7 best mortgage lenders in New York

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.

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.

Most popular lender

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.

• Pros and cons

  Pros

  • 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.

  Cons

  • 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.

• More details

  Loan products offered	Conventional, Jumbo, FHA, VA, Refinance
  Minimum credit score	Conventional: 620 FHA: 580 VA: 620
  Minimum down payment (Conventional)	3.5%
  State availability	Available in all states
  NMLS #	174457

Pros

• 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.

Cons

• 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.

• More details

  Loan products offered	Conventional, Jumbo, FHA, VA, Refinance
  Minimum credit score	Conventional: 620 FHA: 580 VA: 620
  Minimum down payment (Conventional)	3.5%
  State availability	Available in all states
  NMLS #	174457

Minimum credit score	Conventional: 620 FHA: 580 VA: 620

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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.

• Pros and cons

  Pros

  • 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.

  Cons

  • 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.

• More details

  Loan products offered	Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
  Minimum credit score	Conventional: 620 FHA: 600
  Minimum down payment (Conventional)	3%
  State availability	Available in all states
  NMLS #	399802

Pros

• 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.

Cons

• 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.

• More details

  Loan products offered	Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
  Minimum credit score	Conventional: 620 FHA: 600
  Minimum down payment (Conventional)	3%
  State availability	Available in all states
  NMLS #	399802

Minimum credit score	Conventional: 620 FHA: 600

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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.

• Pros and cons

  Pros

  • Low rates. M&T Bank's mortgage rates start at 2.5% &mdash
  • well below the state's average rate.
  • Instant preapproval. M&T Bank goes beyond prequalification by offering confirmed preapprovals.
  • No prepayment penalty. Unlike some other lenders, M&T Bank won't penalize you if you pay off your loan early.

  Cons

  • Some bad reviews. On review websites including Wallethub.com and ConsumerAffairs.com, there are several recently published complaints about payment processing issues and this bank's customer service.
  • Recent lawsuit. At the beginning of 2020, M&T Bank settled a class-action lawsuit with employees for more than $20 million.

• More details

  Loan products offered	Conventional, Jumbo, FHA, VA, USDA, HELOC, Refinance
  Minimum credit score	Conventional: 620 Jumbo: 680 FHA: 580
  Minimum down payment (Conventional)	3%
  State availability	Available in all states
  NMLS #	381076

Pros

• Low rates. M&T Bank's mortgage rates start at 2.5% &mdash
• well below the state's average rate.
• Instant preapproval. M&T Bank goes beyond prequalification by offering confirmed preapprovals.
• No prepayment penalty. Unlike some other lenders, M&T Bank won't penalize you if you pay off your loan early.

Cons

• Some bad reviews. On review websites including Wallethub.com and ConsumerAffairs.com, there are several recently published complaints about payment processing issues and this bank's customer service.
• Recent lawsuit. At the beginning of 2020, M&T Bank settled a class-action lawsuit with employees for more than $20 million.

• More details

  Loan products offered	Conventional, Jumbo, FHA, VA, USDA, HELOC, Refinance
  Minimum credit score	Conventional: 620 Jumbo: 680 FHA: 580
  Minimum down payment (Conventional)	3%
  State availability	Available in all states
  NMLS #	381076

Minimum credit score	Conventional: 620 Jumbo: 680 FHA: 580

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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.

• Pros and cons

  Pros

  • 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.

  Cons

  • 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.

• More details

  Loan products offered	Conventional, Jumbo, FHA, VA, USDA, Refinance
  Minimum credit score	Conventional: 620 FHA: 540 VA: 580 USDA: 640
  Minimum down payment (Conventional)	3%
  State availability	Available in all states
  NMLS #	2767

Pros

• 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.

Cons

• 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.

• More details

  Loan products offered	Conventional, Jumbo, FHA, VA, USDA, Refinance
  Minimum credit score	Conventional: 620 FHA: 540 VA: 580 USDA: 640
  Minimum down payment (Conventional)	3%
  State availability	Available in all states
  NMLS #	2767

Minimum credit score	Conventional: 620 FHA: 540 VA: 580 USDA: 640

See rates Read review

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.

• Pros and cons

  Pros

  • 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.

  Cons

  • 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.

• More details

  Loan products offered	VA, VA Jumbo, VA Refinance
  Minimum credit score	None
  State availability	Available in all states
  NMLS #	401058

Pros

• 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.

Cons

• 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.

