The Best Mortgage Lenders in Armonk, NY
Compare verified mortgage lenders serving Armonk, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Armonk
Featured Mortgage Lenders
Michael Jessup
Fairway Independent Mortgage Corporation - Armonk
Fairway Independent Mortgage's Armonk branch, led by experienced loan officer Michael Jessup, is highly regarded for exceptional customer service and competitive rates in Westchester County. With over 15 years of local mortgage expertise, they specialize in jumbo loans particularly relevant to Armonk's high-value real estate market. The branch maintains a near-perfect 4.9 rating across multiple review platforms, with customers consistently praising their responsiveness, attention to detail, and ability to close complex transactions efficiently in this affluent community.
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M&T Bank Mortgage
M&T Bank
M&T Bank has served the Westchester County market for decades with a strong local presence just 15 minutes from Armonk. As a regional banking powerhouse with deep community roots, they offer specialized jumbo loan programs tailored to Armonk's luxury home market alongside comprehensive mortgage solutions. Their mortgage team receives consistently high marks for personalized service, local market knowledge, and competitive pricing. With extensive experience in high-value Westchester County transactions, they understand the unique requirements of Armonk homebuyers.
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Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate's White Plains office serves the Armonk market with exceptional digital mortgage technology combined with personalized local service. They've built a strong reputation in Westchester County for competitive rates, streamlined online application processes, and efficient closings. Specializing in both conventional and jumbo loans appropriate for Armonk's premium real estate market, they maintain a 4.8 rating with hundreds of positive reviews highlighting their technological advantages and responsive loan officers who understand the local market dynamics.
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Frequently Asked Questions
Common questions about mortgage lending in Armonk, NY
What are the typical down payment requirements for a mortgage in Armonk's high-value real estate market?
Given Armonk's high median home prices, lenders often require a substantial down payment, typically 20% or more, to secure a conventional loan and avoid private mortgage insurance (PMI). For jumbo loans, which are common here, down payment requirements can range from 20% to 30% or higher, depending on the lender and the borrower's financial profile. Strong credit and significant reserves are crucial for approval in this market.
Are there any local or county-specific first-time homebuyer programs available in Armonk, NY?
While Armonk itself does not have a municipal program, Westchester County offers the "Homes for Homebuyers" program, which provides down payment and closing cost assistance to eligible first-time buyers in the county, including Armonk. Additionally, New York State's SONYMA program offers competitive rates and low down payment options, which can be beneficial for qualifying buyers entering this expensive market.
How do property taxes in Armonk impact mortgage qualification and affordability?
Armonk has some of the highest property tax rates in Westchester County, which significantly affects debt-to-income (DTI) ratios and overall monthly payment affordability. Lenders will carefully calculate these taxes into your monthly obligations, often requiring stronger income to compensate. It's critical to budget for taxes that can easily add $2,000 or more to your monthly mortgage payment on a median-priced home.
What should I know about getting a jumbo loan in Armonk, and how do rates compare to conforming loans?
Jumbo loans are standard in Armonk due to home values exceeding the conforming loan limits ($1,149,825 for 2024 in Westchester County). Jumbo loan rates are often competitive with, and sometimes even lower than, conforming rates for well-qualified borrowers, but they come with stricter underwriting. Lenders will scrutinize credit scores (often requiring 740+), debt-to-income ratios, and require substantial cash reserves—sometimes 12 months or more of mortgage payments.
Are there specific lenders or banks in Armonk that have expertise with the local market?
Yes, many national and regional banks with a strong presence in Westchester County, such as Bank of America, Chase, and Wells Fargo, have local loan officers familiar with Armonk. Additionally, boutique mortgage brokers and local institutions like M&T Bank or community banks often have deep knowledge of the unique appraisal challenges, condo/HOA complexities, and high-net-worth client needs specific to the Armonk area.
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Why Choose a Mortgage Lender in Armonk?
Local Market Knowledge
Lenders who understand Armonk'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 Armonk and get competitive rates on your home loan.