The Best Mortgage Lenders in Lake Grove, NY
Compare verified mortgage lenders serving Lake Grove, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Lake Grove
Featured Mortgage Lenders
Michael Ardizzone
Nationwide Mortgage & Realty LLC
Nationwide Mortgage & Realty is one of the highest-rated mortgage brokers serving the Lake Grove area, located just minutes away in Ronkonkoma. With nearly 15 years of experience and exceptional 4.9-star ratings across multiple platforms, they specialize in personalized mortgage solutions for Long Island homebuyers. Their team, led by Michael Ardizzone, is known for exceptional customer service, competitive rates, and guiding clients through complex loan processes with expertise in conventional, FHA, VA, and jumbo loans.
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CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage has a strong physical presence in Lake Grove with a local branch that serves the entire Suffolk County area. As a direct lender with nearly two decades of experience, they offer competitive rates and a wide variety of loan products. Their local team understands the Long Island housing market intimately and provides personalized service with the backing of a national company. They're particularly noted for their efficient processing and strong communication throughout the loan process.
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Teachers Federal Credit Union
Teachers Federal Credit Union
While technically a credit union, Teachers FCU is one of the most respected mortgage lenders serving Lake Grove and all of Long Island. With deep roots in the community spanning over 70 years, they offer highly competitive rates and exceptional member service. Their mortgage department is known for low closing costs, flexible terms, and personalized guidance through the home financing process. They serve all residents of Suffolk County and are particularly strong with first-time homebuyer programs and local market expertise.
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Frequently Asked Questions
Common questions about mortgage lending in Lake Grove, NY
What are the current mortgage rates like in Lake Grove, NY, and how do they compare to national averages?
Mortgage rates in Lake Grove are typically very close to national averages, as they are set by broader financial markets. However, Suffolk County's competitive housing market can sometimes influence lender offerings. It's advisable to shop around with both local credit unions, like Teachers Federal Credit Union, and national lenders, as even a small difference in rate can be significant given the area's higher median home prices.
Are there any special mortgage or down payment assistance programs for first-time homebuyers in Lake Grove?
Yes, Lake Grove homebuyers can access New York State programs like the SONYMA (State of New York Mortgage Agency) Low Interest Rate Program and Achieving the Dream, which offer competitive rates and down payment assistance. Additionally, Suffolk County offers the "Homebuyer 101" program, which provides financial education and may offer down payment assistance grants to eligible buyers purchasing within the county, including Lake Grove.
How does the property tax rate in Lake Grove affect my mortgage qualification and monthly payment?
Property taxes in Lake Grove (within the Town of Brookhaven and Sachem School District) are a significant factor. Suffolk County has some of the highest property taxes in the nation, which increases your total monthly PITI (Principal, Interest, Taxes, Insurance) payment. Lenders will include this high tax burden in your debt-to-income ratio calculation, which can reduce the loan amount you qualify for compared to areas with lower taxes.
What type of home appraisal challenges are common in Lake Grove that could impact my mortgage?
Appraisals in established neighborhoods like Lake Grove can sometimes be challenging due to the mix of older, renovated homes and newer constructions. Appraisers must find accurate comparable sales ("comps"), which can be difficult if recent sales are limited or if unique property features aren't common. This can occasionally lead to appraisal values coming in below the contract price, potentially affecting loan approval.
Does living in a flood zone in Lake Grove impact my ability to get a mortgage?
Yes, if the property is in a designated FEMA Special Flood Hazard Area (parts of Lake Grove are near wetlands and streams), your lender will require flood insurance as a condition of the mortgage. This mandatory insurance adds to your monthly housing cost and must be factored into your budget. It's crucial to check the FEMA flood map for a specific property early in the process.
Nearby Cities
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Why Choose a Mortgage Lender in Lake Grove?
Local Market Knowledge
Lenders who understand Lake Grove'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 Lake Grove and get competitive rates on your home loan.