The Best Mortgage Lenders in Franklin Square, NY
Compare verified mortgage lenders serving Franklin Square, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Franklin Square
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a highly-rated national mortgage lender with a strong local presence in the New York metropolitan area, including Franklin Square. Founded in 2000, they are renowned for their innovative digital mortgage platform, competitive rates, and efficient closing processes. With over two decades of experience, they offer a wide range of loan products and have consistently high customer satisfaction ratings due to their transparent pricing and dedicated support team. Their extensive review base highlights reliability and expertise in serving Nassau County homeowners.
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loanDepot
loanDepot, LLC
loanDepot is a reputable non-bank mortgage lender founded in 2010, known for its extensive loan options and strong customer service track record. They actively serve the Franklin Square area through a network of local loan officers, offering competitive rates and a user-friendly online application process. With thousands of positive reviews, they are praised for their responsiveness and ability to handle complex mortgage scenarios, making them a top choice for both first-time homebuyers and refinancers in Nassau County.
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GuardHill Financial Corp.
GuardHill Financial Corp.
GuardHill Financial Corp. is a boutique mortgage bank with deep roots in the New York region, including Franklin Square. Established in 1999, they specialize in personalized service and have a stellar reputation for understanding local market dynamics. Their high rating and substantial review count reflect expertise in handling diverse mortgage needs, from conventional loans to more specialized products. With over two decades of experience, they are known for their commitment to client education and seamless transaction processes, making them a trusted local option for Nassau County residents.
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Frequently Asked Questions
Common questions about mortgage lending in Franklin Square, NY
What are the typical down payment requirements for buying a home in Franklin Square, given its competitive Nassau County market?
In Franklin Square's competitive market, a 20% down payment is standard to avoid private mortgage insurance (PMI) and strengthen your offer. However, many local lenders offer conventional loans with as little as 3-5% down, and FHA loans with 3.5% down are common for first-time buyers. Given the high home prices, even a lower percentage can represent a significant sum, so exploring down payment assistance programs is highly recommended.
Are there any specific property tax considerations or programs I should know about as a mortgage borrower in Franklin Square?
Absolutely. Franklin Square homeowners face some of the highest property taxes in the nation, which significantly impacts your total monthly payment and debt-to-income ratio. Lenders will closely scrutinize this. You should investigate the New York State STAR program (School Tax Relief), which offers a reduction on school taxes for primary residences, and the Nassau County property tax grievance process to potentially challenge your assessment.
What local or state mortgage programs are most beneficial for first-time homebuyers in Franklin Square?
First-time buyers in Franklin Square should prioritize the **SONYMA (State of New York Mortgage Agency) programs**, such as the Low Interest Rate Program or the Achieving the Dream Program, which offer competitive rates and down payment assistance. Additionally, the **Nassau County Homeownership Center** provides counseling and may have grants or subsidized second mortgages to help with closing costs and down payments in targeted areas.
How do co-op loans differ from traditional mortgages, and are they common in Franklin Square?
Co-op loans (share loans) are fundamentally different from traditional mortgages because you are financing shares in a corporation that owns the building, not real property itself. While co-ops are prevalent in NYC, Franklin Square is predominantly a market of single-family homes and some condos. You are far more likely to need a traditional mortgage here, but if considering a co-op, be prepared for stricter board approval processes and lender requirements for higher down payments (often 20-30%).
How does Franklin Square's proximity to NYC and its "bedroom community" status affect mortgage lending and insurance?
Franklin Square's desirability as a commuter town with good schools generally supports strong property values, which lenders view favorably. However, due to its location in a high-density coastal region, lenders will require **flood insurance** if the property is in a FEMA-designated flood zone (parts of Franklin Square are in Zone AE). Furthermore, you may face slightly higher homeowners insurance premiums than inland areas, which will be factored into your escrow calculations.
Nearby Cities
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Why Choose a Mortgage Lender in Franklin Square?
Local Market Knowledge
Lenders who understand Franklin Square'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 Franklin Square and get competitive rates on your home loan.