First New York Mortgage Rates, Fees & Info

Albany, NY

LEI: 5493007G2SOD8W9RK547

Tax ID: 14-1345856

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    First New York is a smaller mortgage company specializing in Home Improvement and Refi loans. First New York has a high proportion of conventional loans. Their top markets by origination volume include: Albany, Glens Falls, Gloversville, Amsterdam, and Hudson among others. We have data for 12 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 a low 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 about average 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% 11/21/24
    30 Year Conventional Purchase 6.55% 11/21/24
    30 Year Conventional Refi 6.08% 11/21/24
    30 Year Cash-out Refi 6.41% 11/21/24
    15 Year Conventional Purchase 6.53% 11/21/24
    15 Year Conventional Refi 5.12% 11/21/24
    15 Year Cash-out Refi 5.12% 11/21/24
    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






    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

    635

    Origination Dollar Volume (All Markets)

    $48,105,000

    Awards

    FIRST NEW YORK 30 Year Conventional Loans bronze FIRST NEW YORK 30 Year Conventional Loans bronze
    Show all (2) awards

    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) 589 $44,275,000 $75,170 $3,314 4.96%
    GLENS FALLS, NY (FHA|USDA|VA) 16 $1,510,000 $94,375 $3,130 5.31%
    Gloversville, NY (FHA|USDA|VA) 6 $890,000 $148,333 $3,049 6.51%
    Amsterdam, NY (FHA|USDA|VA) 11 $535,000 $48,636 $0 6.80%
    Outside of Metro Areas 2 $300,000 $150,000 $4,046 6.10%
    Hudson, NY (FHA|USDA|VA) 4 $270,000 $67,500 $0 8.11%
    Oneonta, NY (FHA|USDA|VA) 2 $260,000 $130,000 $3,080 4.22%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $25,000 $25,000 $0 13.49%
    UTICA-ROME, NY (FHA|USDA|VA) 1 $15,000 $15,000 $0 8.49%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $15,000 $15,000 $0 8.49%
    Seneca Falls, NY (FHA|USDA|VA) 1 $5,000 $5,000 $0 6.74%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $5,000 $5,000 $0 6.74%
    First New York's top markets include Albany, Glens Falls, Gloversville, Amsterdam, and Hudson among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Massachusetts (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.

    Saratoga National Bank and Trust Company
    Similarity Rank: 80
    National Union Bank of Kinderhook
    Similarity Rank: 96
    HUDSON RIVER COMMUNITY
    Similarity Rank: 105
    TrustCo Bank
    Similarity Rank: 150
    Glens Falls National Bank and Trust Company
    Similarity Rank: 180
    FIRST NEW YORK
    Similarity Rank: 228
    CCFCU FUNDING, LLC
    Similarity Rank: 580
    SUNMARK FEDERAL CREDIT UNION
    Similarity Rank: 684
    Chemung Canal Trust Company
    Similarity Rank: 765
    SEFCU SERVICES, LLC
    Similarity Rank: 864

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 549 $39,005,000 $71,047 $3,316 5.44%
    HELOC 86 $9,100,000 $105,814 n/a 2.68%

    For 2018, First New York's most frequently originated type of loan was Conventional, with 549 originations. Their 2nd most popular type was HELOC, with 86 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 295 $11,385,000 $38,593 $0 6.10%
    Refi 184 $19,730,000 $107,228 $2,253 3.94%
    Cash Out Refi 105 $7,785,000 $74,143 $2,385 4.17%
    Home Purchase 51 $9,205,000 $180,490 $3,678 4.99%

    For 2018, First New York's most frequently cited loan purpose was Home Improvement, with 295 originations. The 2nd most popular reason was Refi, with 184 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 185 $13,605,000 $73,541 $0 4.72%
    Other 162 $15,650,000 $96,605 $4,012 4.05%
    5 Year 124 $3,810,000 $30,726 $0 6.38%
    15 Year 96 $7,520,000 $78,333 $2,695 4.95%
    20 Year 36 $2,130,000 $59,167 $0 6.06%
    30 Year 25 $5,335,000 $213,400 $3,387 4.46%
    3 Year 5 $35,000 $7,000 $0 14.13%
    1 Year 2 $20,000 $10,000 $0 9.24%

