The Best Mortgage Lenders in Medford, NY
Compare verified mortgage lenders serving Medford, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Medford
Featured Mortgage Lenders
CrossCountry Mortgage, LLC
CrossCountry Mortgage, LLC
CrossCountry Mortgage is one of the top-rated mortgage lenders serving the Medford area with exceptional customer satisfaction ratings. As a direct lender with local offices throughout Long Island, they offer personalized service combined with competitive rates and a wide variety of loan programs. Their team specializes in both purchase and refinance transactions with particular expertise in first-time homebuyer programs and government-backed loans. With over 20 years of experience and hundreds of positive reviews from Long Island homeowners, they provide comprehensive mortgage solutions with streamlined processing and local underwriting capabilities.
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NRL Mortgage
NRL Mortgage
NRL Mortgage has built an outstanding reputation as a premier mortgage lender serving Medford and surrounding Suffolk County communities. With exceptionally high customer satisfaction ratings and extensive local market knowledge, they specialize in creating customized mortgage solutions for diverse borrower needs. Their team of experienced loan officers provides personalized guidance through the entire mortgage process, from application to closing. They are particularly recognized for their expertise in construction loans, investment properties, and competitive jumbo loan options, making them a top choice for Medford homeowners seeking specialized mortgage services.
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GuardHill Financial Corp.
GuardHill Financial Corp.
GuardHill Financial Corporation has been serving the Long Island mortgage market for over three decades, establishing themselves as one of the most trusted and experienced lenders in the region. While based in Garden City, they extensively serve Medford and all of Suffolk County with a reputation for exceptional customer service and competitive loan products. They specialize in complex mortgage scenarios including jumbo loans, co-op financing, and bridge loans, while also offering excellent conventional and government-backed loan options. Their long-standing presence in the New York mortgage industry and commitment to personalized service make them a reliable choice for Medford homebuyers seeking experienced guidance.
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Frequently Asked Questions
Common questions about mortgage lending in Medford, NY
Are there any special first-time homebuyer programs available specifically for Medford, NY?
Yes, the Suffolk County Down Payment Assistance Program offers eligible first-time buyers in Medford up to $14,999 in a five-year forgivable loan for down payment and closing costs. Additionally, New York State's SONYMA program offers low-interest mortgages with down payments as low as 3%, which are widely utilized by buyers in the Medford area to combat the high cost of entry into the local market.
How do property taxes in Medford impact my mortgage qualification and monthly payment?
Property taxes in the Town of Brookhaven, which includes Medford, are historically some of the highest on Long Island. Lenders will factor this significant expense into your debt-to-income ratio, which can reduce the loan amount you qualify for. It's crucial to budget for an escrow payment that may add $800-$1,200 or more to your monthly mortgage payment, depending on the home's assessed value.
What is a typical down payment percentage needed for a conventional loan on a Medford single-family home?
While 20% down is ideal to avoid private mortgage insurance (PMI), many local buyers in Medford's competitive market secure conventional loans with 10%, 5%, or even 3% down. Given the median home price, a 3% down payment is a substantial sum, so exploring state and county assistance programs is highly recommended to help bridge the gap.
Does Medford's location in a FEMA flood zone affect the mortgage process?
Several neighborhoods in Medford, particularly those near the Carmans River or wetlands, are in designated flood zones. If your desired property is in a Special Flood Hazard Area, your lender will require you to purchase flood insurance as a condition of the mortgage. This is a mandatory, ongoing cost that must be included in your escrow payment and overall housing budget.
Are jumbo loans common in Medford, and how do their requirements differ?
Yes, jumbo loans are frequently needed in Medford as home prices often exceed the conforming loan limit for Suffolk County ($1,149,825 for 2024). Jumbo loans typically require stronger financial profiles, including higher credit scores (often 700+), lower debt-to-income ratios, and larger down payments (usually 10-20% minimum). You may also need to show significant cash reserves after closing.
Why Choose a Mortgage Lender in Medford?
Local Market Knowledge
Lenders who understand Medford'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 Medford and get competitive rates on your home loan.