The Best Mortgage Lenders in Rochester, NY
Compare verified mortgage lenders serving Rochester, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Rochester
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a highly-rated national mortgage lender with a strong presence in Rochester, known for its innovative online platform and local loan officers. They offer competitive rates, a wide array of loan products, and exceptional customer service, with numerous positive reviews highlighting their efficiency and transparency in the mortgage process.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a top-ranked lender serving Rochester with a focus on community engagement and streamlined lending processes. They are praised for their quick closings, personalized service from local loan experts, and comprehensive mortgage options, making them a reliable choice for homebuyers seeking flexibility and support.
Loan Types:
CrossCountry Mortgage
CrossCountry Mortgage, Inc.
CrossCountry Mortgage is a well-established lender with a strong reputation in Rochester for customer-centric services and competitive loan products. They provide extensive support through local branches and online tools, with high satisfaction ratings for their knowledgeable staff and ability to handle diverse mortgage needs efficiently.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Rochester, NY
Are there any special first-time homebuyer programs available in Rochester, NY?
Yes, the City of Rochester offers the Rochester Homebuyer Assistance Program (RHAP), which provides up to $6,000 in down payment and closing cost assistance as a forgivable loan. Additionally, New York State's SONYMA program offers low-interest mortgages with down payment assistance, which are widely used by Rochester buyers. These programs are designed to make homeownership more accessible in the city's neighborhoods.
How do property taxes in Rochester and Monroe County impact my mortgage affordability?
Property taxes in Rochester and Monroe County are relatively high compared to national averages, which significantly affects your total monthly payment. Lenders will factor this into your debt-to-income ratio, so you may qualify for a lower mortgage principal than in a low-tax area. It's crucial to get a precise tax estimate for any home you're considering, as rates can vary between the city and surrounding suburbs.
What is the typical down payment required for a mortgage on a Rochester home?
While 20% down is standard to avoid private mortgage insurance (PMI), many local lenders in Rochester work with buyers putting down as little as 3-5% on conventional loans, especially with first-time buyer programs. For the city's median home price (around $180,000), this makes entry more feasible. FHA loans with 3.5% down are also common for buyers with lower credit scores.
Are there specific mortgage considerations for buying a historic home in Rochester's neighborhoods like the South Wedge or Park Avenue?
Yes, purchasing a historic home often requires a specialized inspection and may affect your loan options. Some older homes may not meet modern FHA/VA property standards (e.g., peeling paint, outdated wiring), potentially requiring a conventional loan or renovation loan like the FHA 203(k). It's essential to work with a lender familiar with Rochester's historic districts and the associated appraisal challenges.
How do local economic factors like the University of Rochester and Rochester Regional Health influence the mortgage market here?
The stability of major employers like UR, RRH, and Wegmans creates a steady demand for housing and contributes to a stable local mortgage market. Employees of these institutions may have access to special employer-assisted housing programs or credit union partnerships offering favorable rates. Lenders in the area are accustomed to working with professionals from these sectors, who often have strong, verifiable income.
Nearby Cities
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Why Choose a Mortgage Lender in Rochester?
Local Market Knowledge
Lenders who understand Rochester'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 Rochester and get competitive rates on your home loan.