When it comes to finding a lender for your next home purchase, you have plenty of options. However, if you’re looking for the best of the best, then you should definitely check out this list of the top 20 NYC residential lenders.
These lenders are all experienced and well-respected in the industry, and they’re all ready and willing to help you get into your dream home. So whatever your needs may be, one of these lenders is sure to be able to help you out.
1. Wells Fargo Bank
Wells Fargo Bank is one of the leading residential lenders in New York City. The bank has approved a total of 5,934 mortgages in the city so far this year, with a median down payment of 20%.
This is slightly higher than the national average of 18%, but still relatively low compared to other major metropolitan areas. In addition to offering competitive mortgage rates, Wells Fargo also provides a number of services and resources that can help homebuyers navigate the purchasing process.
This includes a dedicated team of loan officers who are familiar with the unique challenges of buying property in New York City. For those looking to purchase a home in the city, Wells Fargo is a great option to consider.
2. JP Morgan Chase Bank
JP Morgan Chase Bank is one of the leading NYC residential lenders. The bank has provided mortgages to thousands of NYC residents and has a strong track record of success. In terms of the number of mortgages, JP Morgan Chase ranks second among all NYC lenders.
The median down payment for a JP Morgan Chase mortgage is 20%, which is lower than the median down payment for other NYC lenders. This makes JP Morgan Chase an attractive option for many NYC homebuyers.
In addition, JP Morgan Chase offers competitive interest rates and a wide range of repayment options. As a result, the bank is a popular choice for many NYC homeowners.
3. CitiBank
CitiBank is one of the leading NYC residential lenders, with a portfolio of over $16 billion in active mortgages. The median down payment for a CitiBank mortgage is 20%, which is slightly higher than the average for all NYC lenders.
However, CitiBank offers a wide range of mortgage products, so borrowers can find a loan that fits their needs and budget. CitiBank also has a strong track record of working with first-time homebuyers and people with less-than-perfect credit.
As a result, CitiBank is a good option for borrowers who are looking for a reliable and experienced lender.
4. Bank of America
Bank of America is one of the leading NYC residential lenders, with a large number of local mortgages and a median down payment of 20%. The bank has a long history in the city, dating back to its founding in 1904. Today, it has more than 60 branches across the five boroughs and is a major provider of home loans, personal loans, and other banking services.
As a result, Bank of America is a key player in the NYC residential lending market. In addition to its large number of local mortgages, the bank also offers competitive rates and terms. As a result, it is an attractive option for both first-time home buyers and existing homeowners looking to refinance.
5. Citizens Bank
Citizens Bank is one of the leading residential lenders in New York City. The bank has funded thousands of mortgages for NYC residents, helping them to purchase their homes. Citizens Bank offers a variety of mortgage products, including fixed-rate and adjustable-rate loans.
The median down payment for a Citizens Bank mortgage is 20%, which is lower than the average down payment for other lenders. This makes Citizens Bank an excellent option for NYC residents who are looking to purchase a home.
In addition to offering competitive mortgage rates, Citizens Bank also provides its customers with personal attention and customer service that is second to none.
If you are searching for a residential lender in NYC, be sure to consider Citizens Bank. With its competitive rates and reputation for excellence, Citizens Bank can help you finance the home of your dreams.
6. First American International Bank
First American International Bank is a community-focused lender that offers a range of mortgage products to meet the needs of NYC residents. As of 2019, the bank had originated nearly 2,000 mortgages, with a median down payment of 10%.
First American offers both fixed- and adjustable rate mortgages, as well as FHA and VA loans, making it a good option for a wide range of borrowers. The bank also has a reputation for flexible underwriting, which can be helpful for those who don’t fit into the traditional lending box.
Whether you’re a first-time homebuyer or looking to refinance, First American International Bank should definitely be on your list of potential lenders.
7. CTBC Bank Corp.
CTBC Bank Corp. has been a leading NYC residential lender for many years. The bank offers a wide variety of mortgage products and services to meet the needs of NYC residents. In recent years, CTBC Bank Corp.
has increased the number of mortgages it originates from and now ranks among the top 10 NYC lenders in terms of mortgage origination volume. The bank’s median down payment for NYC residential mortgages is 20%, which is significantly higher than the average down payment for all other NYC lenders.