• More details

  Loan products offered	VA, VA Jumbo, VA Refinance
  Minimum credit score	None
  State availability	Available in all states
  NMLS #	401058

Minimum credit score	None

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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.

• Pros and cons

  Pros

  • 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.

  Cons

  • 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.

• More details

  Loan products offered	Conventional, Jumbo, FHA, VA, HELOC, Refinance
  Minimum credit score	DreaMaker and Conventional: 620 FHA: 580 All other mortgage types: 700
  Minimum down payment (Conventional)	3%
  State availability	Available in all states
  NMLS #	399798

Pros

• 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.

Cons

• 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.

• More details

  Loan products offered	Conventional, Jumbo, FHA, VA, HELOC, Refinance
  Minimum credit score	DreaMaker and Conventional: 620 FHA: 580 All other mortgage types: 700
  Minimum down payment (Conventional)	3%
  State availability	Available in all states
  NMLS #	399798

Minimum credit score	DreaMaker and Conventional: 620 FHA: 580 All other mortgage types: 700

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Best regional lender

GuardHill Financial Corp.

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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.

• Pros and cons

  Pros

  • 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.

  Cons

  • 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.

• More details

  Loan products offered	Conventional, Jumbo, FHA, HELOC, Refinance
  Minimum credit score	Undisclosed, but borrowers should expect to need at least a 620 credit score to qualify
  Minimum down payment (Conventional)	3.5%
  State availability	CA, CO, CT, FL, IL, LA, MA, MD, ME, NC, NH, NJ, NY, PA, RI, TN, TX, VA, VT
  NMLS #	1609

Pros

• 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.

Cons

• 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.

• More details

  Loan products offered	Conventional, Jumbo, FHA, HELOC, Refinance
  Minimum credit score	Undisclosed, but borrowers should expect to need at least a 620 credit score to qualify
  Minimum down payment (Conventional)	3.5%
  State availability	CA, CO, CT, FL, IL, LA, MA, MD, ME, NC, NH, NJ, NY, PA, RI, TN, TX, VA, VT
  NMLS #	1609

Minimum credit score	Undisclosed, but borrowers should expect to need at least a 620 credit score to qualify

Read Review

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.

Sort by:

Name	Product	Loan products offered	State availability	Min. credit score	‎
Interfirst (NMLS #7872)		Conventional	AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, IL, IN, KS, LA, MD, ME, MI, MN, MO, MS, NH, NM, OH, OK, OR, PA, RI, SD, TN, TX, UT, VA, WI, WV, WY	620	See rates More Info		loading Fetching your data...
Freedom Mortgage (NMLS #2767)		Conventional, Jumbo, FHA, VA, USDA, Refinance	Available in all states	620	See rates More Info	A lender that excels in FHA and VA loans, offering low down payment options to borrowers.		loading Fetching your data...
Rocket Mortgage (NMLS #3030)		Conventional, Jumbo, FHA, VA, Refinance	Available in all states	620	See rates More Info	Streamline your mortgage from quote to final payment — all from your computer or phone.		loading Fetching your data...
AmeriSave (NMLS #1168)		Conventional, Jumbo, FHA, VA, USDA, Refinance	Not available in: NY	620	See rates 833-426-1288	Great customer reviews and customized rate quotes in three minutes with no SSN needed.		loading Fetching your data...
Veterans United (NMLS #1907)		Conventional, FHA, VA, USDA, Jumbo, Refinance	Available in all states	620	See rates More Info	Veterans United stands out from other lenders for its focus on serving the military community.		loading Fetching your data...
SoFi (NMLS #1121636)		Conventional, Jumbo, Home equity, Refinance	Not available in: HI	620	See rates More Info	No hidden fees, multiple loan terms, and member discounts available.		loading Fetching your data...
Guaranteed Rate (NMLS #2610)		Conventional, Jumbo, FHA, VA, Refinance	Available in all states	620	See rates More Info	Find competitive rates and highly-rated customer service with this lender.		loading Fetching your data...
Morty (NMLS #1429243)		Conventional, Jumbo	Not available in: AZ, HI, MA, MO, NV, UT	620	See rates More Info	Preapproval in minutes and closing in as little as 3 weeks with no origination fees.		loading Fetching your data...
LendingTree (NMLS #1136)		HELOC, Home Equity loans	Available in all states	620	See rates More Info	Connect with vetted lenders quickly through this free online marketplace.		loading Fetching your data...

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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.