First New York Mortgage Rates, Fees & Info
Albany, NYLEI: 5493007G2SOD8W9RK547
Tax ID: 14-1345856
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.23% | 4/21/24 |
| 30 Year Conventional Purchase | 6.55% | 4/21/24 |
| 30 Year Conventional Refi | 6.08% | 4/21/24 |
| 30 Year Cash-out Refi | 6.41% | 4/21/24 |
| 15 Year Conventional Purchase | 6.53% | 4/21/24 |
| 15 Year Conventional Refi | 5.12% | 4/21/24 |
| 15 Year Cash-out Refi | 5.12% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
431Origination Dollar Volume (All Markets)
$57,245,000Relative 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% |
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.
Similarity Rank: 32
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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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications90.58%
First New York has an average approval rate.
Pick Rate
Approvals leading to origination80.28%
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 |