The Best Mortgage Lenders in Palisades, NY
Compare verified mortgage lenders serving Palisades, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Palisades
Featured Mortgage Lenders
Michael D. Kessler
Orange Bank & Trust Company
Orange Bank & Trust has been serving the Hudson Valley region for over 130 years with deep roots in Rockland County communities. As a community-focused bank with strong local decision-making, they offer personalized mortgage solutions and competitive rates specifically tailored for Palisades and surrounding areas. Their mortgage team provides exceptional local market knowledge and streamlined processing with in-house underwriting.
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Joseph A. Rand
The Hudson Valley Mortgage Company
This highly-rated local mortgage brokerage specializes in serving Rockland County and the Hudson Valley region, with extensive experience in Palisades and surrounding affluent communities. They excel at complex jumbo loans and high-net-worth client financing, offering access to multiple lenders and competitive pricing. Their team provides white-glove service with deep knowledge of local property values and market conditions.
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CrossCountry Mortgage
CrossCountry Mortgage, LLC - Nyack Branch
CrossCountry Mortgage's Nyack office serves Palisades and the entire Rockland County area with a strong local presence and national lending capabilities. They combine the personal service of a local lender with the product diversity and competitive rates of a national mortgage company. Specializing in both primary residences and luxury properties, they offer flexible underwriting and excellent customer service for the Palisades market.
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Frequently Asked Questions
Common questions about mortgage lending in Palisades, NY
What are typical down payment requirements for homes in Palisades, NY, given its high property values?
In Palisades, where median home prices are significantly above national averages, standard down payments are typically 20% to avoid private mortgage insurance (PMI). However, for jumbo loans (common here as loans often exceed the conforming limit of $1,149,825 in Rockland County), lenders may require 20-30% down or more. It's crucial to work with a lender experienced in high-value markets to structure your financing appropriately.
Are there any local or county-specific first-time homebuyer programs available in Palisades?
Yes, the Rockland County Housing Action Coalition (RCHAC) offers resources and programs, though direct down payment assistance for Palisades' price point can be limited. More impactful is the "SONYMA" (State of New York Mortgage Agency) program, which provides low-interest mortgages and down payment assistance to eligible first-time buyers statewide, including in Palisades, with specific income and purchase price limits that adjust for the area.
How does Palisades' location in a flood zone affect the mortgage process?
Palisades' proximity to the Hudson River means many properties are in designated flood zones. Lenders will require a flood certification and, if necessary, mandate flood insurance as a condition of the loan. This is a critical and non-negotiable cost factor, so buyers should budget for this premium and confirm the specific flood zone designation during their inspection period.
What should I know about property taxes and escrow when getting a mortgage in Palisades?
Property taxes in the Orangetown School District (serving Palisades) are substantial and a key component of your monthly payment. Lenders will require an escrow account to pay these taxes and your homeowner's insurance. Be prepared for high escrow payments, and note that tax certiorari (challenge) processes are common in Rockland County, which your lender and attorney should help you navigate at closing.
Is it common to use jumbo loans in Palisades, and how do their rates compare?
Yes, jumbo loans are extremely common in Palisades due to its luxury market. While jumbo rates were historically higher, they often compete with or are sometimes slightly lower than conforming loan rates, depending on the lender and your financial profile. It's essential to shop lenders who specialize in jumbo products, as their underwriting standards for assets, reserves, and credit scores are typically more stringent.
Why Choose a Mortgage Lender in Palisades?
Local Market Knowledge
Lenders who understand Palisades'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 Palisades and get competitive rates on your home loan.