A good selection of loan products, including government-backed FHA and VA mortgages. Provides “same-as-cash” loan that allows borrowers to compete with cash offers. Online application process is clear and simple to follow. Cons Doesn't lend in all states. Website doesn’t provide customized mortgage rates. Lender fees are on the high side, according to the latest federal data.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 Citibank NMLS#412915
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 / regionalNational Min. down payment3% Citibank offers down payments as low as 3% through its HomeRun loan program. View details Read reviewView details Why we like it Good for: Buyers who want to explore low down payment mortgages, including government-backed loans and Citi’s proprietary option. Pros Offers a wide variety of loan options, including low-down-payment mortgages and jumbo mortgages. Offers low rates compared with other lenders, according to the latest data. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Cons Requires help from a loan officer to complete an online mortgage application. Customized mortgage rates not available without making contact. Doesn’t offer renovation loans.Read Full ReviewRead review SunTrust Truist NMLS#2915
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:620USDA:640JUMBO:N/AFHA:620CONVENTIONAL:620 Min. down payment3% SunTrust Mortgage offers conventional loans for as little as 3% down. View details Read reviewView details Why we like it Good for: first-time home buyers, doctors and other borrowers interested in low-down-payment mortgage options. Pros Offers a wide variety of loan options, including special programs for doctors. Offers a complete suite of online mortgage application tools and loan tracking. Sample rates and fees are easy to find on the website. Cons Customized rates aren't available online without starting an application. Branches are limited mostly to the Southeast.Read Full ReviewRead review Homebridge NMLS#6521
3.5NerdWallet 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 FHA:550USDA:550CONVENTIONAL:620JUMBO:N/AVA:550 Min. down payment3% Homebridge offers conventional loans for as little as 3% down. View details Read reviewView details Why we like it Good for borrowers who want a loan officer's help, in person or on the phone, when deciding among the wide range of available mortgage options — including loans to buy and renovate. Pros Offers a full array of mortgage products, including government and renovation loans. Online portal keeps borrowers up to date on the loan application's progress. Offers home equity lines of credit, or HELOCs. Cons Doesn't post interest rates on its site. Lender fees are on the high side, according to the latest federal data.Read Full ReviewRead review Chase NMLS#399798
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 CASHOUT:N/ACONVENTIONAL:620FHA:620JUMBO:N/AVA:620 National / regionalNational 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 Local mortgage lenders in New York state
If you want to include a local lender or two in your search for the best mortgage, these lenders are among the highest-volume mortgage makers in the city as well as in New York state. The following lenders haven't been reviewed by NerdWallet. NEW YORK CITY
United Mortgage Headquartered in Melville, Long Island, and licensed in more than two dozen states. Among its many loan programs are mortgages for investment properties and vacation homes. You can begin the mortgage process by completing a profile form and a call. GuardHill Financial Corp. Preapprovals delivered in writing within 24 hours. Headquartered in New York City. Has extensive educational material on its website. Meadowbrook New York-based, with locations along the East Coast and licensed in 13 states. Offers renovation loans that can be used to purchase and improve a fixer-upper. Issues condo, co-op, government-backed, conventional and jumbo loans. FM Home Loans Established in 1991 and based in Brooklyn. Offices in Brooklyn, Manhattan, the Bronx, Queens and Pomona, New York, as well as California, Connecticut, Florida and New Jersey. Begin preapproval and check loan status online. » MORE: See more New York City mortgage lenders NEW YORK State
Empower Federal Credit Union Serves central New York as well as eight counties in the state. Follows the not-for-profit model of a credit union. Besides typical purchase and refinance mortgages, also finances manufactured homes. Premium Mortgage Corp. A "Rochester Top 100" business and leading mortgage lender in Buffalo 11 years in a row. Also has offices in Syracuse and Albany. An online application form gets the process started. Homestead Funding Corp. Headquartered in Albany, with offices throughout the Eastern seaboard. Assists borrowers with state bond programs in New York, Connecticut, Florida and North Carolina. New construction loans can have rate locks up to 265 days. 1st Priority Mortgage An online application takes about 20 minutes to complete. The Physician Plus loan program is aimed at medical professionals with high student debt. Offices in Buffalo, Binghamton/Southern Tier, the Capital Region, the Ithaca area, Rochester and Syracuse. More from NerdWallet Calculate your New York mortgage payment Get a mortgage preapproval Compare New York mortgage rates 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 Mortgage Lenders of 2022
Guaranteed Rate: Best for online mortgage lendersQuicken Loans: Best for first-time home buyersRocket Mortgage, LLC: Best for online mortgage lendersNetwork Capital: Best for borrowers with weaker creditBank of America: Best for face-to-face serviceCitibank: Best for first-time home buyers & face-to-face serviceSunTrust (Truist): Best for refinancingHomebridge: Best for borrowers with weaker creditChase: Best for refinancing Frequently asked questions
What is the average mortgage in NYC? New York City mortgages can vary in size considerably depending on which borough you're looking at and the type of housing. Co-op apartments tend to have lower sale prices (and thus lower mortgage payments), but come with maintenance fees that boost monthly costs.What is the minimum down payment on a house in New York? The minimum down payment depends on the cost of the house and what kind of loan you're using to buy it. With a conventional mortgage, you may be able to put down as little as 3%. Use a New York mortgage calculator to see how your monthly costs would vary based on your down payment. If you're a first-time home buyer in New York, you may also be able to get down payment assistance through the State of New York Mortgage Agency.How much money do you need to buy a house in NY? In 2020, the median sale price of a house in New York State was $310,000, according to the New York State Association of Realtors. Housing affordability can vary dramatically, however, depending on where in the state you're looking to live. You'll likely see lower asking prices in areas like central New York and the Southern Tier than you would in New York City or on Long Island. About the author
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