The Best Mortgage Lenders in Amagansett, NY
Compare verified mortgage lenders serving Amagansett, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Amagansett
Featured Mortgage Lenders
Michael Dubb
Beechwood Organization Mortgage LLC
Beechwood Organization is one of Long Island's most respected mortgage lenders with deep roots in the Hamptons market. Specializing in high-value properties common in Amagansett, they offer personalized service and expertise in jumbo loans and construction financing. Their longstanding presence in the region (over 25 years) and extensive knowledge of local market conditions make them a top choice for Amagansett homeowners seeking customized mortgage solutions with competitive rates and exceptional customer service.
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John Kanas
Sterling National Bank (now part of Webster Bank)
Sterling National Bank, now operating as Webster Bank, has been a dominant force in New York mortgage lending with strong presence throughout Long Island and the Hamptons. They offer comprehensive mortgage products specifically designed for the high-value Amagansett market, including competitive jumbo loan programs. With nearly two decades of experience serving the region, they provide local underwriting expertise and personalized service while maintaining the resources of a substantial financial institution.
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Brian S. Cohan
CrossCountry Mortgage, LLC
CrossCountry Mortgage has established a strong presence in the Long Island and Hamptons market with local offices serving Amagansett residents. They offer a wide range of mortgage products including specialized jumbo loans essential for the high-value Amagansett real estate market. Their local loan officers understand the unique aspects of Hamptons property financing and provide personalized service with competitive rates. The company's extensive experience and strong customer satisfaction ratings make them a reliable choice for Amagansett homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Amagansett, NY
What are typical down payment requirements for a mortgage in Amagansett, given its high property values?
Due to Amagansett's luxury market with median home prices well over $2 million, standard 3-5% down payments are rare. Most conventional loans require at least 20% down to avoid private mortgage insurance (PMI), and jumbo loans for properties above the conforming loan limit ($1,149,825 in 2024 for Suffolk County) often require 20-30% or more. Cash purchases are also very common in this market.
Are there any local or state mortgage assistance programs for first-time homebuyers in Amagansett?
While Amagansett's prices often exceed the limits for most assistance programs, New York State's SONYMA program offers low-interest mortgages and down payment assistance. However, eligibility is based on income and purchase price limits, which may be challenging given the area's high costs. It's crucial to consult with a local lender familiar with niche opportunities, such as programs for the Town of East Hampton employees or essential workers.
How does the seasonal nature of the Hamptons economy affect mortgage approval, especially for self-employed individuals?
Lenders scrutinize income stability closely. For self-employed residents in hospitality, real estate, or construction, you'll typically need to provide two years of tax returns showing consistent, year-round income. Lenders may average your income, so a high summer season must offset slower winter months. Strong reserves (often 6-12 months of mortgage payments) are frequently required to demonstrate you can cover costs during off-peak periods.
What special insurance or flood considerations are needed for an Amagansett mortgage, given its coastal location?
Virtually all lenders will require separate flood insurance, as most of Amagansett is in a FEMA Special Flood Hazard Area (Zone AE or VE). This can add thousands annually to your housing cost. Additionally, windstorm insurance is often mandatory and expensive. Your lender will require proof of both policies before closing, and you should factor these premiums into your total monthly payment assessment.
Are property taxes in Amagansett typically escrowed as part of the mortgage payment?
Yes, most lenders will require an escrow account for property taxes and insurance due to the high tax amounts (often $20,000+ annually). This ensures these large bills are paid on time. It's important to note that East Hampton Town property taxes are billed semi-annually, and your lender will calculate and collect 1/12 of the annual total each month, holding it in escrow.
Nearby Cities
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Why Choose a Mortgage Lender in Amagansett?
Local Market Knowledge
Lenders who understand Amagansett's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in New York.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Amagansett and get competitive rates on your home loan.