Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

7 best mortgage lenders in New York

Buying a home in the Empire State? These are its best mortgage lenders.

Updated . What changed?

Fact checked
New York is home to some of America’s hottest real estate markets. If you’re thinking about buying a home in the Big Apple, the Upstate area or anywhere in between, the best mortgage lenders in New York can make your life much easier — and potentially save you a significant sum.

Best New York mortgage lenders in 2020

How we picked the best lenders

We selected the following lenders based on several metrics, including their fees, loan amounts, interest rates and eligibility requirements. When possible, we also considered reviews and scores from sites such as Trustpilot and the Better Business Bureau (BBB). Learn more about Finder’s rating methodology.

Best for for low rates

Bank of America

Min. credit score
Min. down payment
As one of the oldest and largest financial institutions in the United States, Bank of America is no newcomer to the mortgage industry. But compared to most other mortgage lenders in New York, BoA offers more competitive rates in markets across the state. So if paying the lowest interest rates is your primary concern while shopping for a mortgage, Bank of America is certainly worth considering.
  • Low interest rates. BoA tends to offer more attractive rates than most other lenders in the state.
  • Accepts alternative credit data. BoA will weigh your rent and utility payments when determining your eligibility for a loan.
  • Existing customer discounts. If you currently bank with BoA, you could save up to $600 on origination costs.
  • Lackluster service. BoA customers commonly complain about the bank’s service.
  • Fined for fraud. In the wake of the 2008 financial crisis, BoA was forced to pay $76 billion for misleading investors about their mortgages.
Loan types Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Minimum credit score Conventional: 620
FHA: 600
Minimum down payment 3%
States available Available in all states
Fees Expect fees to include origination, appraisal, title charges, closing fees and state taxes.

Ask your loan consultant for the specific fees associated with your pending loan, and keep an eye out for additional fees in your loan documentation.

Best for first-time buyers

M&T Bank

Min. credit score
Min. down payment
Buying your first home can be challenging if you’re not sure where to start. Fortunately, the State of New York Mortgage Agency (SONYMA) offers exclusive programs to assist first-time homebuyers. These programs feature low interest rates and down payment requirements, as well as flexible underwriting guidelines and down payment assistance.

Several lenders in New York State participate in SONYMA programs, but M&T Bank is one of the only lenders that offer mortgages in all of New York’s 62 counties. Plus, M&T Bank also has among the shortest processing times of all lenders in the state.

  • Low rates. M&amp
  • T Bank’s mortgage rates start at 2.5% — well below the state’s average rate.
  • Instant preapproval. M&amp
  • T Bank goes beyond prequalification by offering confirmed preapprovals.
  • No prepayment penalty. Unlike some other lenders, M&amp
  • T Bank won’t penalize you if you pay off your loan early.
  • Some bad reviews. On review websites including and, there are several recently published complaints about payment processing issues and this bank’s customer service.
  • Recent lawsuit. At the beginning of 2020, M&amp
  • T Bank settled a class-action lawsuit with employees for more than $20 million.
Loan types Conventional, Refinance, Jumbo, FHA, VA, USDA
Minimum credit score Conventional: 620
Jumbo: 680
FHA: 580
Minimum down payment 3%
States available Available in all states
Fees No application fee or prepayment fee, but there is an appraisal fee.

Best for freelancers and gig workers

Freedom Mortgage

Min. credit score
Min. down payment
The gig economy is booming in New York, but many mortgage lenders will only approve applicants who can prove steady income over several years. However, Freedom Mortgage has flexible requirements that allow freelancers, gig workers and individuals with low-to-moderate income to become homeowners. Freedom Mortgage is also one of New York’s top five FHA lenders and the fastest-growing FHA lender in the state.
  • Good for freelancers. Freedom Mortgage makes homeownership possible for people with fluctuating income levels.
  • Bad credit is OK. For some loan types, Freedom Mortgage accepts applicants with credit scores as low as 540.
  • Reduced-price refinancing. Freedom Mortgage offers streamline refinances, which can shorten the life of your loan while also lowering your interest rate.
  • Relatively few branches. Freedom Mortgage has fewer than 20 locations in New York.
  • No online application. You must contact a loan officer to apply for a mortgage.
  • No home equity products.Freedom Mortgage doesn’t offer home equity loans or lines of credit.
Loan types Conventional, Jumbo, FHA, VA, USDA, Refinance
Minimum credit score Conventional: 620
FHA: 540
VA: 580
USDA: 640
Minimum down payment 3%
States available Available in all states
Fees While not listed, expect to pay about 2% to 5% of your home’s total price in fees, including origination, application and third-party fees.

