Best Mortgage Lenders in New York in 2019

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LenderRecommended ForMinimum Credit ScoreHighlights
Chase BankFirst-Time Home Buyers620
  • Largest branch network for both upstate and the city of New York
  • Second most popular mortgage lender in the state.
CitibankRefinancing620
  • Most popular home equity lender in New York
  • Among New York's top 5 most popular lenders for refinances
Quicken LoansOnline Loans620
  • Received J.D. Power's highest customer satisfaction rating for nine years in a row
  • Most popular online lender for both VA and FHA loans in NY
USAAVA Loans620
  • Most popular military VA lender in New York
  • J.D. Power's highest rated military lender in customer satisfaction for 2018
Freedom MortgagePoor Credit580
  • One of New York state’s top 5 FHA lenders by volume
  • Fastest-growing FHA lender among New York's top mortgage companies
LenderRecommended forMin. Credit Score
Chase BankFirst-Time Home Buyers620
CitibankRefinancing620
Quicken LoansOnline Loans620
USAAVA Loans620
Freedom MortgagePoor Credit580

Whether you're shopping for a mortgage upstate, out on the island or even in the five boroughs, it's always a good idea to compare quotes from multiple mortgage lenders. Depending on the cost of your home, minor differences in mortgage rates can add up to tens of thousands of dollars in extra interest charges over the life of your loan. Start comparing options by clicking on one of the lender reviews in the chart above.

Best Mortgage Lender for First-Time Home Buyers: Chase Bank

Chase Bank is one of the leading banks in New York and tops our list of mortgage lenders for first-time home buyers. With 730 branches across the state, it's easy to find a Chase Bank branch in your neighborhood.

Chase
Chase

Consider this if You're looking for an accessible local lender who offers first-time home buyer assistance.

Good For …Bad For …
  • First-time home buyers looking for in-person guidance
  • Lower origination fees when compared to rivals
  • Average mortgage rates across products
  • Need to speak with loan officer and provide documents to complete pre-qualification

Read the Full Review

If you're trying to buy your first home, you might feel overwhelmed by the wealth of things you need to keep track of. It can be comforting to have an experienced loan officer guide you through this process. With the largest branch network in New York, Chase's Home Lending Advisor experts are just a quick commute away. New borrowers can take comfort in the lender's long track record, as it’s easily one of New York's most popular mortgage lenders, having sold over 91,500 mortgage loans over the past five years.

First-time home buyers applying through Chase can compare detailed rate quotes and closing costs on its site without having to provide any personal details. This makes it a useful shopping tool for comparing mortgage rates. Once you're pre-qualified, you can create a MyChase Mortgage online account to submit documents and track the status of your outstanding application. However, Chase doesn't allow you to complete the pre-qualification process on your own, so plan to speak with a loan officer before you complete your application.

In terms of customer satisfaction, Chase Bank managed to avoid the scandals that plagued its biggest rivals, Wells Fargo and Bank of America. In fact, Chase outperformed almost all of its major competitors in a J.D. Power study on customer satisfaction for 2018, with the exception of Quicken Loans. Nevertheless, due to the wide range of service quality by branch, it's always a good idea to take a look at detailed customer reviews of your local Chase branch before getting a rate quote. If your local branch seems to register an unusually high number of complaints, consider checking out one of our other picks for first-time home buyers.

Best Mortgage Lender for Refinancing: Citibank

Citibank is our No. 1 mortgage lender when it comes to refinancing, thanks to its wide variety of refinance and home equity options. Citibank is the most popular home equity lender in the state; it also ranks among New York’s 5 most popular lenders for refinancing.

Citibank
Citibank

Consider this if You’re looking for refinancing options in a high-cost area like New York City or Long Island.

Good For …Bad For …
  • Rate discounts for existing Citibank customers
  • Offers government refinancing options for VA and FHA borrowers
  • Majority of offices are concentrated in the New York City metropolitan area
  • Requires contact with a loan officer to complete pre-qualification process

Read the Full Review

CitiMortgage refinanced 30,900 mortgage loans over the past five years and also happens to be the most popular home equity lender in the state. If you're looking to refinance your existing home loan, Citi offers a wealth of options for homeowners, including VA and FHA refinance loans, in addition to Jumbo refinance loans which don’t conform to Fannie Mae traditional lending standards. These options can be particularly useful if you live in high-priced areas like New York City or Long Island.

Homeowners seeking to refinance can use Citibank's online mortgage-comparison tools to compare rates and closing costs, making it a useful shopping tool when comparing loans from multiple lenders. Citi's closing-cost estimator provides a surprisingly detailed report of your potential fees, taking into account both your zip code and local tax fees. While most lenders only provide cursory details on your estimated closing costs, Citi goes as far as to provide the tax stamp estimates for your specific township, making it an excellent choice when budgeting for a refinancing or home purchase.

