9 Best New York Mortgage Lenders of 2022
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.
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.
Best New York Mortgage Lenders
Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | National / regional ▾ ▾ | Learn more |
|---|---|---|---|---|---|
4.5/5 Best for face-to-face service | 660 | 5% | National | ||
4.0/5 Best for refinancing | 620 | 3% | National | ||
4.5/5 Best for first-time home buyers & face-to-face service | N/A | 3% | National | ||
5.0/5 Best for online mortgage lenders | 620 | 3% | National | ||
3.5/5 Best for borrowers with weaker credit | 620 | 3% | National | ||
4.0/5 Best for borrowers with weaker credit | 620 | 3% | Regional | Learn moreat Network Capitalat Network Capital | |
4.0/5 Best for first-time home buyers | 620 | 3% | National | Learn moreat Quicken Loansat Quicken Loans | |
4.5/5 Best for online mortgage lenders | 620 | 3% | National | Learn moreat Rocket Mortgage, LLCat Rocket Mortgage, LLC | |
4.5/5 Best for refinancing | 620 | 3% | National |
Bank of America: NMLS#399802
660
5%
National
- 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.
- Doesn't offer renovation loans that roll costs into a mortgage.
- Carries a wide variety of mortgage types and products, including 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.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- 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.
- 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.
- 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, or home equity loans or lines of credit.
- 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.
- Doesn't offer home equity loans.
- 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.
- Doesn't post interest rates on its site.
- Lender fees are on the high side, according to the latest federal data.
- 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.
- 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.
- 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.
- 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.
- Streamlined online process with document and asset retrieval capabilities, as well as the ability to edit your preapproval letter.
- Mortgage interest rates are on the low side compared to other lenders, according to the latest federal data.
- Offers the option to work with loan officers by phone if desired.
- Getting a customized interest rate requires a credit check, which can affect your credit score.
- Doesn't offer home equity lines of credit.
- Origination fees are on the high side compared with other lenders, according to the latest federal data.
- 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.
- Customized rates aren't available online without starting an application.
- Branches are limited mostly to the Southeast.
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
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.
Preapprovals delivered in writing within 24 hours.
Headquartered in New York City.
Has extensive educational material on its website.
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.
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.
NEW YORK State
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.
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.
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.
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 March 8, 2023
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.
NerdWallet's Best New York Mortgage Lenders of 2022
- Bank of America: Best for face-to-face service
- Chase: Best for refinancing
- Citibank: Best for first-time home buyers & face-to-face service
- Guaranteed Rate: Best for online mortgage lenders
- Homebridge: Best for borrowers with weaker credit
- Network Capital: Best for borrowers with weaker credit
- Quicken Loans: Best for first-time home buyers
- Rocket Mortgage, LLC: Best for online mortgage lenders
- SunTrust (Truist): 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.