Best for veterans


Min. credit score
Min. down payment
In addition to helping current and former members of the military and their spouses get mortgages with lower interest rates and no down payment, the New York State Division of Veterans' Services promotes a program called an interest rate reduction refinance loan (IRRRL). As its name suggests, the program allows current VA loan holders to refinance their existing loan for a new one with better terms. USAA, the most popular VA lender in New York, can help you obtain an IRRRL loan, plus New York is one of only four states where USAA has a physical presence.
  • Customer satisfaction. In a 2020 study by J.D. Power, USAA scored 895 out of 1000 for customer satisfaction — higher than any other lender in the nation.
  • Low rates. USAA has the lowest combined rates and fees of any VA lender.
  • Participates in IRRRL. Also called a streamline refinance, this program can help you refinance your loan for a lower rate.
  • Military only. Civilians won’t qualify for the best terms with USAA.
  • Limited loan types. USAA doesn’t offer FHA loans, USDA loans or home equity options.
Loan types Conventional, Refinance, Jumbo, VA, Adjustable Rate, Fixed Rate
Minimum credit score Conventional: 620
Minimum down payment 3%
States available Available in all states

Best regional lender

GuardHill Financial Corp.

GuardHill Financial Corp. logo
Min. credit score
Min. down payment
Thousands of mortgage lenders operate in New York, but many of them are based in other states. If you believe in the importance of working with a local lender, GuardHill Financial Corp. is a strong choice. GuardHill is based in New York City and has been in business for nearly 30 years. This lender also offers a wide array of loan types and it has excellent customer reviews.
  • Fast approvals. You can get approved in 24 hours and your loan could close within three weeks.
  • Positive reviews. GuardHill has overwhelmingly positive customer reviews.
  • Online application. Some lenders make you speak with a loan officer before applying, but GuardHill doesn’t.
  • Online only. GuardHill is headquartered in NYC, but it doesn’t have any branches.
  • No military loans. GuardHill doesn’t offer USDA or VA loans.
Loan types Conventional, FHA, Jumbo
Minimum credit score Undisclosed, but borrowers should expect to need at least a 620 credit score to qualify
Minimum down payment 3.5%
States available CA, CO, CT, FL, IL, LA, MA, MD, ME, NC, NH, NJ, NY, PA, RI, TN, TX, VA, VT
Fees Charges an origination fee

Most popular lender


LoanDepot logo
Finder Rating: 3 / 5


Go to site
at Loan Depot's secure site
Read review
Min. credit score
Min. down payment
Among the multitude of banks, credit unions and mortgage companies in New York, LoanDepot originates more mortgages in the state than any other lender. And it’s easy to understand why LoanDepot is so popular. This lender offers a broad selection of mortgage types and the online application process is simple.

Additionally, mortgages from LoanDepot come with a lifetime guarantee, so if you ever decide to refinance a loanDepot loan, you won’t pay any lender fees or appraisal fees.

  • Impartial officers. LoanDepot’s no-steering policy guarantees that loan officers won’t push you in a particular direction.
  • Prepayment OK. LoanDepot won’t penalize you if you pay off your mortgage ahead of schedule.
  • Save on appraisal. In some cases, LoanDepot’s loan officers may be able to rapidly assess the best type of loan for you without requiring an appraisal. This could save you hundreds of dollars.
  • High origination fee. LoanDepot charges up to 5% for origination, while many other lenders charge 3%.
  • Rates aren’t available online. You’ll need to contact a loan officer to determine your actual mortgage rate.
Loan types Conventional, Jumbo, FHA, VA, USDA, Home Equity, Refinance
Minimum credit score Conventional: 620
FHA: 580
VA: 620
Minimum down payment 3.5%
States available Available in all states
Fees LoanDepot doesn’t disclose this information on its website, so speak to your loan officer about additional home loan fees you might pay. Borrowers should expect an origination fee of 1% to 5%