One of Citibank’s main disadvantages is its lack of branches in upstate New York. While its main rival, Chase Bank, seems to offer locations across the state, Citibank focuses its attention on the New York City metropolitan area. However, don’t fret if there isn't a Citibank branch near you, as you can still use its loan comparison tools to estimate your rate remotely. Click on the link above to get started with a CitiMortgage quote today.

Best Online Mortgage Lender: Quicken Loans

Quicken Loans is an excellent choice if you're looking for a fast and easy application process. Quicken saw the fastest five-year growth rate in refinancings among New York’s top lenders, while also claiming the throne of top VA and FHA lender in the state.

Quicken Loans
Quicken Loans

Consider this if You're looking for the fastest and most convenient online application process.

Good For …Bad For …
  • Anyone who wants a fast online rate quote from a reputable lender
  • Borrowers who want flexible loan terms
  • Homeowners seeking home equity financing
  • Borrowers who want a face-to-face lending experience

Read the Full Review

Compared to many online lenders in New York, Quicken Loans is the best option for home buyers who want maximum flexibility when choosing their loan terms. Quicken's unique YOURgage product allows borrowers to select a mortgage with any length between eight and 29 years, an almost unheard of offering in a market where most lenders will force you to pick either 30- or 15-year terms. Enterprising borrowers can use this program to optimize their monthly payments to fit any budget.

When comparing quotes, we also found that Quicken's mortgage rates and fees were higher than most. The lender offers rates right around the market average for its purchase mortgages, but is more competitive when it comes refinancings, as indicated by the lender’s popularity in this category. In spite of Quicken’s high fees, the online lender holds one of the best records for customer satisfaction on the market, as well as some of the fastest closing times around. We found that some customers were able to close up to a week earlier with Quicken than with traditional lenders. A quick online application with Quicken can have you approved and ready to go in minutes; click on the link above to get pre-qualified today.

Best Mortgage Lender for VA Loans: USAA

We've selected USAA as our top VA lender, thanks to its outstanding record for customer satisfaction and wide selection of low-down-payment programs. USAA is the most popular military lender in New York, having originated over 2,400 VA loans in the state over the past five years.

USAA Mortgage
USAA Mortgage

Consider this if You're an active-duty service member looking for a low-down-payment VA loan.

Good For …Bad For …
  • Veterans who want to keep all their finances in one place
  • Borrowers will have a single point of contact through the mortgage process
  • Anyone unaffiliated with the military
  • Homeowners looking for home equity loans or HELOCs

Read the Full Review

USAA is one of the most trusted names in lending when it comes to America's veterans. The lender obtained J.D. Power's highest rating in customer satisfaction among military lenders in the country. If you decide to work with USAA, you will be assigned a single point of contact through the entire mortgage process, ensuring that you'll deal with one experienced loan officer instead of getting shuffled around from one department to the next. Few mortgage lenders can boast the same consistency and focus on customer satisfaction that USAA offers.

USAA offers a large selection of affordable mortgages, which minimize the amount of money you need to put down at closing. Chief among these is the VA loan, which features a competitive rate and requires no down payment. USAA even allows you to finance the VA funding fee into the cost of your mortgage, which means that qualifying borrowers may be able to close on their homes with no money down.

Another valuable option if you already have an existing VA loan on your home is USAA’s VA interest-rate reduction refinance, which charges no origination fee and requires no credit check to complete. This is a fast, easy solution if you're trying to complete a no-hassle refinancing of an existing VA loan, and isn’t typically offered by most lenders. Click the link above to visit USAA's site for more details or to get a quick rate quote.

Best Mortgage Lender for Poor Credit: Freedom Mortgage

Freedom Mortgage is an excellent resource for borrowers with low-to-moderate income, as well as anyone who might struggle with credit issues. Freedom Mortgage is one of the top five FHA lenders in New York.

Freedom Mortgage
Freedom Mortgage

Consider this if You're looking for a wide variety of home buyer assistance programs.

Good For …Bad For …
  • Borrowers looking for government-backed mortgage programs
  • Borrowers with low-to-moderate income
  • Homeowners looking for home equity products
  • Borrowers who qualify for better terms under a conventional mortgage

Read the Full Review

Regardless of how careful you are, sometimes things can happen in life that make it harder for you to qualify for a home loan. Even if you managed to get preapproved for a mortgage in the past, you probably received high rates and terms that were difficult to meet. This doesn’t mean that you shouldn’t buy a home if you can afford it, as home ownership is one of the most time-tested ways of building lasting wealth. If this sounds like you, it’s worth checking with Freedom Mortgage for a quick consultation, as the lender offers a variety of special financing programs for anyone struggling with credit or down payment issues.

