The Best Mortgage Lenders in Rego Park, NY
Compare verified mortgage lenders serving Rego Park, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Rego Park
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated mortgage lender with a strong presence in New York City, including Rego Park. Known for its competitive rates and digital mortgage process, the company has built a reputation for reliability and customer satisfaction. With over two decades of experience, they offer a wide range of loan products and have high customer ratings due to their efficient service, transparency, and dedicated local loan officers who understand the NYC market.
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CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage is a highly reputable lender serving Rego Park and the broader NYC area. With over 20 years in business, they are praised for their personalized service and expertise in various loan types, including first-time homebuyer programs. Their local branch in Manhattan ensures accessible support, and they have consistently high customer ratings for their responsive communication, competitive rates, and commitment to guiding clients through the mortgage process smoothly.
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Better Mortgage
Better Holdco, Inc.
Better Mortgage is a leading digital mortgage lender headquartered in NYC, offering services to Rego Park residents with a focus on technology-driven efficiency and transparency. Founded in 2014, they have quickly gained a strong reputation for no-lender-fees, competitive rates, and a streamlined online application process. Customers appreciate their quick approvals and excellent customer service, backed by high ratings for user-friendly experiences and support for a variety of loan options tailored to the New York market.
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Frequently Asked Questions
Common questions about mortgage lending in Rego Park, NY
What are the typical down payment requirements for a condo or co-op in Rego Park, and are they different?
In Rego Park, a 20% down payment is standard for condos, but co-ops often require 25-30% or more due to stricter board requirements. Many co-op buildings have their own financial minimums, including significant post-closing liquidity (often 1-2 years of mortgage/maintenance payments in reserve), which lenders will verify. This makes securing financing for a co-op more complex than for a condo or single-family home.
Are there any special first-time homebuyer programs or grants available specifically for Queens or Rego Park?
Yes, homebuyers in Rego Park can access several New York State and City programs. The SONYMA (State of New York Mortgage Agency) offers low-interest rate mortgages and down payment assistance. Additionally, the NYC Housing Preservation & Development's HomeFirst Down Payment Assistance Program provides up to $100,000 in a forgivable loan for qualifying first-time buyers in NYC, which can be a significant help in Rego Park's competitive market.
How does the high property tax rate in Queens affect my mortgage qualification and monthly payment in Rego Park?
Queens has some of the highest property taxes in the nation, which significantly impacts your Debt-to-Income (DTI) ratio and monthly escrow payment. Lenders will factor in the estimated annual taxes (often $6,000-$12,000+ annually for a Rego Park apartment) when calculating your total monthly obligation. It's crucial to get an accurate tax estimate early in your search, as it can reduce the loan amount you qualify for.
What should I know about the co-op board approval process in Rego Park when applying for a mortgage?
The co-op board approval process is a critical, non-negotiable step in Rego Park. After your mortgage is conditionally approved by a lender, the co-op board will conduct a rigorous review of your finances, including your loan terms. They may have specific requirements, like a maximum debt-to-income ratio or a minimum amount of the purchase price paid in cash, that are stricter than the lender's. Your mortgage application must satisfy both the lender and the board.
Are jumbo loans common in Rego Park, and what are the specific requirements?
Yes, jumbo loans (exceeding $1,149,825 for 1-unit properties in 2024) are very common in Rego Park due to property values. Requirements are stricter than for conforming loans, typically requiring excellent credit (often 740+), a down payment of 20-30%, and significant cash reserves (6-12 months of payments). Lenders will scrutinize your assets and income documentation very closely for jumbo loans in this market.
Nearby Cities
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Why Choose a Mortgage Lender in Rego Park?
Local Market Knowledge
Lenders who understand Rego Park'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 Rego Park and get competitive rates on your home loan.