Best for refinancing

Chase Bank

Min. credit score
Min. down payment
If you already own a home but are hoping to save some money by refinancing, Chase Bank could be a good bet. This lender has low rates and attractive refinancing options, which can help you get more out of your monthly budget. Plus, unlike some other lenders, Chase offers home equity loans and lines of credit, giving you instant access to cash. And Chase also has 668 locations throughout New York, making it easy for you to speak with a loan officer no matter which part of the state you live in.
  • Home equity options. Chase provides home equity loans and lines of credit, allowing you instant access to cash.
  • Low-income OK. You can qualify for a Chase mortgage even if your income level isn’t high.
  • Competitive rates. Chase’s interest rates for refinancing are generally among the most competitive in the industry.
  • High fees. Chase charges some fees that other lenders do not, including an origination fee and an application fee.
  • Must have decent credit. Although Chase accepts low-income applicants, they won’t approve those with credit scores below 620.
  • Some loan types aren’t available. Chase doesn’t offer FHA 203(k) home-improvement loans.
Loan types Conventional, Jumbo, FHA, VA, HELOC, Refinance
Minimum credit score DreaMaker and Conventional: 620
FHA: 580
All other mortgage types: 700
Minimum down payment 3%
States available Available in all states
Fees $395 application fee plus fees for origination, underwriting and rate lock

Which lender is best for me?

Given how many New York mortgage lenders there are to choose from, finding the right one for you can take some time. But you’ll be more likely to find the right fit by following a few best practices.

  • Compare customer reviews. If you’re on the fence about a particular lender, check popular review sites such as Trustpilot and the BBB to see if other borrowers have been happy with their decision.
  • Apply for more than one preapproval. By collecting at least a few estimates, you’ll have more leverage when working with lenders.
  • Don’t hesitate to negotiate. Never accept an offer without at least attempting to negotiate a more competitive rate or more favorable terms.
  • Look for hidden language. Never skim the fine print, and ask questions about anything you’re confused about to ensure you understand every aspect of your loan agreement.

Compare mortgage lenders

Name Product Loan products offered State availability Min. credit score
(NMLS #330511)
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
Online preapproval in minutes and no origination fees with this direct lender.
(NMLS #1136)
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
Connect with vetted home loan lenders quickly through this online marketplace.
(NMLS #1121636)
Conventional, Home equity, Refinance
Not available in: AK, HI, MO, NH, NM, NY, SD, WV
No hidden fees, multiple loan terms, and member discounts available.
Axos Bank
(NMLS #524995)
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).

Compare up to 4 providers

Average rates and fees in New York

As of September 2020, the average mortgage rate in the US is 3.21%, but it’s considerably lower in New York. According to the Consumer Financial Protection Bureau (CFPB), the average rate on 30-year mortgages in New York is currently 2.875%. And while closing costs in the US typically range between 2% and 5%, 2019 data from ClosingCorp shows that closing costs in New York averaged 3.05% of the sales price.

Curious to learn more? Continue researching mortgage rates in New York or compare closing costs in New York for more information.

What about brokers?

This list only includes the leading direct lenders in New York because only direct lenders can approve and finance mortgages loans. If you want help finding the best lender for you, you might consider working with a mortgage broker.

Mortgage brokers can save you time by researching your lending options for you, but not all brokers operate on the up and up. Most brokers are trustworthy, but some may attempt to charge you unnecessary fees to pad their own pockets. To find an honorable broker, read recent reviews to ensure previous customers have been happy with their choice.

Bottom line

There’s no one-size-fits-all lender that’s ideal for everyone, but one of the best mortgage lenders in New York could be a perfect match for your needs. Take your time comparing what they each have to offer, or continue exploring your options for lenders in your area.

Frequently asked questions

Home loans ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience.

Read the full methodology of how we rate home loan providers.

More guides on Finder

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site