Business

New York’s Best Mortgage Lenders & Current Mortgage Rates

By Koriehopeworldnews
3

Feeling in a New York state of mind? Now may be a good time to buy, as New York has seen a recent decrease in new mortgage loans. The Empire State has 8.3 million housing units and a homeownership rate of 53.8%, according to the U.S. Census Bureau’s 2017 American Community Survey.

The median housing value in the state is $314,500, compared with a $217,600 national median value. But many counties have medians lower than that, so expectations can vary based on where you’re planning to buy.

U.S. News’ Best New York Mortgage Lenders

Best for low-interest VA loans

Navy Federal Credit Union serves more than 8 million members of the military community in every state. Qualifying members of the credit union can choose from options such as conventional loans, Veterans Affairs loans, Federal Housing Administration loans and mortgage refinance loans.

Before You Apply

  • Mortgage types: ARMs, conventional, first-time buyer, VA and zero down
  • Minimum FICO credit score: undisclosed
  • Maximum loan amount: $2 million
  • Better Business Bureau rating: A+

Best Features

  • Requires no private mortgage insurance on many loans

  • Allows members to borrow up to 100% of their equity on home equity loans

See full profile

Best for fair credit

Flagstar offers banking and lending products in every state. Borrowers can select from conventional or government-backed mortgages, such as FHA, VA and U.S. Department of Agriculture loans, and opt for adjustable-rate mortgages. Other choices include home equity loans and lines of credit.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, jumbo, refinance and USDA
  • Minimum FICO credit score: 600
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A+

Best Features

  • Provides a broad selection of mortgages and home equity loans

  • Offers some mortgages that don’t require a down payment

  • Allows borrowers to apply for loans online

See full profile

Best for VA loans

Veterans United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, D.C., and specializes in VA loans. In 2019, Veterans United Home Loans generated the largest number of VA loans in the nation.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, refinance, USDA and VA
  • Minimum FICO credit score: 660
  • Maximum loan amount: $1.5 million
  • Better Business Bureau rating: A+

Best Features

  • Requires no military service

  • Sets no minimum loan amount

See full profile

Best for bad credit

Carrington Mortgage Services makes a range of mortgages, including refinancing, available to borrowers nationwide. The company, which provides conventional and government-backed mortgages, has funded $22 billion in home loans since 2011.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, home equity loans and HELOCs, jumbo, refinance, USDA, and VA
  • Minimum FICO credit score: 500
  • Maximum loan amount: $2.5 million
  • Better Business Bureau rating: A+

Best Features

  • Accepts applicants with credit scores as low as 500

  • Offers conventional loans with down payments as low as 3%

See full profile

Best for product selection

Guild Mortgage, founded in 1960, specializes in home loans and serves borrowers nationwide. The lender’s full suite of products includes conventional and government-backed mortgages and home equity loans.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, jumbo, manufactured home, refinance, reverse, USDA and VA
  • Minimum FICO credit score: 600
  • Maximum loan amount: varies
  • Better Business Bureau rating: A+

Best Features

  • Receives strong customer service ratings from the Better Business Bureau

  • Offers a broad range of mortgage products

  • Provides special mortgage programs for first-time buyers and manufactured homebuyers

See full profile

Best for low APR

New American Funding is a national mortgage lender with a variety of home loan options. The lender has processed more than $27 billion in mortgages.

Before You Apply

  • Mortgage types: ARM, cash-out refinance, conventional, FHA, HELOCs, jumbo, reverse, USDA and VA
  • Minimum FICO credit score: 500
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A+

Best Features

  • Provides multiple mortgage options, including low and no down-payment loans

  • Offers fixed- or adjustable-rate mortgages

See full profile

Best for online service

Caliber Home Loans of Coppell, Texas, offers mortgages nationwide, including conventional, refinance, jumbo and adjustable-rate loans. Government-backed options are FHA, USDA and VA. Caliber has been in business since 2008 and is solely focused on home loans.

