If you are in the market for the best mortgage lenders in New York? you’ve probably heard of some of the best mortgage lenders in the city. Bank of America, Chase, Guaranteed Rate, and Funding Depot Inc. all offer mortgage loans in New York, but which ones are the best? If you’re still unsure, keep reading to learn more about the companies you should be considering. They can guide you through the process and help you get the best mortgage loan for your needs.
Bank of America As a Mortgage Lenders in New York
While a bank isn’t necessarily the best mortgage lender in New York, it does offer a variety of benefits, including competitive rates and fees. Moreover, the lender offers a variety of services, including prequalification, homebuyer education, calculators, and a callback option. The company is among the top four banks in the country and has locations in major metropolitan areas.
It offers an online mortgage application that walks customers through the loan options and helps them lock in their interest rates. Another benefit is their digital Home Loan Navigator, which helps homeowners determine the amount of their down payment and loan. To help them better understand their needs, applicants should know the amounts of their income, down payment, and total loan amount before applying. Bank of America’s website contains a comprehensive list of loan requirements and loan rates.
In terms of customer satisfaction, Bank of America is the top choice for many New Yorkers. This bank has excellent customer satisfaction scores but has a high complaint ratio with the Consumer Financial Protection Bureau. This means that you should be aware of the possible drawbacks of Bank of America before you make your final decision. But if you’re looking for the most comprehensive mortgage loan possible, Bank of America is the best lender in New York.
The company has been criticized in the past for its predatory practices, but has since made significant improvements and has returned to its former glory. Its directors have also been praised for their discipline and social goodwill, which helped the bank avoid a $45 billion bailout. Aside from the bailout, Merrill Lynch recently pledged to contribute $15 billion toward affordable homeownership and promised to raise its hourly wages to $25 an hour by 2025. In addition, executives at the company have been regularly called to testify to congress and pledged to address racial disparities by 2020.
When it comes to down payment assistance, Bank of America offers several special grant programs and mortgage loans. The “Affordable Loan Solution” mortgage, for example, requires just 3% down and requires no private mortgage insurance. Another special down payment assistance program offered by Bank of America requires an upfront fee, but the payments continue throughout the life of the loan. If you have at least $20,000 to put down, you can save up to $200 to $600 on the mortgage loan origination fee by becoming a member of their Preferred Rewards program.
When it comes to mortgages, Chase bank is one of the most popular financial institutions in New York. With a thriving business in New York City, Chase is also one of the most recognizable names in the industry. Its reputation for customer service, website functionality, and mobile phone apps are all high marks, and the bank offers several loan products. Consumers have reported that Chase offers lower rates than other large lenders, often outpacing Internet lenders.
The bank offers a variety of mortgage products, including fixed-rate loans and adjustable-rate mortgages. Customers can also opt for mortgage points, lender credits, and flexible refinancing terms. Moreover, Chase allows for more flexibility with interest rates through features like lender credit programs, mortgage points, and ARM loan extensions. Typically, Chase customers close on their new homes within three weeks. But if your situation changes and you need a loan modification, you can contact Chase.
The company also offers jumbo loans, which are above the conforming loan limits. Typically, these loans are best suited for expensive properties in high-cost markets. Chase does not accept USDA loans. A 640 credit score is required for a conforming mortgage. For a refinance, Chase requires 20% equity. Chase also offers a $500 Cash Bonus for existing customers. This is a great benefit if you have a Chase savings account.
While Chase does not offer many FHA loans, it does offer a low-down-payment option for those on lower incomes. The Dreamaker mortgage, for example, requires just 3% down. This loan comes in a 30-year fixed-rate mortgage. And if you’re already a homeowner, Chase also offers refinancing options, which can lower your payments. It’s also a great option for homeowners who want to unlock the cash in their home equity.
When it comes to mortgage loan options, the Bank of America brand has many options. It offers a wide range of mortgage loan products and has five locations in the state. The website offers a smooth online interface to its customers, and customers can check rates, loan options, and testimonials. Its customer service and accessibility are other pluses. So, if you’re a first-time buyer, Bank of America and Chase are two excellent options for mortgage loans in New York.
The online experience for a Guaranteed Rate mortgage is user-friendly and comprehensive. The company specializes in financing purchase loans for highly qualified borrowers. Besides offering competitive interest rates, the company also offers discounts on upfront fees. The site is designed for easy navigation and offers helpful tools and information about mortgage loan rates. Although its website lacks some of the features found in other mortgage lenders, it is still worth checking out. You can complete the application process online and receive a personalized rate quote in a matter of minutes.
As of March 2018, the Guaranteed Rate has fewer than one complaint per 1,000 loans processed. The company is accredited by the Better Business Bureau and has an A-business rating. However, it has been the subject of a handful of customer complaints, most of which revolve around loan payments not being forwarded or incorrectly applied. Furthermore, a number of outstanding government actions have been recorded on the company’s website. However, consumers should note that these actions are not a reflection of the quality of service.
One of the best things about a Guaranteed Rate mortgage is its digital application process. You can complete the application and submit all necessary documents online. This will ensure your loan application is approved faster than with other lenders. Plus, the company boasts over 400 branches in 46 states and Washington, D.C. With its easy-to-use website and mobile app, you’ll be able to obtain real-time rate updates, compare rates and even contact a loan officer directly from anywhere.
