The Best Mortgage Lenders in Ellicottville, NY
Compare verified mortgage lenders serving Ellicottville, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Ellicottville
Featured Mortgage Lenders
Evans Bank Mortgage Team
Evans Bank
Evans Bank has been serving Western New York communities for nearly a century with deep roots in the Ellicottville area. As a community-focused institution, they offer personalized mortgage services with local decision-making authority. Their mortgage team specializes in both primary residences and vacation properties, which is particularly valuable for the Ellicottville market. With consistently high customer satisfaction ratings and competitive rates, they understand the unique needs of rural and resort community lending in Cattaraugus County.
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Prestige Financial Services
Prestige Financial Services, LLC
Prestige Financial Services is a highly-rated mortgage broker serving all of Western New York, including Ellicottville and Cattaraugus County. With two decades of experience, they've built a reputation for exceptional customer service and competitive loan options. Their team specializes in navigating complex mortgage scenarios and offers personalized guidance throughout the entire process. Multiple review platforms consistently rate them among the top mortgage providers in the region, with particular praise for their responsiveness and expertise with rural properties.
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Guild Mortgage Company
Guild Mortgage Company
Guild Mortgage maintains a strong Western New York presence with local offices that actively serve the Ellicottville area. As a nationwide lender with deep local expertise, they offer the best of both worlds—competitive national pricing with personalized local service. Their extensive experience with various property types, including vacation homes and rural properties common in the Ellicottville region, makes them a top choice. Guild consistently receives high marks for their educational approach to lending and smooth closing processes.
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Frequently Asked Questions
Common questions about mortgage lending in Ellicottville, NY
Are there specific mortgage considerations for buying a second home or vacation property in Ellicottville?
Yes, Ellicottville's status as a premier ski resort town means many purchases are for second homes or investment properties. Lenders typically require a larger down payment (often 20-30%) and have stricter debt-to-income requirements for non-primary residences. Interest rates for second homes are also usually 0.25% to 0.50% higher than for a primary residence.
What local or state programs are available for first-time homebuyers in Ellicottville?
New York State offers the SONYMA (State of New York Mortgage Agency) Achieving the Dream program, which provides competitive interest rates and down payment assistance to eligible first-time buyers in Cattaraugus County. Additionally, the Cattaraugus County Community Development office may offer grants or assistance programs, though availability can vary.
How does Ellicottville's seasonal tourism economy impact mortgage approval for local residents?
Lenders are familiar with the area's seasonal cash flow patterns. If your income is tied to tourism (e.g., hospitality, ski resorts), you may need to provide two years of tax returns to demonstrate stable annual income. Strong documentation, like consistent year-over-year earnings, is crucial for loan approval to offset concerns about off-season income dips.
What are typical property taxes like in Ellicottville, and how do they affect my mortgage qualification?
Property taxes in Ellicottville and Cattaraugus County are a significant factor, often ranging from $2,500 to $6,000+ annually depending on property value and location. Lenders will include this estimated monthly tax payment in your total debt-to-income ratio, which can reduce the loan amount you qualify for compared to areas with lower taxes.
Are there specific lenders or banks in the area that specialize in Ellicottville's unique real estate market?
Yes, working with a local lender or a regional bank with experience in the Ellicottville market (like Community Bank, N.A. or Five Star Bank) can be advantageous. They understand local property valuations, including cabins and ski-in/ski-out properties, and can often provide more personalized service and faster closings, which is helpful in a competitive vacation-home market.
Nearby Cities
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Why Choose a Mortgage Lender in Ellicottville?
Local Market Knowledge
Lenders who understand Ellicottville'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 Ellicottville and get competitive rates on your home loan.