The Best Mortgage Lenders in Scarsdale, NY
Compare verified mortgage lenders serving Scarsdale, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Scarsdale
Featured Mortgage Lenders
M&T Bank Mortgage
M&T Bank
M&T Bank stands out as a premier mortgage lender in Scarsdale with deep local roots and extensive experience serving Westchester County homeowners. As one of the few major banks with a physical branch right in Scarsdale, they offer personalized service and deep understanding of the local real estate market. Their mortgage specialists are particularly skilled with jumbo loans and high-value properties common in Scarsdale, offering competitive rates for both purchase and refinance transactions. With over 160 years in banking, M&T provides exceptional stability and a full range of mortgage products tailored to the affluent Scarsdale market.
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CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage has established itself as a top-rated mortgage lender in Scarsdale with exceptional customer satisfaction ratings and specialized expertise in Westchester County's luxury home market. Their local Scarsdale office is staffed with experienced loan officers who understand the nuances of high-value property financing. They excel at complex loan scenarios and offer particularly strong jumbo loan programs with competitive pricing. The company is known for their responsive communication, streamlined digital process, and ability to close loans quickly - crucial advantages in Scarsdale's competitive real estate market.
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Teachers Federal Credit Union
Teachers Federal Credit Union
While based on Long Island, Teachers Federal Credit Union has a strong presence throughout the New York metro area and serves Scarsdale residents with exceptional mortgage products and member-focused service. As a not-for-profit credit union, they typically offer lower rates and fewer fees than traditional banks, making them particularly attractive for Scarsdale homebuyers. Their mortgage team specializes in serving educators and professionals throughout Westchester County, with deep expertise in both conventional and jumbo loan programs. With decades of experience and outstanding member satisfaction ratings, they provide a trusted alternative to traditional banks with personalized service and competitive terms.
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Frequently Asked Questions
Common questions about mortgage lending in Scarsdale, NY
Are mortgage rates in Scarsdale, NY, typically higher than the national average?
Yes, jumbo loan rates, which are common in Scarsdale due to home prices regularly exceeding the conforming loan limits, can be slightly higher than standard conforming rates. However, competitive rates are available from both national and regional lenders familiar with the Westchester County market. Your specific rate will depend heavily on your credit profile, down payment, and the loan amount relative to the high home values.
What local or county-level first-time homebuyer programs are available for Scarsdale?
While Scarsdale itself does not offer a municipal program, Westchester County provides the "HomeFirst Down Payment Assistance Program." This can offer qualified first-time buyers up to $25,000 in down payment and closing cost assistance. Eligibility is based on income limits and completing a homebuyer education course, and the home must be your primary residence within the county.
How does Scarsdale's high property tax rate impact my mortgage qualification?
Scarsdale has some of the highest property taxes in the nation, which significantly affects your debt-to-income (DTI) ratio. Lenders will include the estimated monthly tax escrow payment in your DTI calculation, which can reduce the loan amount you qualify for compared to a similarly priced home in a lower-tax area. It's crucial to get an accurate tax estimate early in your pre-approval process.
Is it necessary to get a jumbo loan to buy a home in Scarsdale?
In most cases, yes. For 2024, the conforming loan limit in Westchester County is $1,149,825. Given that the median home sale price in Scarsdale is significantly higher, most buyers will require a jumbo loan. These loans often have stricter underwriting requirements, such as higher credit score minimums (often 700+), larger down payments (typically 20-30%), and more extensive reserve requirements.
Are there specific lenders or banks in Westchester County that are better for Scarsdale mortgages?
While national banks are an option, many buyers benefit from working with lenders who have deep expertise in the Westchester jumbo loan market. Local credit unions, regional banks, and mortgage brokers with strong ties to the area often have more flexible jumbo guidelines, understand the appraisal challenges with unique, high-value properties, and can offer competitive portfolio loan products not available everywhere.
Why Choose a Mortgage Lender in Scarsdale?
Local Market Knowledge
Lenders who understand Scarsdale'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 Scarsdale and get competitive rates on your home loan.