Before You Apply

  • Mortgage types: conventional, FHA, jumbo, refinance, USDA and VA
  • Minimum FICO credit score: 580
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A

Best Features

  • Offers a first-time homebuyer program

  • Accepts mortgage applicants with FICO credit scores as low as 580

See full profile

Best for no down payment

Alliant Credit Union is a not-for-profit financial cooperative that serves customers in all states except Maryland. Borrowers can take out conventional, jumbo, refinance and home equity loans.

Before You Apply

  • Mortgage types: conventional, first-time homebuyer, HELOCs and refinance
  • Minimum FICO credit score: 620
  • Maximum loan amount: $2.5 million
  • Better Business Bureau rating: A+

Best Features

  • Issues no down-payment mortgages for first-time homebuyers with excellent credit

  • Offers mortgages to borrowers with FICO credit scores as low as 620

  • Allows a debt-to-income ratio of up to 50% for some loan programs

See full profile

Best for low costs

Chase, one of the nation’s largest banks, offers mortgage and refinance loans for qualified borrowers. Home equity loans and HELOCs are also available.

Before You Apply

  • Mortgage types offered: ARMs, conventional, FHA, jumbo, refinance and VA
  • Minimum FICO credit score: 620
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A+

Best Features

  • Accepts down payments as low as 3%

  • Receives high marks from the Better Business Bureau

See full profile

Best for low down payment

PNC Bank is one of the largest U.S. banks, serving more than 8 million customers in all 50 states. PNC offers most types of mortgages.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, first-time homebuyer program, home equity, HELOC, jumbo, refinance, USDA and VA
  • Minimum FICO credit score: undisclosed
  • Maximum loan amount: $5 million
  • Better Business Bureau rating: A+

Best Features

  • Offers multiple types of mortgages

  • Provides no or low down-payment mortgages

  • Supplies an online home ownership cost tool

See full profile

What Are the Mortgage Rates in New York?

The average interest rate for a 30-year fixed-rate conforming mortgage in New York is 2.87%.

Home interest rates range from 2.5% to 3.75% in New York.

What Are Today’s Mortgage Rates?

Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.







Loan Types

This Week’s Rate

Last Week’s Rate
30-year fixed-rate mortgage 2.87% 2.9%
15-year fixed-rate mortgage 2.34% 2.38%
30-year fixed-rate jumbo mortgage 2.89% 2.93%
5/1 ARM 2.99% 3.03%
5/1 jumbo ARM 2.86% 2.85%

*Rates as of Jan. 1, 2021

Mortgage Calculator

Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.

What Are Some New York Homebuyer Programs?

New York homebuyers can get help with down payments and closing costs as well as reduced interest rates and low down payment requirements with these State of New York Mortgage Agency programs.

  • Available to: First-time homebuyers or eligible military veterans and homebuyers purchasing in a target area.
  • Income limits: Vary by county (see SONYMA income limits).
  • First-time homebuyers only? No.
  • Loan options: 30-year fixed-rate mortgages.
  • Benefits: Offers lower interest rates and a down payment requirement as low as 3% with up to 3% down payment assistance available.

  • Available to: First-time homebuyers or eligible military veterans and homebuyers purchasing in a target area.
  • Income limits: Vary by county (see SONYMA income limits).
  • First-time homebuyers only? No.
  • Loan options: 30-year fixed-rate mortgages.
  • Benefits: Offers competitive interest rates and a down payment requirement as low as 3% with up to 3% down payment assistance available.

  • Available to: Low-income New York homebuyers.
  • Income limits: Income must be less than or equal to 80% of the area median income.
  • First-time homebuyers only? No.
  • Loan options: 30-year fixed-rate mortgages.
  • Benefits: No down payment requirement for single-family homes and available for new purchases and refinancing.

  • Available to: New York homebuyers using a SONYMA mortgage program.
  • Income limits: Vary by county (see SONYMA income limits).
  • First-time homebuyers only? No.
  • Down payment and closing cost assistance: The program offers a no-interest loan up to 3% of the purchase price (up to $15,000) or $3,000, whichever is highest. The loan is forgivable after 10 years, but you may have to repay the loan if you sell or refinance your home within the first 10 years.

Find the Best Mortgage Lenders by State

Additional Homebuying Resources

Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.



Source

Koriehopeworldnews 11109 posts 4502 comments
You might also like More from author

Leave A Reply

Your email address will not be published.