The Best Mortgage Lenders in Cambridge, NY
Compare verified mortgage lenders serving Cambridge, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Cambridge
Featured Mortgage Lenders
Mortgage Department
Hudson River Community Credit Union
Hudson River Community Credit Union stands out as one of the highest-rated mortgage lenders serving the Cambridge area with exceptional customer satisfaction ratings. As a not-for-profit financial cooperative, they offer highly competitive rates and personalized service. Their mortgage team has extensive experience with all loan types including specialized rural development loans ideal for the Cambridge region. Members consistently praise their transparent process, local decision-making, and commitment to community banking principles that prioritize member needs over profits.
Loan Types:
Mortgage Division
Trustco Bank
Trustco Bank maintains a strong physical presence in the Cambridge region with multiple nearby branches and has built an outstanding reputation for mortgage lending over decades. Their local loan officers have deep knowledge of the upstate New York real estate market and provide personalized guidance throughout the mortgage process. Customers consistently rate them highly for their competitive rates, straightforward application process, and reliable closing timelines. As a community-focused bank with over a century of service, they understand the unique needs of Cambridge area homebuyers.
Loan Types:
Mortgage Team
Saratoga National Mortgage Solutions
Saratoga National Mortgage Solutions has earned exceptional ratings for their expertise in serving the Cambridge and broader Washington County area. While based in Saratoga Springs, they actively serve clients throughout eastern New York and have particular expertise with rural properties common in the Cambridge region. Their mortgage consultants are praised for their responsiveness, deep product knowledge, and ability to secure competitive rates from multiple investors. They excel at guiding borrowers through complex scenarios and offer a comprehensive range of loan programs with local underwriting support.
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Frequently Asked Questions
Common questions about mortgage lending in Cambridge, NY
What are the typical down payment requirements for homes in Cambridge, NY, given its rural market?
In Cambridge's more affordable market, many conventional loans are available with down payments as low as 3-5%. For the area's historic or older farmhouse properties, lenders may require a slightly higher down payment or a thorough inspection due to potential renovation needs. USDA loans, which offer 0% down, are also a popular option for eligible buyers in this rural region.
Are there any special mortgage programs for first-time homebuyers in Cambridge, NY?
Yes, New York State offers the SONYMA Achieving the Dream program, which provides competitive interest rates and down payment assistance to eligible first-time buyers in Cambridge. Additionally, the Washington County Rural Preservation Company may have local grants or programs. It's advisable to work with a lender familiar with these state and local incentives.
How do property taxes in Cambridge impact mortgage affordability and qualification?
Cambridge and Washington County have relatively moderate property tax rates compared to other parts of New York State. Lenders will include these taxes in your monthly escrow payment and debt-to-income ratio calculation. When pre-approving, they typically use an estimated tax rate of about $18-$22 per $1,000 of assessed value, but checking the specific tax bill for a property is crucial.
What should I know about getting a mortgage for a historic home or a property with land in Cambridge?
Financing a historic home or a property with significant acreage requires a lender experienced with rural and unique properties. Not all lenders are comfortable with non-standard appraisals. You may need a specialized appraisal to assess the value of outbuildings or land, and some renovation loan programs (like FHA 203k) can be useful for updating historic features while keeping their character.
How does the seasonal economy or employment in Cambridge affect mortgage approval?
Lenders look for stable, verifiable income. If your work is seasonal (e.g., agriculture, tourism, or education-related), you'll typically need to provide a two-year history of consistent seasonal employment to qualify. Self-employed individuals or small business owners should have two years of tax returns with solid, documented income to meet underwriting standards in this market.
Nearby Cities
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Why Choose a Mortgage Lender in Cambridge?
Local Market Knowledge
Lenders who understand Cambridge'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 Cambridge and get competitive rates on your home loan.