What is the best bank to get a mortgage? The answer depends upon several factors, and where you are buying is one of them. NYC is home to some of the largest banks in the world, and potential buyers may have more options to choose from here. However, too many choices can make the process of choosing the best difficult.
What Is The Best Bank To Get A Mortgage?
Different sources have different classification systems for the best mortgage lenders. For New York, the following banks have ranked top on different lists:
- Rocket Mortgage has topped multiple lists, including Bank Rate and US News.
- Wallethub has placed Mint Capital as the top mortgage lender in NYC
One nationwide list has placed Bank of America at the top as well. The problem is that the metrics of these websites (used to choose the best bank) might not translate as well for the buyer.
The Best Bank for You?
The best bank to get a mortgage for you would be the one that:
- Has reasonable down payment requirements. Many banks may give you a loan for less than the standard 20% down payment. If you don’t have enough money saved up for 20% down, limit yourself to these banks.
- It has a lenient credit score requirement but gives a good rate incentive for higher credit scores.
- Has previously approved loans for the co-ops you are buying with if you are buying in a co-op building. This makes the process relatively smoother. If not, it’s good to work with a bank that understands the co-op mortgage requirements.
- Offers good rates.
- Has no or minimal penalty for early payments.
- Offers the type of loan you are looking for (with a good rate) and has a good refinancing record.
Your New York City broker will be able to assist you further in choosing the best bank for your mortgage needs.
Also read: What Is A Managing Agent?
