People refer to New York as the city that never sleeps, and it is true that no matter what time of day or night you visit, you will have no trouble finding something to eat or do. But what about getting a mortgage or a line of credit against your home equity? That may be more challenging than looking for a home in the city's real estate market, which is famously complicated.
If you are looking for a mortgage in the New York City region, these local and national lenders are a fantastic starting point, whether you are buying a co-op, need a jumbo loan, or want to put a small down payment on a home.
PNC
Those searching for online application help and a wide range of jumbo loan term alternatives will find this option ideal.
Pros
- You may estimate your monthly mortgage payments and check the status of your application online using the many options available.
- Purchases of either a main or secondary home are eligible for this loan.
- $5 million max jumbo loan amount.
Cons
- Does not provide mortgages for home improvements.
- In certain states, it is not possible to get assistance in person.
Bethpage Federal Credit Union
There are a fair number of financing alternatives available in Bethpage; however, no USDA mortgages or rehabilitation loans are available. And even though it provides several internet conveniences, you will need to contact the lender to get tailored interest rates.
Pros
- Provides access to a comprehensive range of online conveniences, including updates on the loan procedure.
- Provides financial assistance for cooperatives, a typical kind of home found on the East Coast.
- Mortgage rate examples are provided for a selection of different loan products.
Cons
- Personal assistance is only accessible in the New York borough of Queens and on Long Island.
- USDA loans are not accessible.
- There is no provision online for individualized pricing.
Rocket Mortgage
Borrowers who value a digital home loan experience and cheaper mortgage rates than those offered by other lenders may consider this option.
Pros
- The streamlined online procedure with possibilities for document and asset retrieval, as well as the capacity to update your preapproval letter
- According to the federal government's most recent statistics, the interest rates on lenders offered by this mortgage are among the lowest available.
- It provides the option to interact with loan officers over the phone if that is wanted.
Cons
- A credit check is necessary to get a tailored interest rate, which may have a negative impact on your credit score.
- Home equity loans and lines of credit are not available via this lender.
- According to the most recent statistics from the federal government, origination costs are on the higher end of the spectrum than those charged by other lenders.
TD Bank
TD Bank Mortgage receives excellent grades for the diversity of loan products and mortgage types it offers and for the ease of access it provides via its website, which includes the ability to generate customized mortgage rates.
Pros
- Allows for a down payment of 3% without needing the borrower to pay for mortgage insurance.
- Provides specialized loans, such as construction-to-permanent and professional medical mortgages, among other options.
- Among the best when it comes to using the website online, including receiving information about the loan procedure.
Cons
- Only in the states on the East Coast are they offered.
- The only method to see mortgage rates is by using a form that allows customization.
Bank of America
Beneficial for homeowners who are interested in a home equity line of credit as well as first-time home purchasers who are searching for choices requiring a low or no down payment.
Pros
- Provides help with programs for both the down payment and closing costs.
- It is possible to provide discounts on mortgage lender origination costs and HELOC interest rates to consumers already using the service.
- According to J.D. Power and Zillow, it achieves a high level of success in terms of customer satisfaction.
Cons
- It does not provide loans for home improvements that allow the expenditures to be rolled into the mortgage.
Chase
Borrowers that want a large range of loan products, an in-person encounter, and relatively cheap interest rates are good candidates for this kind of lending.
Pros
- Offers a broad range of mortgage products and kinds, such as DreamMaker and Standard Agency mortgages, with modest initial deposits starting at only 3% of the total loan amount.
- According to the most recent statistics from the federal government, the company provides competitively low-interest rates compared to other lenders.
- Provides a mortgage calculator that may be customized to estimate personal interest rates and monthly payments.
Cons
- This lender does not offer loans for home improvements, such as FHA 203(k) and HomeStyle.
- To finish the application for a home loan, you will need to consult with a home loan advisor.
- Home equity lines of credit (also known as HELOCs) cannot be obtained now.
