9 Best New York Mortgage Lenders of 2020

Why we like it

Pros

• Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch.

• Instantly verifies employment and income for more than 60% of working Americans.

• Offers custom fixed-rate loan terms that are between eight and 30 years.

• Provides FHA-backed loans, USDA loans as well as products offered by Freddie Mac and Fannie Mae that require down payments as low as 3%.

Cons

• Quicken Loans doesn't offer home equity loans or HELOCs.

• If you’re a “look me in the eye” type of customer, you’re out of luck.

• Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.

Why we like it

Pros

• Low down payment options.

• Discounts for Citibank customers.

• Looks at alternative credit data like rent history and child support payments.

• Available in all 50 states.

Cons

• Charges a mortgage application fee.

• Did not disclose origination fees, which may vary.

• Can't complete loan online.

Why we like it

Pros

• The site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.

• With your authorization, accesses asset statements from 98% of U.S. financial institutions.

• Tells you the loan amount you’ll qualify for within minutes.

• Rocket Mortgage’s document and asset retrieval capabilities can save you a bunch of time and hassle.

Cons

• Doesn't offer home equity loans or HELOCs.

• If you’re a “look me in the eye” type of customer, you’re out of luck.

• Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.

Why we like it

Pros

• Works with most borrowers as long as they have good credit scores and incomes.

• Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.

• Has a 95% customer satisfaction rate, according to company data.

Cons

• Charges some fees, such as a $1,290 lender fee that includes a $150 application fee.

• Offers many products, which might confuse or overwhelm borrowers.

• Several click-throughs required for personalized rates.

Why we like it

Pros

• Offers a complete online suite of mortgage application tools and loan tracking.

• Provides customer service in its physical locations, online, via chat and by phone.

• Offers wide variety of loan options, including a loan program for licensed medical professionals

Cons

• Customized rates not available on website without starting an application.

• Branches limited to mostly the Southeast.

Why we like it

Pros

• Allows electronic submission and tracking of documents.

• Existing Chase customers can get discounts.

• Offers a wide selection of purchase and refinance mortgages.

Cons

• Charges rate lock, origination and underwriting fees.

• You have to speak with a mortgage banker to get complete info on products and requirements.

Why we like it

Pros

• Allows borrowers to apply entirely online.

• Offers down payment and closing cost assistance programs.

• Accepts alternative credit data for some loan types.

• May give existing customers a discount on mortgage lender origination fees.

Cons

• Charges an application fee of $1,170, on average.

• Has a high volume of consumer complaints, even for a big national bank.

Why we like it

Pros

• Charges no lender fees.

• A good selection of loan products, including all government-backed mortgages.

• Offers jumbo loans up to $3 million.

Cons

• Offers no home equity products.

• Doesn't lend in all states.

Why we like it

Pros

• A wide variety of loan types.

• Low credit score requirements for government-backed loans.

• A wealth of educational material on its website.

• Licensed in all 50 states.

Cons

• Mortgage application can't be tracked online.

• Charges origination fees on some loans.

• Limited branch locations.