The Best Mortgage Lenders in Larchmont, NY
Compare verified mortgage lenders serving Larchmont, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Larchmont
Featured Mortgage Lenders
CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage stands out as a top-rated mortgage lender serving Larchmont and the broader Westchester County area with exceptional customer satisfaction ratings. With nearly two decades of experience, they offer personalized service and competitive rates across a comprehensive range of loan products. Their local Tarrytown office provides convenient access for Larchmont residents, and their team specializes in the unique Westchester County real estate market, including high-value properties common in Larchmont. The company maintains an A+ BBB rating and is particularly praised for their responsive communication and expertise in jumbo loans, which are frequently needed in this affluent community.
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New York Community Bank
New York Community Bank
New York Community Bank has built a strong reputation over 25 years as a reliable regional lender with deep roots in the New York metropolitan area, including dedicated service to Larchmont homeowners. They offer particularly competitive jumbo loan rates that appeal to the Larchmont market, where property values often exceed conventional loan limits. Their local branch network throughout Westchester County provides face-to-face service that many borrowers appreciate, combined with the stability of an established financial institution. Customers consistently praise their knowledgeable loan officers who understand the nuances of Westchester County's competitive real estate market and can provide quick pre-approvals essential for successful home purchases in Larchmont.
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Wells Fargo Home Mortgage
Wells Fargo Bank, N.A.
Wells Fargo brings extensive mortgage lending experience and national resources to serve Larchmont homebuyers, with a strong local presence through their White Plains branch just minutes away. Despite being a national lender, they maintain dedicated local mortgage consultants who understand the specific needs of Westchester County homebuyers. They offer some of the most competitive jumbo loan rates in the market, which is particularly valuable in Larchmont's high-cost housing environment. Their digital mortgage application process combined with in-person local support provides the perfect balance of convenience and personalized service. With a comprehensive suite of loan products and special programs for both first-time and move-up buyers, they've helped numerous Larchmont families achieve their homeownership goals.
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Frequently Asked Questions
Common questions about mortgage lending in Larchmont, NY
What are the typical down payment requirements for a home in Larchmont, given its high property values?
Due to Larchmont's high median home price, often exceeding $1.5 million, a standard 20% down payment is common to avoid private mortgage insurance (PMI) and secure better loan terms. However, for conforming loans up to $1,149,825 (the 2024 Westchester County high-balance limit), down payments as low as 5-10% may be possible, though this significantly increases the monthly payment. Jumbo loans for properties above that threshold typically require at least 10-20% down, with stricter credit and reserve requirements.
Are there any property tax considerations or programs in Larchmont that affect mortgage affordability?
Yes, Larchmont has notably high property taxes, which are a major component of your monthly mortgage escrow payment. It's crucial to factor in the effective tax rate, which is approximately 1.7-2.0% of the home's assessed value. While there is no specific local tax abatement for homebuyers, you should inquire about New York State's STAR (School Tax Relief) program, which can provide an annual exemption on school taxes for primary residences, potentially saving hundreds of dollars.
What local or state mortgage programs are beneficial for first-time homebuyers in Larchmont?
First-time homebuyers in Larchmont should explore the **SONYMA (State of New York Mortgage Agency) programs**, such as the Low-Interest Rate Mortgage or the Achieving the Dream program, which offer competitive rates and down payment assistance. Additionally, the **Westchester County Homeownership Program** provides down payment assistance in the form of a forgivable loan for eligible buyers. These programs have income and purchase price limits that are adjusted for Westchester County.
How does Larchmont's competitive real estate market influence the mortgage pre-approval and offer process?
In Larchmont's fast-paced, competitive market, a full mortgage pre-approval (not just pre-qualification) from a reputable local lender is essential to make a strong offer. Sellers often favor buyers who can demonstrate solid financing and a quick close. Consider working with a lender familiar with Westchester County who can offer a streamlined underwriting process and provide a "proof of funds" or "commitment letter" to strengthen your bid against cash offers.
Are there specific condo or co-op mortgage rules I should know about when buying in Larchmont?
Absolutely. Larchmont has many co-op apartments, which require a specialized "co-op loan" (share loan) rather than a traditional mortgage, as you are buying shares in a corporation. These loans often have higher interest rates and require larger down payments (often 20-25%). For condos, lenders will scrutinize the homeowners' association's (HOA) financial health, insurance, and the percentage of owner-occupants, which can affect loan eligibility and terms.
Nearby Cities
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Why Choose a Mortgage Lender in Larchmont?
Local Market Knowledge
Lenders who understand Larchmont'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 Larchmont and get competitive rates on your home loan.