This higher down payment requirement reflects CTBC Bank Corp.’s commitment to responsible lending and its dedication to helping NYC residents achieve their homeownership goals.
8. Bethpage Federal Credit Union
Bethpage Federal Credit Union is a leading residential lender in NYC, with a wide variety of mortgage products to meet the needs of NYC homebuyers. Bethpage offers both fixed-rate and adjustable-rate mortgages, as well as jumbo loans for more expensive homes.
In addition, Bethpage offers several unique mortgage programs, including a program for first-time homebuyers with little or no down payment. Bethpage has a long history of helping New Yorkers purchase their homes, and has helped thousands of New Yorkers realize their dream of homeownership.
Bethpage is committed to providing excellent customer service and competitive rates and is proud to be one of the leading residential lenders in NYC.
9. Metro City Bank
Metro City Bank offers a wide range of mortgage products to meet the needs of homebuyers in the city. The bank currently originates nearly 2,000 mortgages per year, with a median down payment of 20%. In addition to offering competitive rates and terms, Metro City Bank also provides a number of unique benefits to its customers.
These include free pre-approvals, personal loan officers assigned to each customer, and a dedicated closing team. As a result of these efforts, Metro City Bank has earned a reputation as one of the best lenders in the city for both first-time buyers and experienced homebuyers alike.
10. First Republic Bank
First Republic Bank is a leading provider of mortgages in the United States. As of September 30, 2020, the bank had a total of $208 billion in residential mortgage loans outstanding. The majority of these loans are conventional loans, with a median down payment of 20%.
The First Republic also offers a wide range of other banking products and services, including credit cards, personal loans, and investment advice. In addition, the bank is known for its high level of customer service, with a history of providing excellent service to its clients.
11. Loandepot.Com, LLC
Loandepot.Com, LLC is a mortgage lender that specializes in helping people finance the purchase of their homes. The company offers a wide variety of mortgage products, including fixed-rate and adjustable-rate loans, FHA and VA loans, jumbo loans, and more.
In addition, Loandepot.Com, LLC offers a variety of down payment assistance programs to help borrowers afford the costs of buying a home. As of the most recent data available, Loandepot.Com, LLC originated more than $30 billion in mortgages and had a median down payment of 20%.
This data demonstrates that Loandepot.Com, LLC is a reliable source of financing for people looking to purchase a home. The company’s wide range of product offerings and down payment assistance programs make it an ideal choice for many borrowers.
12. Freedom Mortgage Corporation
Freedom Mortgage Corporation is one of the largest mortgage originators and servicers in the United States. The company provides a broad range of home loan products, including fixed-rate and adjustable-rate mortgages, FHA and VA loans, jumbo loans, and proprietary programs.
As of March 31, 2020, Freedom Mortgage Corporation had funded more than $400 billion in residential mortgages and serviced approximately 3 million loans. The company’s median down payment is 20 percent.
In addition to its primary mortgage business, Freedom Mortgage Corporation also offers home equity lines of credit, personal loans, and other consumer lending products.
13. Cathay Bank
Cathay Bank is a well-established financial institution that offers a variety of mortgage products to its customers. As of 2020, the bank had originated more than $5.2 billion in residential mortgages, with an average loan size of $280,000.
The median down payment for Cathay Bank mortgages is 20%, which is slightly higher than the industry average of 18%. However, this higher down payment requirement may be offset by the bank’s competitive interest rates and flexible repayment terms.
Overall, Cathay Bank is a reputable lender that offers a wide range of mortgage products to meet the needs of its borrowers.
14. Washington Equity And Funding Corp
Washington Equity And Funding Corp is a non-profit mortgage company that operates in the state of Washington. They are a licensed lender and servicers of residential mortgages. As of June 30th, 2020, they have funded a total of 1,227 mortgages.
The median down payment for these mortgages is 3.5%. The average loan amount is $246,035. The average interest rate is 4.125%. The average credit score is 733. Washington Equity And Funding Corp also offers homebuyer education classes and counseling services.
These services are available to all borrowers, regardless of income or credit score.
