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Best New York City Mortgage Lenders of 2019

Aug. 14, 2018
Finding the Right Mortgage, Mortgages
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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.

National and regional lenders in New York City

These lenders are some of the biggest mortgage lenders in the nation, and they have a big footprint in the New York City metro area, too.

Best New York City mortgage lenders for jumbo loans

A mortgage with an amount over the conforming limit is called a jumbo loan. In New York City in 2019, that limit is $726,525. The city’s expensive real estate ensures that a lot of buyers need jumbo mortgages. These lenders offer some of the biggest.

2.5 NerdWallet rating
  • $5 million maximum for ARMs and 10-year fixed-rate loans.
  • $2.5 million limit for 15- and 30-year fixed-rate loans.
  • 2.5-star rating is driven by relatively weak online capabilities, which are offset in New York by the jumbo and co-op offerings.
  • Bethpage Federal Credit Union mortgage review.
3.5 NerdWallet rating

Best New York City co-op lenders

A cooperative project, also known as a co-op, is a multi-unit residential building in which the owners don’t own their units. Instead, they own shares in a corporation that owns the building. These lenders know their way around co-op financing.

4.5 NerdWallet rating
  • Loans for co-ops with at least five units in the project.
  • Finances co-op units only in New York state.
  • Purchases and refinances are available.
  • Rocket Mortgage review.
2.5 NerdWallet rating
  • Loans for co-ops with at least 10 units in the project.
  • Jumbo loans are available on co-ops.
  • Financial counseling is available, which may be helpful in the complex co-op buying process.
  • Bethpage Federal Credit Union mortgage review.

Best New York City mortgage lenders for low down payments

It’s hard to save up for a down payment to buy New York City’s pricey real estate. These lenders offer mortgages with low down payments.


3.5 NerdWallet rating
  • DreaMaker and Agency Affordable mortgages as low as 3% down.
  • Lower mortgage insurance requirements for DreaMaker.
  • No income limit on Agency Affordable, but mortgage insurance is required.
  • Chase Mortgage review.
4.0 NerdWallet rating
  • Affordable Loan Solution allows down payment of 3%.
  • No monthly mortgage insurance premium for Affordable Loan Solution.
  • Income and loan limits apply for Affordable Loan Solution.
  • Bank of America Mortgage review.

Best New York City mortgage lenders for home equity lending

Many homeowners borrow against their home’s equity to pay for renovations or to fund tuition or other big expenses. These big lenders offer fixed-rate and variable-rate options for borrowing against equity.


3.0 NerdWallet rating
  • Variable-rate HELOC has no minimum draw. Minimum credit line is $25,000.
  • Fixed-rate home equity loan available with minimum $25,000 borrowed.
  • Interest-rate discount for borrowers with TD Bank personal checking or savings account.
  • HELOCs and home equity loans may be available on co-op units.
  • TD Bank Mortgage review.
3.5 NerdWallet rating
  • HELOC comes with an option to take a fixed rate on all or a portion of the balance.
  • Choose the term of the fixed-rate portion.
  • HELOC available on houses, two-unit residences, condominiums and co-ops.
  • Chase Mortgage review.

Best New York City mortgage lenders for ARMs

Adjustable-rate mortgages are popular among borrowers who don’t plan to own the home long, or who believe their income will rise substantially within a few years. The initial rate on an ARM is lower than a fixed-rate mortgage, but it can go up (or down) later.

3.5 NerdWallet rating
  • Offers 10/1, 7/1, 5/1, 3/1 and 1/1 ARMs.
  • ARMs available for refinances.
  • ARMs available for loans up to $5 million.
  • PNC Mortgage review.
TD Bank Mortgage
3.0 NerdWallet rating
  • Offers 15/1, 10/1, 7/1, 5/1, 5/5, 3/1 and 1/1 ARMs.
  • Jumbo ARMs are available.
  • More than 25 branches in New York City.
  • TD Bank Mortgage 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.


  • 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.

Best New York City mortgage lenders: Summary

Bethpage Federal Credit Union: Best for jumbo loans

PNC Mortgage: Best for jumbo loans

Rocket Mortgage: Best for co-ops

Bethpage Federal Credit Union: Best for co-ops

Chase Mortgage: Best for low down payments

Bank of America: Best for low down payments

TD Bank Mortgage: Best for home equity lending

Chase Mortgage: Best for home equity lending

PNC Mortgage: Best for ARMs

TD Bank Mortgage: Best for ARMs

First American International Bank: Top local lender

FM Home Loans: Top local lender

Summit Mortgage Bankers: Top local lender

Meadowbrook Financial Mortgage: Top local lender

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