8 Best New York Mortgage Lenders of 2022
If you’re looking for a mortgage in New York, you have many lenders to choose from. These are some of the best lenders in the city, upstate and in western New York.
Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners and here's how we make money.
New York mortgage lenders' offerings can vary significantly. Whether you're looking for a lender with programs specifically for first-time home buyers or a mortgage company willing to work with less-than-perfect credit, there are plenty of options in the Empire State.
The national lenders displayed below have been reviewed by NerdWallet and are some of the highest-volume — and highest-rated — mortgage providers in the state of New York.
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
8 Best New York Mortgage Lenders of 2022
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
|---|---|---|---|---|
620 | 3% | Learn more at Rate | ||
620 | 1% | Learn more at Rocket Mortgage, LLC | ||
 Network Capital: NMLS#11712 Compare More Lenders on NerdWallet | 620 | 3% | Compare More Lenders on NerdWallet | |
 Bank of America: NMLS#399802 Compare More Lenders on NerdWallet | 660 | 5% | Compare More Lenders on NerdWallet | |
 Citibank: NMLS#412915 Compare More Lenders on NerdWallet | N/A | 3% | Compare More Lenders on NerdWallet | |
 SunTrust (Truist): NMLS#2915 Compare More Lenders on NerdWallet | 620 | 3% | Compare More Lenders on NerdWallet | |
 Homebridge: NMLS#6521 Compare More Lenders on NerdWallet | 620 | 3% | Compare More Lenders on NerdWallet | |
 Chase: NMLS#399798 Compare More Lenders on NerdWallet | 620 | 3% | Compare More Lenders on NerdWallet |
- Why We Like ItRate boasts a streamlined application process, with full underwriting in as little as one business day, though average fees are higher than many competitors’.Pros
- Fully underwritten mortgage approval in as little as one day for qualified borrowers.
- Generous selection of loans, including government-backed, interest-only, jumbo and renovation.
- Advertises a HELOC that can be funded in as few as five business days.
Cons- Origination fees are on the high side, according to the latest federal data.
- HELOC requires immediate, full withdrawal of funds.
Rocket Mortgage, LLC: NMLS#3030
620
1%
- Why We Like ItRocket Mortgage is the largest mortgage lender by volume, standing out for its range of affordable borrowing options, down payment assistance and closing cost credits.Pros
- Reported average time to close is 15 days faster than industry average.
- FHA and VA loans make up 40% of Rocket Mortgage’s total loan volume.
- Borrowers can apply via mobile app.
Cons- Origination fees are on the higher end, according to the latest federal data.
- No construction or renovation loans.
- Physical branches are only available in Detroit, Cleveland, and Phoenix.
Network Capital: NMLS#11712
620
3%
- Why We Like ItNetwork Capital stands out for its wide range of mortgage offerings, including niche products like physician loans, non-QM loans, ITIN loans and mortgages for manufactured homes.Pros
- Reported average time to close is 20 days, far below the industry average.
- Products like non-QM loans and ITIN loans make borrowing more accessible.
- HELOCs offer long draw terms, up to 30 years.
Cons- The lender’s website offers limited loan details.
- HELOCs have a minimum loan amount of $50,000.
Bank of America: NMLS#399802
660
5%
National
- Why We Like ItBank of America offers low interest rates, in-person service and plenty of loan options. Current banking customers may be eligible for additional perks.Pros
- Interest rates are lower than most lenders, according to the latest federal data.
- Offers up to $10,000 in down payment assistance to qualified borrowers.
- Banking customers can get discounted interest rates or fees.
Cons- Mortgage origination fees are on the high side, according to the latest federal data.
- Rate estimator tool doesn’t personalize by credit score.
Citibank: NMLS#412915
National
3%
- Why We Like ItCiti offers solid customer support and a highly rated mobile app. Borrowers need to contact the lender for a customized rate quote or preapproval — but average mortgage rates are among the lowest of lenders we review.Pros
- Very low average interest rates compared to other lenders, according to the latest federal data.
- Closing cost credits and interest rate discounts available.
- Highly rated mobile app.
Cons- Preapproval and application require a phone call to complete.
- Must contact the lender for customized rate quote.
- Doesn’t offer renovation or construction-to-permanent loans.
SunTrust (Truist): NMLS#2915
620
3%
- Why We Like ItGood for: first-time home buyers, doctors and other borrowers interested in low-down-payment mortgage options.Pros
- Offers a wide variety of loan options, including special programs for doctors.
- Offers a complete suite of online mortgage application tools and loan tracking.
- Sample rates and fees are easy to find on the website.
Cons- Customized rates aren't available online without starting an application.
- Branches are limited mostly to the Southeast.
- Why We Like ItGood for borrowers who want a loan officer's help, in person or on the phone, when deciding among the wide range of available mortgage options — including loans to buy and renovate.Pros
- Offers a full array of mortgage products, including government and renovation loans.
- Online portal keeps borrowers up to date on the loan application's progress.
- Offers home equity lines of credit, or HELOCs.
Cons- Doesn't post interest rates on its site.
- Lender fees are on the high side, according to the latest federal data.
- Why We Like ItGood for: borrowers who want a wide selection of loan products, an in-person experience and comparatively low interest rates.Pros
- Carries a wide variety of mortgage types and products, including mortgages with down payments as low as 3%.
- Offers low rates compared with other lenders, according to the latest federal data.
- Offers a customizable mortgage calculator for personalized rate and payment estimates.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons- Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle.
- You have to speak with a home loan adviser to complete the application.
- Home equity lines of credit (HELOC) are currently unavailable.
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 lenders are among the highest-volume mortgage makers in the city as well as in New York state. The following lenders haven't 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.
NEW YORK State
Serves central New York as well as eight counties in the 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 January 6, 2022
Frequently asked questions
New York City mortgages can vary in size considerably depending on which borough you're looking at and the type of housing. Co-op apartments tend to have lower sale prices (and thus lower mortgage payments), but come with maintenance fees that boost monthly costs.
The minimum down payment depends on the cost of the house and what kind of loan you're using to buy it. With a conventional mortgage, you may be able to put down as little as 3%. Use a New York mortgage calculator to see how your monthly costs would vary based on your down payment. If you're a first-time home buyer in New York, you may also be able to get down payment assistance through the State of New York Mortgage Agency.
In 2020, the median sale price of a house in New York State was $310,000, according to the New York State Association of Realtors. Housing affordability can vary dramatically, however, depending on where in the state you're looking to live. You'll likely see lower asking prices in areas like central New York and the Southern Tier than you would in New York City or on Long Island.
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.
NerdWallet's Best New York Mortgage Lenders of 2022
- Rate: Best for online mortgage lenders
- Rocket Mortgage, LLC: Best for online mortgage lenders
- Network Capital: Best for borrowers with weaker credit
- Bank of America: Best for face-to-face service
- Citibank: Best for first-time home buyers & face-to-face service
- SunTrust (Truist): Best for refinancing
- Homebridge: Best for borrowers with weaker credit
- Chase: Best for refinancing
