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7 best mortgage lenders in New York

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

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Michael Benninger
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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.

What are the best mortgage lenders in New York?

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.

LoanDepot

Finder rating 3 / 5 ★★★★★

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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.

Best for low rates

Bank of America

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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.

Best for first-time buyers

M&T Bank

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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.

Best for freelancers

Freedom Mortgage

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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.

Best for veterans

USAA

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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.

Best for refinancing

Chase Bank

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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.

Best regional lender

GuardHill Financial Corp.

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.

How do I choose the best lender 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

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.

Data updated regularly
Name Product Loan products offered State availability Min. credit score
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
620
No hidden fees, multiple loan terms, and member discounts available.
See rates
More Info
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
See rates
More Info
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
See rates
More Info
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
See rates
More Info
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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 mortgage 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.

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.

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