The Best Mortgage Lenders in Oyster Bay, NY
Compare verified mortgage lenders serving Oyster Bay, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Oyster Bay
Featured Mortgage Lenders
CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage has established itself as one of the top-rated mortgage lenders serving Oyster Bay and throughout Long Island. With over two decades of experience, they offer a comprehensive range of loan products and are particularly noted for their exceptional customer service and competitive rates. Their local team understands the unique Nassau County real estate market and provides personalized guidance through the entire mortgage process. The company maintains an A+ BBB rating and consistently receives outstanding reviews for their responsiveness, expertise, and ability to close loans efficiently.
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Bethpage Federal Credit Union
Bethpage Federal Credit Union
As one of Long Island's largest and most trusted financial institutions, Bethpage Federal Credit Union has been serving Oyster Bay residents for generations. With deep roots in the community, they offer highly competitive mortgage rates and exceptional member service. Their mortgage specialists provide personalized attention and local market expertise that national lenders often lack. Bethpage is particularly strong with first-time homebuyer programs and offers various community-focused mortgage solutions. The credit union's not-for-profit structure often translates to better rates and lower fees for borrowers in the Oyster Bay area.
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GuardHill Financial Corp.
GuardHill Financial Corporation
GuardHill Financial has built an exceptional reputation as a premier mortgage banker serving Oyster Bay and the broader Long Island region. Specializing in complex transactions and high-value properties, they excel in jumbo loans and luxury home financing while also offering competitive conventional products. Their team of experienced loan officers provides white-glove service and deep local market knowledge. The company is particularly noted for their expertise with unique property types common in Nassau County, including historic homes and waterfront properties. GuardHill maintains strong relationships with local real estate professionals and consistently receives outstanding client reviews for their attention to detail and smooth closing processes.
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Frequently Asked Questions
Common questions about mortgage lending in Oyster Bay, NY
What are the typical down payment requirements for homes in Oyster Bay, given the high property values?
Due to Oyster Bay's high median home prices, which often exceed Nassau County averages, a 20% down payment is common to avoid private mortgage insurance (PMI). However, for qualified buyers, conventional loans with 10% down or FHA loans with 3.5% down are available, though the latter have loan limits that may be restrictive for higher-priced properties in the area.
Are there any specific mortgage or down payment assistance programs for first-time homebuyers in Oyster Bay?
Yes, Oyster Bay residents can access New York State's SONYMA (State of New York Mortgage Agency) programs, which offer low-interest mortgages and down payment assistance. Additionally, the Town of Oyster Bay itself has offered local programs in the past, such as the "First-Time Homebuyer Program" for town employees and residents, so checking with the Town Clerk's office for current availability is recommended.
How do property taxes in Oyster Bay impact my mortgage qualification and monthly payment?
Oyster Bay has some of the highest property tax rates in the nation, which significantly affects debt-to-income (DTI) ratios. Lenders will carefully calculate these taxes (often $15,000-$30,000+ annually) into your monthly obligation, which can reduce the loan amount you qualify for. It's crucial to get an accurate tax estimate for any property you're considering.
What should I know about getting a mortgage for a historic or older home in Oyster Bay's established neighborhoods?
Financing older homes in historic areas like Cove Neck or Mill Neck may require specialized appraisals and inspections. Lenders might have stricter requirements regarding the home's condition, and you may need a renovation loan like a FHA 203(k) if updates are needed. It's essential to work with a lender experienced in the unique challenges of the North Shore's historic housing stock.
Are jumbo loans common in Oyster Bay, and what are the requirements?
Yes, jumbo loans are very common in Oyster Bay, as many homes exceed the conventional conforming loan limit ($ in 2024). Requirements are stricter, typically requiring excellent credit (often 700+), a lower DTI ratio, and larger reserves (sometimes 12+ months of mortgage payments). Rates for jumbo loans can be competitive with or sometimes even lower than conforming rates in this affluent market.
Nearby Cities
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Why Choose a Mortgage Lender in Oyster Bay?
Local Market Knowledge
Lenders who understand Oyster Bay'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 Oyster Bay and get competitive rates on your home loan.