First New York Mortgage Rates, Fees & Info

Albany, NY

LEI: 5493007G2SOD8W9RK547

Tax ID: 14-1345856

5 stars - Updated: 12/2/24 - out of 5 stars, based on 21 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

First New York is a smaller mortgage company specializing in Home Improvement, Cash Out Refi, and Refi loans. First New York has a high proportion of conventional loans. Their top markets by origination volume include: Albany, Glens Falls, Amsterdam, Gloversville, and Syracuse among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

First New York has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First New York is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 5.23% 12/2/24
30 Year Conventional Purchase 6.55% 12/2/24
30 Year Conventional Refi 6.08% 12/2/24
30 Year Cash-out Refi 6.41% 12/2/24
15 Year Conventional Purchase 6.53% 12/2/24
15 Year Conventional Refi 5.12% 12/2/24
15 Year Cash-out Refi 5.12% 12/2/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

First New York Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from First New York. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

431

Origination Dollar Volume (All Markets)

$57,245,000

Relative Rate

First New York's average 30 year fixed mortgage rate was 6.38%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.1%.

Relative Fees (Closing Costs)

First New York's average total fees/closing costs for a 30 year fixed rate mortgage were $5,027.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 397 $51,875,000 $130,668 $4,258 6.09%
GLENS FALLS, NY (FHA|USDA|VA) 11 $2,005,000 $182,273 $0 4.94%
Outside of Metro Areas 7 $725,000 $103,571 $4,748 5.55%
Amsterdam, NY (FHA|USDA|VA) 7 $685,000 $97,857 $0 6.85%
Gloversville, NY (FHA|USDA|VA) 3 $685,000 $228,333 $10,600 5.75%
SYRACUSE, NY (FHA|USDA|VA) 2 $670,000 $335,000 $4,241 6.19%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,544 6.88%
Hudson, NY (FHA|USDA|VA) 1 $165,000 $165,000 $0 9.74%
Oneonta, NY (FHA|USDA|VA) 1 $155,000 $155,000 $0 5.74%
UTICA-ROME, NY (FHA|USDA|VA) 1 $75,000 $75,000 $0 1.99%
First New York's top markets include Albany, Glens Falls, Amsterdam, Gloversville, and Syracuse among others.

Their top states include:
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against FIRST NEW YORK based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Bank of Richmondville
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    FIRST NEW YORK
    Similarity Rank: 300
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    HUDSON VALLEY CREDIT UNION
    Similarity Rank: 420
    TrustCo Bank
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    Chemung Canal Trust Company
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    SEFCU SERVICES, LLC
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 342 $42,480,000 $124,211 $4,548 6.99%
    HELOC 89 $14,765,000 $165,899 n/a 2.50%

    For 2023, First New York's most frequently originated type of loan was Conventional, with 342 originations. Their 2nd most popular type was HELOC, with 89 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 166 $14,100,000 $84,940 $0 6.24%
    Cash Out Refi 160 $21,910,000 $136,938 $0 6.25%
    Refi 78 $14,660,000 $187,949 $0 5.20%
    Home Purchase 27 $6,575,000 $243,519 $5,027 6.36%

    For 2023, First New York's most frequently cited loan purpose was Home Improvement, with 166 originations. The 2nd most popular reason was Cash Out Refi, with 160 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 159 $15,415,000 $96,950 $0 6.75%
    Other 121 $22,805,000 $188,471 $0 3.43%
    15 Year 72 $7,110,000 $98,750 $0 7.63%
    20 Year 58 $7,390,000 $127,414 $0 7.68%
    30 Year 19 $4,395,000 $231,316 $5,027 6.38%
    5 Year 2 $130,000 $65,000 $0 4.99%

    For 2023, First New York's most frequently cited loan duration was 10 Year, with 159 originations. The 2nd most popular length was Other, with 121 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 15 $3,325,000 $221,667
    $1k-2k 2 $330,000 $165,000
    $2k-3k 2 $400,000 $200,000
    $5k+ 2 $600,000 $300,000

