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9 Best New York Mortgage Lenders of 2020

NerdWalletJanuary 2, 2020

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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 — across the state, in the city or upstate.

If you're looking for a mortgage in New York, there are a lot of factors to consider, and offerings can vary significantly. Whether you're looking for an online-only lender that allows you to apply from the comfort of your bedroom, 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 for New Yorkers.

NerdWallet has picked some of the best lenders in New York in a variety of categories to help you decide where to apply for your mortgage.

» MORE: Compare local New York mortgage lenders These national lenders displayed in the table have been reviewed by NerdWallet and are some of the highest-volume — and highest-rated — mortgage providers in New York State.

Summary of Best New York Mortgage Lenders of 2020

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at Rocket Mortgage

Rocket Mortgage by Quicken Loans: NMLS#3030

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Min. Credit Score

620

Min. Down Payment

3%

at Rocket Mortgage

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.

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at Quicken Loans

Quicken Loans: NMLS#3030

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Min. Credit Score

620

Min. Down Payment

3%

at Quicken Loans

Why we like it

Good for: borrowers looking for just about all of the services your neighborhood lender does — 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 they don't offset those fees with particularly low mortgage rates.

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at Guaranteed Rate

Guaranteed Rate: NMLS#2611

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Min. Credit Score

620

Min. Down Payment

3%

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.

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Citibank: NMLS#412915

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National / Regional

National

Min. Down Payment

3%

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.

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SunTrust: NMLS#2915

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Min. Credit Score

620

Min. Down Payment

3%

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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.

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Chase: NMLS#399798

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Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

Good for borrowers who want to choose among a wide array of mortgage types from a bank with offices in more than half the states that charges below-average origination fees.

Pros

  • Allows electronic submission and tracking of loan documents.

  • Carries a wide variety of mortgage types and products.

  • Generally offers good rates and charges reasonable fees.

Cons

  • Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle.

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

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Bank of America: NMLS#399802

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Min. Credit Score

620

Min. Down Payment

3%

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Why we like it

Ideal for borrowers who prefer a traditional bank. Bank of America offers a wide array of mortgages and online account management tools. It also has first-time home buyer loans with low down payments and no mandatory mortgage insurance.

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.

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at Network Capital

Network Capital: NMLS#11712

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Min. Credit Score

620

Min. Down Payment

3%

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.

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HomeBridge: NMLS#6521

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Min. Credit Score

620

Min. Down Payment

3%

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.

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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 New York state lenders are among the highest-volume mortgage makers in the city as well as in upstate New York. The following lenders have not 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

UPSTATE NEW YORK

Empower Federal Credit Union

  • Serves central New York as well as eight counties in New York 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

Last updated on January 2, 2020

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 2020