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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.

Summary of Best New York Mortgage Lenders of 2020

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Quicken Loans

Quicken Loans

at Quicken Loans

first-time home buyers

620

3%

at Quicken Loans

Citibank

Citibank

first-time home buyers & face-to-face service

N/A

3%

Read review
Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

online mortgage lenders

620

3%

at Rocket Mortgage

Guaranteed Rate

Guaranteed Rate

online mortgage lenders

620

3%

Read review
SunTrust

SunTrust

refinancing

620

3%

Read review
Chase

Chase

refinancing

620

3%

Read review
Bank of America

Bank of America

face-to-face service

620

3%

Read review
Network Capital

Network Capital

at Network Capital

borrowers with weaker credit

620

3%

at Network Capital

HomeBridge

HomeBridge

borrowers with weaker credit

620

3%

Read review
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at Quicken Loans

Quicken Loans: NMLS#3030

Logo

Min. Credit Score

620

Min. Down Payment

3%

at Quicken Loans


Why we like it

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

  • 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.

Read Full Review

Citibank: NMLS#412915

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National / Regional

National

Min. Down Payment

3%


Why we like it

Ideal for first-time home buyers or those with weaker credit. Citibank, a large-scale mortgage 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.

Read Full Review
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at Rocket Mortgage

Rocket Mortgage: NMLS#3030

Logo

Min. Credit Score

620

Min. Down Payment

3%

at Rocket Mortgage


Why we like it

Ideal for anyone who appreciates smartphone app service, support and time savings. Rocket Mortgage offers 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.

Read Full Review

Guaranteed Rate: NMLS#2611

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

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.

Read Full Review

SunTrust: NMLS#2915

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers with fair credit or better. SunTrust, now a part of Truist Financial Corp., offers a variety of customer service options.

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.

Read Full Review

Chase: NMLS#399798

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

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.

Read Full Review

Bank of America: NMLS#399802

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Min. Credit Score

620

Min. Down Payment

3%


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.

  • 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.

Read Full Review
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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

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.

Read Full Review

HomeBridge: NMLS#6521

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

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.

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 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 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 2020