Feeling in a New York state of mind? Now may be a tricky time to buy, as increasing construction costs coupled with competitive bidding on most homes have made for low housing inventory. The Empire State has roughly 8.5 million housing units and a homeownership rate of 54.1% – significantly lower than the national rate of 64.4%, according to the U.S. Census Bureau.
The median home price in the state was $370,000 in 2021, according to the New York State Association of Realtors. But many counties have medians lower than that, so expectations can vary based on where you’re planning to buy.
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Caliber Home Loans of Coppell, Texas, offers mortgage products nationwide. Options include conventional, adjustable-rate, jumbo, refinancing, Federal Housing Administration, U.S. Department of Agriculture and Department of Veterans Affairs loans. Caliber has been in business since 2008, and is solely focused on home lending products.
Carrington Mortgage Services, founded in 2007, offers an array of mortgage and refinancing options to borrowers seeking conventional or government-backed loans. Its California-based parent company, Carrington Holding Co., was established in 2003 and provides a range of real estate services. Carrington Mortgage Services is based in California and also has offices in Arizona, Connecticut, Florida, Indiana and Maryland.
Pentagon Federal Credit Union, widely known as PenFed, offers borrowers access to many types of mortgages: conventional, adjustable rate, jumbo and Department of Veterans Affairs, plus refinancing loans and home equity lines of credit. The financial institution, which serves 2.5 million members, was established in 1935 and is based in McLean, Virginia.
Headquartered in Charlotte, North Carolina, Truist Bank was formed in 2019 after SunTrust and BB&T banks merged. Truist Bank offers a variety of mortgage products, including refinancing and home equity lines of credit.
Chase, one of the world’s largest banks, was founded in 1799 in New York and offers mortgage and refinance loans.
Veterans United Home Loans offers mortgages in all 50 states and Washington, D.C., and specializes in Department of Veterans Affairs loans. Since 2016, Veterans United Home Loans has generated the largest number of VA purchase loans per year in the nation. The lender was founded in 2002 and is based in Columbia, Missouri.
PNC Bank is one of the largest banks in the United States, serving more than 9 million customers in all 50 states. A full-service mortgage lender, PNC offers most mortgage loan product types.
PrimeLending is a Dallas-based mortgage lender in operation since 1986. The company offers several mortgage loan options, including conventional loans, jumbo loans, government-backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.
Real Genius is a division of FirstBank, a publicly traded bank based in Nashville, Tennessee. Real Genius, formerly known as ConsumerDirect Mortgage, offers both home purchase and refinance loans.
CMG Financial is a privately held mortgage banking firm operating nationwide with localized support, founded in 1993 and based in San Ramon, California. The lender offers a range of products, including conventional, government and specialty mortgages, like jumbo loans.
The average mortgage rate in New York is currently 0% for the 30-year fixed loan term.
Here are the interest rates offered to New York residents looking to buy or refinance a home as of 01/03/2023:
- 30-year fixed purchase: 0%
- 30-year fixed refi: 0%
- 15-year fixed purchase: 0%
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.
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
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 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.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
Founded in 1990 and headquartered in Mount Laurel, New Jersey, Freedom Mortgage is a full-service mortgage company. It’s the fifth-largest mortgage provider in the country and is licensed to operate in all 50 states. Freedom Mortgage offers a variety of mortgage options, including conventional loans, refinancing and first-time homebuyer friendly programs such as FHA loans.
LoanDepot is a mortgage lender that operates nationally with more than 200 branches and delivers both a digital experience and face-to-face service. The lender offers fixed- and adjustable-rate conventional mortgages, Federal Housing Administration and Department of Veterans Affairs loans, as well as refinance and renovation loans. The company was founded in 2010 and is based in Foothill Ranch, California.
Alliant Credit Union is a not-for-profit financial cooperative that serves customers in all 50 states. Alliant offers products such as conventional, jumbo, refinancing and home equity line of credit loans, but specific mortgage products may not be available in certain states.
Rocket Mortgage, the largest mortgage lender in the nation, was founded in 1985. The Detroit-based company is best known for its fully digital experience of buying or refinancing a home. Rocket Mortgage changed its name from Quicken Loans in the summer of 2021.
Navy Federal Credit Union serves more than 11 million active-duty and retired military, veteran, and Department of Defense members as well as their families. Founded in 1933 and based in Vienna, Virginia, this not-for-profit credit union offers a range of products, from credit cards to auto loans. Navy Federal is the largest credit union in the U.S., with $160.5 billion in assets and 349 branches worldwide.
Bank of America serves roughly 67 million customers in all 50 states. The lender offers conventional, Federal Housing Administration, Department of Veterans Affairs and jumbo loans as well as home equity lines of credit and mortgage refinancing.
Guaranteed Rate, founded in 2000 and based in Chicago, offers mortgage options including conventional loans, Federal Housing Administration loans, jumbo loans and interest-only loans to customers in all 50 states and Washington, D.C. Borrowers can take advantage of specialized loan products and Guaranteed Rate’s online application, documentation and loan payment options.
U.S. Bank is a national bank based in Minneapolis that provides various banking products and services as well as a handful of mortgage options. The lender offers conventional loans, Federal Housing Administration loans, Department of Veterans Affairs loans, jumbo loans and more.
USAA serves more than 13 million members, offering financial products exclusively to military members and their families in all 50 states. Qualifying members can obtain mortgage products, including VA loans and mortgage refinancing. USAA is known for its customer service and specialization in products for military members.
Founded in 2008, Pennymac is a mortgage lender based in California with more than $519 billion in loans serviced, according to the lender. Pennymac offers a range of home loans, including conventional, Federal Housing Administration, Department of Veterans Affairs and investment property mortgages.
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