Who typically has the best mortgage rates? This is the question most potential homebuyers ask, regardless of whether they are in NYC or any other city. Based on the latest rates for New York, the lowest mortgage rates are offered by Farmers Bank of Kansas City. However, lower doesn’t always mean the best.
Who Typically Has The Best Mortgage Rates?
It’s difficult to identify one bank or even a few mortgage lenders that typically offer the best rates. However, some generalizations might be helpful. Up until a few years ago, a few major banks, particularly City, Bank of America, and Wells Fargo, offered good rates, especially to their existing customers.
So, it would be a good idea to start with the bank you already have a relationship with. You may get good rates, and the process might go smoothly because they have access to your financial history.
But you can also consider shopping around for better rates. Some non-bank mortgage lenders that do not have the overhead costs associated with hundreds of physical branches can offer lower rates. However, make sure you look into their history and reliability.
If you can find lower rates and you inform your first choice about it, they may match the rates to retain your business. But that’s not always the case.
How Can Your New York City Broker Help
If you are working with a New York City broker who understands the market and has helped multiple clients with their purchases, they can give you insights on who typically has the best mortgage rates at any given time. They can also connect you to a mortgage broker service so you can shop around for the most competitive rates.
Also Read: Financing Your NYC Real Estate Investment Through Mortgage