15. United Nations Federal Credit Union
United Nations Federal Credit Union (UNFCU) is a not-for-profit financial institution serving the UN community worldwide. UNFCU has a long history of supporting its members in achieving their financial goals, and over the years has helped thousands of members purchase their homes.
In 2019, UNFCU originated more than 1,000 mortgages, with a median down payment of 20%. UNFCU also offers a variety of other loan products, including personal loans, auto loans, and student loans.
In addition to lending, UNFCU provides its members with access to savings and investment products, as well as financial education resources. UNFCU is committed to helping its members live their best lives by providing them with the tools they need to reach their financial goals.
16. Summit Mortgage Bankers, Inc.
Summit Mortgage Bankers, Inc. is a bank that specializes in mortgages. According to their website, they have funded over 7 billion dollars in mortgages and boast a 97% customer satisfaction rating.
They offer a variety of mortgage products, including fixed-rate mortgages, adjustable-rate mortgages, and government-backed loans. Their median down payment is 20%, which is on the higher end compared to other banks. However, they offer a number of programs that can help buyers with limited funds for a down payment.
Overall, Summit Mortgage Bankers, Inc. is a well-established bank with a good reputation and a wide range of mortgage products.
17. Homebridge Financial Services, Inc.
Homebridge Financial Services, Inc. is a national mortgage lender headquartered in Iselin, New Jersey, with more than 85 branches across the country. The company offers a wide range of mortgage products, including conventional, government-backed, jumbo, and refinance loans.
In addition, Homebridge also provides home equity lines of credit and home improvement loans. For 2019, the company originated more than $23 billion in mortgages and serviced over $18 billion in loans.
The median down payment for a Homebridge mortgage is 20%, though the company does offer programs for borrowers with less than 20% to put down. In addition to its retail lending business, Homebridge also operates a wholesale division that provides financing to mortgage brokers and correspondents.
Homebridge is an approved Fannie Mae, Freddie Mac, Ginnie Mae, and Hud/FHA seller/servicer. The company is licensed to lend in all 50 states and the District of Columbia.
18. The Federal Savings Bank
The Federal Savings Bank is a federally chartered savings bank founded in 1863. Based in Chicago, the bank has over $13 billion in assets and offers a variety of banking products and services to customers across the United States.
Mortgage products make up a large portion of the bank’s business, and in recent years, the Federal Savings Bank has ranked among the top 10 lenders in terms of the number of mortgages originated.
In terms of down payments, the median down payment for a Federal Savings Bank mortgage is 20%, although the bank offers programs that can help buyers with less than 20% down qualify for a mortgage. For those looking to purchase a home, the Federal Savings Bank is an excellent option to consider.
19. Bayport Funding LLC
Bayport Funding LLC is a direct mortgage lender headquartered in Bayport, Minnesota. They offer both home purchase and refinance loans, with a focus on FHA, VA, and Conventional financing. As of June 30th, 2020, they had funded over 3200 mortgages totaling more than $700 million.
The median down payment for their home purchase loans was 5%, and the average loan amount was just over $240,000. Bayport Funding has an A+ rating with the Better Business Bureau and is accredited by the Mortgage Bankers Association of America.
They are licensed to originate loans in Illinois, Indiana, Iowa, Michigan, Minnesota, North Dakota, South Dakota, and Wisconsin.
20. Quontic Bank
Quontic Bank is a community-focused bank that offers a wide variety of banking products and services. One area of focus for the bank is mortgage lending. To date, Quontic Bank has originated more than 3,000 mortgages, with a median down payment of 20%.
The bank has a strong commitment to helping borrowers attain their homeownership dreams and offers a variety of programs to assist both first-time and repeat buyers.
In addition to standard fixed-rate and adjustable-rate mortgages, Quontic Bank also offers FHA and VA loans, as well as loans for investment properties. Regardless of the type of loan you are seeking, Quontic Bank will work with you to find a financing solution that meets your unique needs.
In conclusion
When it comes to finding a lender for your new home purchase, there are many options to choose from. In this roundup of the top 20 NYC residential lenders, we’ve highlighted some of the best and most reputable lenders in the city. Whether you’re looking for a conventional mortgage, an FHA loan, or something else entirely, there’s sure to be a lender here that can meet your needs. So before you start shopping for homes, take some time to research these top 20 lenders and see which one is the best fit for you.