Best of
Best New York Mortgage Lenders of 2019
NerdWalletJuly 2, 2019
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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.
at Quicken Loans
at Quicken Loans
Min. Credit Score
620
Min. Down Payment
3%
Ideal choice for convenience and quick-response customer service. Quicken Loans provides just about all 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 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
- 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.
National / Regional
National
Min. Down Payment
3%
Ideal for first-time home buyers or those with weaker credit. Citibank Mortgage, a large-scale lender with a full menu of home loan products, offers low down payment options and considers alternative credit data.
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.
at Rocket Mortgage
at Rocket Mortgage
Min. Credit Score
620
Min. Down Payment
3%
Ideal for anyone who appreciates smartphone app service, support and time savings. A fully digital home loan experience with a large variety of mortgage products.
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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who are looking to apply for a mortgage and manage the process through online tools, whether buying or refinancing. Guaranteed Rate offers FHA, VA and USDA loans for borrowers who are well-qualified.
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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers, including those with little money saved for a down payment. SunTrust's online portal offers information and tools in English and in Spanish.
Pros
- Offers a complete online suite of mortgage application tools and loan tracking.
- Has plenty of loan options to choose from and competitive interest rates.
- Provides customer service in its physical locations, online, via chat and by phone.
- Has a Doctor Loan Program for medical professionals who have high earning potential but little cash for down payments.
Cons
- Has a limited number of physical branch locations in 11 states and Washington, D.C.
- Does not consider alternative scoring data, such as rent or utility payments, in standard underwriting.
at Chase
at Chase
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers who want to talk to a loan officer in person or on the phone, and for homeowners who want to refinance their mortgages in 60 days or less. Chase offers a full line of mortgage products and account management tools.
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.
Min. Credit Score
620
Min. Down Payment
3%
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.
- 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.
at Network Capital
3.5
NerdWallet ratingat Network Capital
Min. Credit Score
620
Min. Down Payment
3%
Ideal for cost-conscious borrowers looking for a lender with no origination fees and online convenience with mortgage banker assistance.
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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers who prefer an online experience. Homebridge offers a variety of home loan options and an online application.
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.
Summary of Best New York Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Quicken Loans at Quicken Loans | first-time home buyers | 620 | 3% | at Quicken Loans |
 Citibank Mortgage | first-time home buyers & face-to-face service | N/A | 3% | Read review |
Rocket Mortgage at Rocket Mortgage | online mortgage lenders | 620 | 3% | at Rocket Mortgage |
 Guaranteed Rate | online mortgage lenders | 620 | 3% | Read review |
 SunTrust | refinancing | 620 | 3% | Read review |
Chase at Chase | refinancing | 620 | 3% | at Chase |
 Bank of America | face-to-face service | 620 | 3% | Read review |
Network Capital NerdWallet rating at Network Capital | borrowers with weaker credit | 620 | 3% | at Network Capital |
 HomeBridge | borrowers with weaker credit | 620 | 3% | Read review |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Quicken Loans at Quicken Loans | first-time home buyers | 620 | 3% | at Quicken Loans |
Citibank Mortgage | first-time home buyers & face-to-face service | N/A | 3% | Read review |
Rocket Mortgage at Rocket Mortgage | online mortgage lenders | 620 | 3% | at Rocket Mortgage |
Guaranteed Rate | online mortgage lenders | 620 | 3% | Read review |
SunTrust | refinancing | 620 | 3% | Read review |
Chase at Chase | refinancing | 620 | 3% | at Chase |
Bank of America | face-to-face service | 620 | 3% | Read review |
Network Capital NerdWallet rating at Network Capital | borrowers with weaker credit | 620 | 3% | at Network Capital |
HomeBridge | borrowers with weaker credit | 620 | 3% | Read 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 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
- 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.
» MORE: See more New York City mortgage lenders
Upstate New York
- 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.
- 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 July 2, 2019
Methodology
NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. 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 2019
- Quicken Loans: Best for first-time home buyers
- Citibank Mortgage: Best for first-time home buyers & face-to-face service
- Rocket Mortgage: Best for online mortgage lenders
- Guaranteed Rate: Best for online mortgage lenders
- SunTrust: Best for refinancing
- Chase: 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