Freedom Mortgage stakes its business on making homeownership accessible to its customers, and therefore participates in a variety of homebuyer assistance and state-bonding programs across the nation. The lender is a State of New York Mortgage Authority (SONYMA)-approved lender, which allows it to offer state-sponsored mortgage loans with 0% interest down payment loans for up to $15,000 in closing cost assistance. Eligible first-time home buyers can also qualify for tax credits and competitive rates, which can be combined with other grants and tax credits.

Best of all, the SONYMA's first-time home buyer program through Freedom Mortgage also funds home loans for co-ops and condominiums, which is especially useful for homebuyers in urban metros like Queens or Brooklyn. However this isn't your only choice, as you can still qualify for a low down payment FHA, USDA or VA loan with Freedom Mortgage if you're ineligible for the SONYMA program. If you're unsure whether you can qualify for a home loan in the Empire State, click on the link above to see if you qualify for one of Freedom Mortgage’s lucrative home buyer assistance programs.

Most Popular Home Loan Companies in New York

If you're shopping for a rate quote in New York, it's worth checking out these companies to compare terms, since they will likely set the average market rates in your area as the most popular lenders in the state. Keep in mind that these lenders may not have been selected among our top picks, as we compared each lender holistically rather than solely on the basis of rates or popularity. The five most popular mortgage lenders in New York are listed below, based on the total number of residential home loans originated over the past five years.

Top 5 Biggest New York Residential Mortgage Lenders, 2013–2018

RankCompanyMortgage originationsChange in volume
1Wells Fargo100,25816%
2Chase Bank91,54919%
3Citibank67,33116%
4Quicken Loans57,18125%
5Bank of America51,05920%

Remember to review each lender's record for customer service and any unique features it offers. While interest rates will form the basis of most decisions, it's still important to consider other factors like fees, user experience and even the speed at which the lender is able to close. These factors can make all the difference in a seller's market, especially when you’re competing with multiple buyers for your dream home.

How We Chose the Best Mortgage Lenders in New York

While interest rates factored into our decision, we also reviewed each lender's unique terms and conditions. When comparing interest charges, fees and closing costs, lenders who otherwise quoted the same rate ended up thousands of dollars apart in fees. This complexity led us to rate each lender on multiple criteria:

  • Total cost: interest rates and closing costs
  • Product: terms, programs and conditions
  • Servicing: transparency, complaint data and branch network

We looked into each lender's track record for customer satisfaction. Unique terms that weren't common to the industry were highlighted among lenders. For example, some companies offered rate discounts for customers who cross-shopped non-mortgage products, like real estate and checking accounts. These represented a distinct advantage versus other lenders who focused solely on mortgage lending.

Customer complaint records from the Consumer Financial Protection Bureau were compared against the number of loans sold, in an effort to forecast the likelihood of problems arising during the lending process. We also reviewed the size of each lender's branch network as well as the usefulness of its online lending platform, in an effort to measure each lender's accessibility. These further influenced our top lender selections.

Mortgage Brokers Near Me in New York

Mortgage brokers shop for home loans on your behalf and are especially useful in a unique real estate market like New York City, where borrowers may need more than a conventional mortgage loan. Mortgage brokers have access to direct and portfolio lenders who cater to non-traditional income streams, which traditional lenders might not be willing to lend to. Take a look at the chart below to find a mortgage broker near you.x

NameAddressPhone Number
Artisan Mortgage Company, Inc.134 4th Ave, Bay Shore, NY 11706(631) 859-9414
Fidelity Capital1385 Boston Post Rd, Larchmont, NY 10538(914) 833-9090
The Mortgage Outlet280 W Main St, Sayville, NY 11782(631) 589-3600
Putnam Capital Services1013 County Rd 6, Mahopac, NY 10541(800) 711-1071
Mortgage Tech Home Finance4459 Amboy Rd Suite 1, Staten Island, NY 10312(718) 226-5300
Channel Mortgage LLC55-25 69th Street, 1FL, Maspeth, NY 11378(718) 639-9500
Arlington Financial4600, 35 E Grassy Sprain Rd #300, Yonkers, NY 10710(914) 793-1122
DeepWell Funding, Inc4221 Merrick Rd, Massapequa, NY 11758(516) 557-2555
Grayton Mortgage, Inc.37 Greenpoint Ave #303, Brooklyn, NY 11222(718) 395-2600
Americana Mortgage Group, Inc.1615 Northern Blvd #404, Manhasset, NY 11030(516) 627-0200
Kenny Zhu

Kenny covers Banking and Mortgage content for ValuePenguin and has worked in the financial industry since 2013. He produces studies, guides and opinion pieces on consumer finance. Prior to joining ValuePenguin, Kenny was a Senior Investment Analyst at PFM Asset Management LLC, where he helped manage fixed income portfolios on behalf of public sector clients. He holds a Bachelors of Science from Carnegie Mellon University, where he majored in International Relations & Politics. He is a CFA® charterholder.

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Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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