BEST OF

6 Best New York City Mortgage Lenders of 2021

Looking for a New York City mortgage lender? We've researched the city’s top lenders, selecting the best in five categories.

NerdWalletJan 28, 2021

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They call New York the city that never sleeps, and it's true that you can find something to eat or do at just about any time of the day or night. But finding a mortgage or a home equity line of credit? That can be almost as hard as finding a home in the city's notoriously labyrinthine real estate market.

NerdWallet is here to help. We compared New York City's leading home lenders and identified some of the best.

Whether you're buying a co-op, looking for a jumbo or searching for a loan with a low down payment (or all three at the same time), these national and local mortgage lenders are a good place to start in New York City and the surrounding metro area.

Summary of Best New York City Mortgage Lenders of 2021

Rocket Mortgage by Quicken Loans
Learn more

at Rocket Mortgage by Quicken Loans

Rocket Mortgage by Quicken Loans: NMLS#3030

4.5

NerdWallet rating 
Rocket Mortgage by Quicken Loans

Min. Credit Score

620

Min. Down Payment

3%
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
Chase
Learn more

at Chase

Chase: NMLS#399798

4.5

NerdWallet rating 
Chase

Min. Credit Score

620

Min. Down Payment

3%
Learn more

at Chase


Why we like it

Good for: borrowers 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

  • 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.

Read Full Review

Bethpage Federal Credit Union: NMLS#449104

4.5

NerdWallet rating 
Bethpage Federal Credit Union

Min. Credit Score

N/A

Min. Down Payment

3%

Why we like it

Bethpage has a good selection of loan options but no VA or USDA mortgages. And while it offers multiple online conveniences, you have to contact the lender for customized rates.

Pros

  • Offers a full array of online conveniences, including loan process updates.

  • Offers financing for cooperatives, a type of home that’s common on the East Coast.

  • Sample mortgage rates available for a variety of loan products.

Cons

  • In-person service available only on Long Island, New York.

  • VA, USDA and renovation loans are not available.

  • Customized rates not available online.

Read Full Review

PNC: NMLS#446303

4.5

NerdWallet rating 
PNC

National / Regional

National

Min. Down Payment

20%

Why we like it

Ideal for those looking for online application support and a variety of jumbo loan term options

Pros

  • Online tools help you estimate mortgage payments and track application progress.

  • Can be used for primary or second home purchases.

  • $5 million max jumbo loan amount.

Cons

  • It's not possible to complete the entire mortgage process online.

  • In-person service is not available in every state.

Read Full Review

Bank of America: NMLS#399802

5.0

NerdWallet rating 
Bank of America

Min. Credit Score

620

Min. Down Payment

5%

National / Regional

National

National / Regional

National

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

TD Bank: NMLS#399800

4.5

NerdWallet rating 
TD Bank

National / Regional

Regional

Max LTV

N/A

Min. Credit Score

620

Min. Credit Score

620

Why we like it

TD Bank Mortgage gets high marks for its variety of loan products and mortgage types, and excels at online convenience, but could make it easier to find mortgage rates on its site.

Pros

  • Allows 3% down payment without borrower-paid mortgage insurance.

  • Offers specialty loans like construction-to-permanent mortgages and medical professional mortgages.

  • Among the best when it comes to online convenience, including loan process updates.

Cons

  • Available only in states on the East Coast.

  • You'll need to fill out a short form to see potential mortgage interest rates.

Read Full Review

Local mortgage lenders in New York City

Some New York experiences are iconic, like folding your pizza slice so the pointy end doesn't sag toward the ground, dripping grease on your shoes. If you're looking for local New York flavor in a mortgage, these lenders are based in or near New York City and have offices in at least some of the boroughs. They are among the highest-volume lenders in the city. NerdWallet has not reviewed these lenders.

  • 3 branches in Brooklyn, 3 in Manhattan, 3 in Queens, serving all 5 boroughs.

  • Mortgages for one- to four-family units, condos and co-ops.

  • Focuses on Chinese-American communities, with staffers who are fluent in English as well as Cantonese, Mandarin and multiple Chinese dialects including Fujianese.

  • Certified by the U.S. Treasury as a Community Development Financial Institution, working in a market niche that is underserved by traditional financial institutions.

  • 1 office in the Bronx, 2 in Brooklyn, 1 in Manhattan, 1 in Queens.

  • Offers fixed-rate and adjustable-rate mortgages as well as FHA, VA and construction loans.

  • Specializes in mortgages for foreign nationals and nonresident aliens.

  • Prepares preapproval letters for buyers to present with offers on homes.

  • 1 office in Manhattan, 1 in Queens.

  • Offers FHA and VA loans and an array of fixed-rate and adjustable-rate mortgages for purchases and refinances.

  • Offers loans to international college graduates enrolled in Optional Practical Training, and non-permanent residents may borrow up to 90% loan to value.

  • Accepts alternative income documentation.

  • 2 offices in Queens.

  • Offers mortgages for various dwelling types, including condos and co-ops.

  • Mortgages with down payment as low as 3% for low- to moderate-income borrowers.

  • Offers home purchase-renovation loans under FHA 203(k) and Fannie Mae HomeStyle programs.

  • Finances jumbo loans up to $2 million.

More from NerdWallet

Last updated on January 28, 2021

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 City Mortgage Lenders of 2021