The mortgage rates of Guaranteed Rates are competitive with national averages, and the fees are also affordable. Its fees include an application fee, an origination fee, a processing fee, and a third-party fee. Guaranteed Rate offers competitive rates on many loan types, but you should compare quotes from different lenders to find the best mortgage rates for you. If you have bad credit or no credit history, Guaranteed Rate mortgage rates may not be for you. If you have good credit and have no mortgage loan history, a Guaranteed Rate may be a better option.
Rocket mortgage is the online lender for Quicken Loans and is one of the largest mortgage lenders in the U.S. We ranked the Detroit-based company as one of the best mortgage lenders because of its simple online application process, low level of consumer complaints, the transparency, and accessibility of its rates and fees, and the company’s wide offering of mortgage loan products.
Rocket Mortgage’s Standout Feature:
Rocket Mortgage stands out for the company’s high level of customer satisfaction. Rocket Mortgage originated over one million loans in 2020, making it the largest lender we reviewed by total volume. Despite its magnitude, the company has lower-than-average consumer complaints registered on the CFPB consumer complaint database. We found 0.48 complaints per 1,000 loans — or less than half a complaint per 1,000 loans occurred. This figure is very low compared to the average complaint ratio of 2 complaints per 1,000 loans among other lenders we reviewed.
A Drawback for Rocket Mortgages:
It’s not clear on the Rocket Mortgage site which types of loans it offers or what the minimum credit score requirements are for different mortgages. The FAQ lists a few types of loans and their requirements, but there isn’t a complete public list of every loan offered. So you’ll have to call or chat with a representative to get some critical questions answered.
Veterans United Home Loans
Veterans United Home Loans, headquartered in Missouri, is a mortgage lender that specializes in VA home loans in all 50 states. Veterans United is incredibly active in the VA loan space. The U.S. the Department of Veterans Affairs has listed Veterans United in the top three among VA loan lenders by volume for five consecutive years. While the company focuses heavily on VA loans, it also offers conventional, jumbo, FHA, and USDA loans.
Veterans United has a fully digitized and easy online application process. Compared to other lenders we’ve reviewed, the company had one of the lowest complaint ratios logged with the CFPB: less than half of one complaint per 1,000 loans originated.
Veterans United Standout Feature:
Veterans United provides a wealth of information on its website regarding the loan process. This information covers topics on the eligibility requirements and benefits of a VA loan, such as 0% down payment, no private mortgage insurance (PMI), and competitive interest rates despite credit blemishes. The webpage also has articles detailing what to expect through the loan process, closing, how to prepare for homeownership, home loan basics, credit, and underwriting.
A Drawback for Veterans United:
Veterans United seems to focus heavily on VA loans, and although the website was easy to navigate, it was difficult to find information on their other loan offerings for conventional, jumbo, FHA, or USDA products. A customer service representative confirmed they are available.
North American Savings Bank
Headquartered in Kansas City, Missouri, North American Savings Bank (NASB) is a full-service bank that lends in all 50 states. North American Savings Bank has a more extensive mortgage menu than most, including options for veterans, first-time homebuyers, self-employed people, and borrowers with less-than-perfect credit histories. That’s because the bank offers VA loans, FHA loans, and mortgages for people who don’t fit conforming loan standards. NASB also has a streamlined online application process with transparent pricing for browsing borrowers.
NASB’s Standout Feature:
NASB has several programs that can help non-traditional borrowers get a home. For instance, its non-conforming home loans advertise flexible underwriting guidelines for borrowers with credit issues. Another unique loan product is the Bank Statement Loan. It allows self-employed borrowers to show income using bank statements rather than tax returns.
A Drawback for NASB:
NASB’s minimum credit score requirement for the VA and FHA loans is 620, which is slightly higher than some competitors.
Truist Bank, now merged with Suntrust and BB&T under its name, has an extensive footprint across the U.S. through its thousands of brick-and-mortar branches and online presence. Along with the company’s solid menu of mortgage products, the easy-to-use online application process, transparency of rate and fee information, and an average number of complaints compared to other reviewed lenders, the brand’s website is easy to navigate with several useful resources to help with the borrowing process, such as calculators, videos, and sample mortgages.
Truist Bank’s Standout Feature:
Truist offers a comprehensive menu of online or in-person banking accounts such as checking, savings, money market, and CDs. If you are in the market for a bank, looking to switch banks, or already have a Truist account, there is an allure of convenience to also have your mortgage through the same institution. Some lending institutions also give incentives or discounts to existing account holders.
A Drawback for Truist:
Because Suntrust and BB&T are still in the process of merging under the Truist brand, gathering mortgage product information online is slightly confusing navigating between each individual site. We recommend sticking to the Truist site for ease of use.
The Funding Depot Inc. is a mortgage broker in New York City, NY. They help home buyers and homeowners find mortgage loans and refinancing options. Their services include credit improvement, tax tips from the IRS, and money from state grants. Jack Lefkowitz is a certified mortgage planner. You can leave reviews about The Funding Depot Inc. and read what other homeowners have to say. Thanks for visiting our site!
Funding Depot Inc.
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