BEST OF

9 Best New York Mortgage Lenders of 2021

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.

NerdWalletApr 5, 2021

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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.

Summary of Best New York Mortgage Lenders of 2021

Lender	NerdWallet Rating	Min. Credit Score	Min. Down Payment	Learn More
Rocket Mortgage by Quicken Loans: NMLS#3030 Learn more at Rocket Mortgage by Quicken Loans	4.5/5 Best for online mortgage lenders	620	3%	Learn more at Rocket Mortgage by Quicken Loans
Guaranteed Rate: NMLS#2611 Learn more at Guaranteed Rate	5.0/5 Best for online mortgage lenders	620	3%	Learn more at Guaranteed Rate
Quicken Loans: NMLS#3030 Learn more at Quicken Loans	4.5/5 Best for first-time home buyers	620	3%	Learn more at Quicken Loans
Chase: NMLS#399798 Learn more at Chase	4.5/5 Best for refinancing	620	N/A	Learn more at Chase
Citibank: NMLS#412915 Read review	5.0/5 Best for first-time home buyers & face-to-face service	N/A	3%	Read review
SunTrust (Truist): NMLS#2915 Read review	5.0/5 Best for refinancing	620	3%	Read review
Bank of America: NMLS#399802 Read review	5.0/5 Best for face-to-face service	620	3%	Read review
Network Capital: NMLS#11712 Learn more at Network Capital	4.5/5 Best for borrowers with weaker credit	620	3%	Learn more at Network Capital
Homebridge: NMLS#6521 Read review	3.5/5 Best for borrowers with weaker credit	620	3%	Read review

Learn more

at Rocket Mortgage by Quicken Loans

Rocket Mortgage by Quicken Loans: NMLS#3030

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Learn more

at Rocket Mortgage by Quicken Loans

Why we like it

Good for: borrowers who appreciate smartphone and online convenience for a fully digital home loan experience powered by Quicken Loans.

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.
Offers document and asset retrieval capabilities.

Cons

If you’re a “look me in the eye” type of customer, you’re out of luck.
Getting a customized interest rate requires a credit check, which can lower your credit score by a few points.

Read Full Review

Learn more

at Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Learn more

at Guaranteed Rate

Why we like it

Good for: borrowers seeking conventional or government-backed loans, and a totally online experience.

Pros

Offers the ability to securely upload and digitally sign loan documents.
Displays detailed sample rates for many of its loan products.

Cons

Doesn't offer home equity loans or lines of credit.

Read Full Review

Learn more

at Quicken Loans

Quicken Loans: NMLS#3030

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Learn more

at Quicken Loans

Why we like it

Good for: borrowers looking for just about all of the services your neighborhood lender offers — with online convenience.

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 many working Americans.
Offers custom fixed-rate loan terms that are between eight and 30 years.
Provides a wide variety of loan types, including renovation loans and all government-backed mortgage products.

Cons

Quicken Loans doesn't offer home equity loans or HELOCs.
Quicken's lender fees can be stout and it doesn't offset those fees with particularly low mortgage rates.

Read Full Review

Learn more

at Chase

Chase: NMLS#399798

4.5

NerdWallet rating

Min. Credit Score

620

National / Regional

National

Learn more

at Chase

Why we like it

Good for: refinancers who want a name-brand bank, with offices in more than half the states, that charges lower rates and fees than many other lenders.

Pros

Fixed- and adjustable-rate refinance options.
Customized refinance rate quotes available online without providing personal info.

Cons

You have to speak with a home loan advisor to complete the application.

Read Full Review

Read review

Citibank: NMLS#412915

5.0

NerdWallet rating

National / Regional

National

Min. Down Payment

Read review

Why we like it

Good for: borrowers wanting to compare mortgage rates online for a variety of loan options.

Pros

Offers a wide variety of loan options, including low-down-payment mortgages and jumbo mortgages.
Provides customizable mortgage rates on its website.
Offers low rates and fees compared with other lenders.

Cons

Charges a mortgage application fee.
Requires help from a mortgage loan officer to complete the loan application online.

Read Full Review

Read review

SunTrust (Truist): NMLS#2915

5.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Read review

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, entrepreneurs and other professionals.
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 Review

Read review

Bank of America: NMLS#399802

5.0

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Read review

Why we like it

Good for: first-time home buyers looking for low-down-payment options and existing customers who may get a discount on fees.

Pros

Allows borrowers to apply entirely online.
Offers down payment and closing cost assistance programs.
May give existing customers a discount on mortgage lender origination fees.

Cons

Does not offer renovation loans.

Read Full Review

Learn more

at Network Capital

Network Capital: NMLS#11712

4.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Learn more

at Network Capital

Why we like it

Good for: borrowers looking for a lender with online convenience and mortgage banker assistance.

Pros

A web application supports the loan process.
A good selection of loan products, including all government-backed mortgages.
Offers jumbo loans up to $5 million.

Cons

Doesn't lend in all states.
Website doesn’t provide customized mortgage rates.

Read Full Review

Read review

Homebridge: NMLS#6521

3.5

NerdWallet rating

Min. Credit Score

620

Min. Down Payment

Read review

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.
Has loans for most purposes, including purchase, refinance and jumbo mortgages.
Online portal keeps borrowers up-to-date on the loan application's progress.

Cons

Doesn't post interest rates on its site.
Doesn’t offer home equity loans or lines of credit.

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.

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 2021

Rocket Mortgage by Quicken Loans: Best for online mortgage lenders
Guaranteed Rate: Best for online mortgage lenders
Quicken Loans: Best for first-time home buyers
Chase: Best for refinancing
Citibank: Best for first-time home buyers & face-to-face service
SunTrust (Truist): Best for refinancing
Bank of America: Best for face-to-face service
Network Capital: Best for borrowers with weaker credit
Homebridge: Best for borrowers with weaker credit

Frequently asked questions

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.

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.

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.