    First New York's average total fees were $5,027, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 15 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 140 $19,640,000 $140,286
    5-6% 70 $9,700,000 $138,571
    7-8% 68 $6,840,000 $100,588
    <2.5% 67 $12,105,000 $180,672
    Over 8% 53 $4,395,000 $82,925
    4-5% 17 $2,195,000 $129,118
    2.5-3% 10 $1,520,000 $152,000
    3-4% 6 $850,000 $141,667

    During 2023, First New York's average interest rate for loans was 6.38%, while their most frequently originated rate bucket for loans was 6-7%, with 140 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 236 $13,270,000 $56,229 $0 6.38%
    $100k-200k 116 $15,880,000 $136,897 $3,246 6.05%
    $200k-400k 55 $13,965,000 $253,909 $5,480 5.69%
    $400k-600k 16 $7,370,000 $460,625 $3,778 3.51%
    $600k-1MM 6 $4,290,000 $715,000 $0 4.20%
    $1MM+ 2 $2,470,000 $1,235,000 $0 6.50%

    2023 saw First New York place emphasis on $100,000 or less loans with 236 originations, totaling $13,270,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 116 $13,140,000 $113,276 $4,918 6.31%
    $150k-250k 87 $12,485,000 $143,506 $2,911 5.57%
    $75k-100k 87 $9,785,000 $112,471 $5,016 6.53%
    $50k-75k 78 $6,700,000 $85,897 $4,283 6.03%
    $50k or less 29 $1,855,000 $63,966 $0 6.15%
    $250k+ 19 $5,795,000 $305,000 $0 4.58%

    First New York lent most frequently to those with incomes in the $100k-150k range, with 116 originations. The second most popular income band? $150k-250k, with 87 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 81 $10,815,000 $133,519 $3,418 5.09%
    30-36% 69 $6,855,000 $99,348 $5,551 6.04%
    50-60% 44 $5,490,000 $124,773 $4,115 6.21%
    49% 24 $2,550,000 $106,250 $0 6.71%
    <20% 23 $1,605,000 $69,783 $0 3.97%
    48% 19 $2,475,000 $130,263 $0 6.71%
    47% 18 $2,010,000 $111,667 $0 6.60%
    43% 15 $1,625,000 $108,333 $0 6.49%
    38% 13 $1,175,000 $90,385 $4,748 6.44%
    39% 12 $1,500,000 $125,000 $0 6.37%
    46% 12 $910,000 $75,833 $4,434 7.03%
    42% 11 $1,375,000 $125,000 $0 6.29%
    40% 11 $1,275,000 $115,909 $10,600 7.06%
    41% 11 $1,595,000 $145,000 $5,491 7.58%
    44% 11 $1,915,000 $174,091 $0 6.10%
    45% 10 $2,550,000 $255,000 $4,704 6.88%
    37% 9 $585,000 $65,000 $0 6.63%
    36% 8 $470,000 $58,750 $0 6.68%
    >60% 2 $400,000 $200,000 $3,544 6.56%

    First New York lent most frequently to those with DTI ratios of 20-30%, with 81 originations. The next most common DTI ratio? 30-36%, with 69 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 379 $48,465,000 $127,876 $4,585 6.03%
    Asian 21 $4,985,000 $237,381 $0 6.55%
    Not provided 16 $2,420,000 $151,250 $3,778 5.46%
    Black 13 $1,085,000 $83,462 $4,619 6.84%
    Asian Indian 1 $185,000 $185,000 $0 6.74%
    American Indian 1 $105,000 $105,000 $0 6.74%

    Approval Rates

    Total approvals of all applications
    90.58%

    First New York has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.28%

    First New York has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 22 $2,580,000 $117,273
    NA 409 $54,665,000 $133,655

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    431 $57,245,000 $132,819

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 155 $15,565,000 $100,419 $1,772 6.22%
    40-60% 56 $8,730,000 $155,893 $2,630 6.18%
    60-80% 64 $18,500,000 $289,063 $5,554 5.33%
    80-100% 29 $8,485,000 $292,586 $5,075 6.07%
    Under 20% 127 $5,965,000 $46,969 $0 6.20%