The Best Mortgage Lenders in Severance, NY
Compare verified mortgage lenders serving Severance, New York. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Severance
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated lender with a strong presence in upstate New York, including service to Severance. Founded in 1996, it has built a reputation for exceptional customer service, competitive rates, and a wide range of loan options. With over 450 reviews and a 4.8 rating, customers praise their efficient processing, personalized advice, and community involvement. Their experienced loan officers specialize in both purchase and refinance loans, making them a reliable choice for homebuyers in rural areas like Severance.
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Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a highly regarded national mortgage lender with a significant footprint in New York, serving areas like Severance through its local and online platforms. Established in 2000, it offers a seamless digital experience combined with expert guidance, resulting in a 4.7 rating from 350 reviews. Customers highlight their competitive rates, fast closings, and transparency. Their extensive loan portfolio and commitment to innovation make them a preferred option for borrowers seeking reliability and modern convenience in the Adirondack region.
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Community Bank, N.A.
Community Bank, National Association
Community Bank, N.A. is a trusted regional bank with deep roots in upstate New York, including Essex County where Severance is located. Although founded in 1901, its mortgage division has decades of experience, offering personalized service and local expertise. With a 4.4 rating from 200 reviews, borrowers appreciate their competitive rates, flexible loan options, and strong community presence. As a member FDIC institution, they provide stability and reliability, making them an excellent choice for homebuyers in rural and scenic areas like the Adirondacks.
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Frequently Asked Questions
Common questions about mortgage lending in Severance, NY
What are the typical down payment requirements for homes in Severance, NY, given its rural market?
In Severance's rural and often lower-priced market, many conventional loans can be secured with a 5% down payment. For eligible buyers, USDA loans offer a significant advantage with 0% down payment required, as most properties in and around Severance qualify for this rural development program. Local lenders are very familiar with structuring these loans for the area's unique property types.
Are there any New York State mortgage assistance programs particularly beneficial for buying a home in Severance?
Yes, the State of New York Mortgage Agency (SONYMA) offers several low-interest rate programs ideal for Severance. The "Low Interest Rate" and "FHA Plus" programs are commonly used, often providing down payment assistance. Given Severance's home prices, buyers can frequently stay within SONYMA's purchase price limits, making these programs a powerful tool for first-time and repeat buyers alike.
How does the lack of major public utilities in parts of Severance affect the mortgage appraisal and approval process?
Properties with wells and septic systems are standard in Severance and won't disqualify a loan, but they do require specific inspections. Lenders will mandate a water quality test and a septic inspection to ensure the systems are functional and safe. It's crucial to budget for these additional inspections and any potential repairs they might uncover before closing.
What type of property insurance considerations are unique to securing a mortgage in Severance, NY?
Due to Severance's heavily wooded, rural setting, mortgage lenders will require proof of adequate homeowners insurance that specifically includes wildfire protection coverage. Furthermore, if your property includes significant acreage or outbuildings, you may need a specialized farm or rural insurance policy to satisfy lender requirements for full replacement cost coverage.
For a second home or vacation property in Severance, are mortgage terms different than for a primary residence?
Yes, financing a seasonal or investment property in Severance typically requires a higher down payment (often 10-20% minimum) and carries a higher interest rate compared to a primary residence loan. Lenders will also scrutinize rental income projections if you plan to offset costs by renting the property, which is common in this Adirondack region.
Nearby Cities
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Why Choose a Mortgage Lender in Severance?
Local Market Knowledge
Lenders who understand Severance'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 Severance and get competitive rates on your home loan.