Best of
Best New York City Mortgage Lenders of 2019
NerdWalletJuly 2, 2019
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Looking for a New York City mortgage lender? We've researched the city’s top lenders, selecting the best in five categories.
Bethpage Federal Credit Union
2.5
NerdWallet ratingMin. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers who appreciate plenty of educational support and the nonprofit business model of a credit union.
Pros
- Ample educational support and financial tools for first-time home buyers.
- Offers financing for cooperatives, a common type of ownership on the East Coast.
- Offers three home equity borrowing options.
Cons
- In-person service available only on Long Island, New York.
- VA and USDA loans are not available.
- Online capabilities limited; loan docs have to be delivered to an office or faxed in.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers with low-to-moderate incomes or limited down payments. PNC offers a low-down-payment loan with no mortgage insurance.
Pros
- Considers nontraditional credit history like rent payments.
- Online tools help you estimate mortgage payments and track application progress.
- Several affordable loan options including FHA, VA, USDA and the PNC Community Loan.
Cons
- It's not possible to complete the entire mortgage process online.
- Offers mortgage loans nationwide, but has branches in only about two dozen states.
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.
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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for East Coast residents looking for low-down-payment mortgages, to work with state housing agencies, or to get loans for building or remodeling a home.
Pros
- Allows 3% down payment without borrower-paid mortgage insurance.
- Helps borrowers find help from state and local housing authorities.
- Emphasizes construction-to-permanent mortgages.
- Purchase-and-renovation loans with more flexibility than the FHA offers.
Cons
- Available only in states on the East Coast.
- The loan process is not executed online.
Summary of Best New York City Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Bethpage Federal Credit Union NerdWallet rating | jumbo loans & co-op lenders | 620 | 3% | |
 PNC | jumbo loans & ARMs | 620 | 3% | Read review |
Rocket Mortgage at Rocket Mortgage | co-op lenders | 620 | 3% | at Rocket Mortgage |
Chase at Chase | low down payments & home equity lending | 620 | 3% | at Chase |
 Bank of America | low down payments | 620 | 3% | Read review |
 TD Bank | home equity lending & ARMs | 620 | 3% | Read review |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Bethpage Federal Credit Union NerdWallet rating | jumbo loans & co-op lenders | 620 | 3% | |
PNC | jumbo loans & ARMs | 620 | 3% | Read review |
Rocket Mortgage at Rocket Mortgage | co-op lenders | 620 | 3% | at Rocket Mortgage |
Chase at Chase | low down payments & home equity lending | 620 | 3% | at Chase |
Bank of America | low down payments | 620 | 3% | Read review |
TD Bank | home equity lending & ARMs | 620 | 3% | Read review |
» MORE: See the best New York state mortgage lenders
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.
FIRST AMERICAN INTERNATIONAL BANK
- 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.
FM HOME LOANS
- 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.
SUMMIT MORTGAGE BANKERS, INC.
- 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.
MEADOWBROOK FINANCIAL MORTGAGE
- 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 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 City Mortgage Lenders of 2019
- Bethpage Federal Credit Union: Best for jumbo loans & co-op lenders
- PNC: Best for jumbo loans & ARMs
- Rocket Mortgage: Best for co-op lenders
- Chase: Best for low down payments & home equity lending
- Bank of America: Best for low down payments
- TD Bank: Best for home equity lending & ARMs
