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How to Find a Lender

In New York City, lenders are everywhere but not all are created equal. You can start your search online, through advertisements, or via referrals from your Broker. We’re happy to recommend lenders we’ve worked with successfully professionals who understand the city market, can navigate co-op and condo requirements, and handle unique or challenging situations, including non-traditional credit or complex properties.

Choosing the Right Lender

It’s important to interview multiple lenders to determine who can best support your NYC purchase. Look for:

• Clear Communication: They explain terms clearly and respond to calls and emails promptly.
• Competitive Rates and Fees: Compare interest rates, closing costs, and lender fees.
• Loan Program Options: The right lender offers programs that fit your credit profile and property type, including co-ops, condos, and townhouses.
• Local Approval Committees: Lenders with NYC-based loan approval committees understand the nuances of local property types and market values, which can speed approvals and avoid surprises.

Choosing the Right Kind of Loan

There are many loan types, and your lender is the best resource for choosing one that fits your financial goals and the property you’re buying. Here’s a summary of the most common options we see in practice:

• Fixed-Rate Loans: Your monthly payments remain the same over the life of the loan, typically 15–30 years. Ideal for buyers planning to hold their NYC property long-term (7+ years).
• Adjustable-Rate Mortgages (ARMs): Lower initial rates can save money if you plan to sell or refinance in the next few years. It’s important to understand the index, adjustment intervals, and potential risks before choosing this option.
• Hybrid or Intermediate ARMs: Fixed rates for the first 3, 5, 7, or 10 years, then adjustments follow the market. These are popular for buyers who anticipate lifestyle or investment changes within a specific timeframe.