    For 2018, First New York's most frequently cited loan duration was 10 Year, with 185 originations. The 2nd most popular length was Other, with 162 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 29 $5,985,000 $206,379

    First New York's average total fees were $3,387, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 29 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 139 $12,385,000 $89,101
    5-6% 134 $9,890,000 $73,806
    4-5% 112 $12,050,000 $107,589
    Over 8% 75 $1,125,000 $15,000
    2.5-3% 68 $4,170,000 $61,324
    <2.5% 65 $6,825,000 $105,000
    6-7% 30 $1,250,000 $41,667
    7-8% 12 $410,000 $34,167

    During 2018, First New York's average interest rate for loans was 4.46%, while their most frequently originated rate bucket for loans was 3-4%, with 139 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 458 $17,490,000 $38,188 $2,662 5.47%
    $100k-200k 120 $16,210,000 $135,083 $3,571 4.10%
    $200k-400k 53 $12,585,000 $237,453 $3,123 3.81%
    $400k-600k 4 $1,820,000 $455,000 $4,898 4.78%

    2018 saw First New York place emphasis on $100,000 or less loans with 458 originations, totaling $17,490,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 145 $12,985,000 $89,552 $3,223 4.45%
    $75k-100k 127 $8,195,000 $64,528 $2,379 4.75%
    $50k-75k 126 $8,030,000 $63,730 $2,659 5.39%
    $150k-250k 119 $11,855,000 $99,622 $5,020 4.49%
    $50k or less 103 $4,185,000 $40,631 $2,556 6.62%
    $250k+ 14 $2,690,000 $192,143 $4,898 4.71%

    First New York lent most frequently to those with incomes in the $100k-150k range, with 145 originations. The second most popular income band? $75k-100k, with 127 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 151 $11,945,000 $79,106 $3,004 4.63%
    30-36% 90 $6,530,000 $72,556 $2,511 4.65%
    <20% 64 $4,170,000 $65,156 $2,986 4.98%
    50-60% 27 $1,335,000 $49,444 $0 7.48%
    45% 25 $1,345,000 $53,800 $3,344 5.89%
    39% 25 $2,065,000 $82,600 $2,273 4.30%
    44% 24 $1,710,000 $71,250 $0 4.82%
    36% 22 $2,160,000 $98,182 $8,654 4.51%
    40% 20 $1,740,000 $87,000 $3,580 5.34%
    38% 19 $1,095,000 $57,632 $0 5.82%
    46% 18 $1,180,000 $65,556 $0 4.13%
    43% 18 $1,040,000 $57,778 $2,106 4.52%
    >60% 17 $465,000 $27,353 $0 8.81%
    47% 16 $1,280,000 $80,000 $2,900 4.89%
    41% 16 $1,560,000 $97,500 $2,468 4.45%
    42% 14 $1,090,000 $77,857 $3,204 5.74%
    49% 13 $635,000 $48,846 $0 4.12%
    37% 12 $570,000 $47,500 $0 5.79%
    48% 9 $415,000 $46,111 $0 5.45%

    First New York lent most frequently to those with DTI ratios of 20-30%, with 151 originations. The next most common DTI ratio? 30-36%, with 90 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 588 $44,290,000 $75,323 $3,334 5.05%
    Asian 18 $2,100,000 $116,667 $4,012 4.80%
    Asian Indian 7 $725,000 $103,571 $0 3.53%
    Black 19 $705,000 $37,105 $2,106 6.16%
    Native Hawaiian or Islander 2 $170,000 $85,000 $0 6.38%
    Chinese 1 $115,000 $115,000 $0 5.13%

    Approval Rates

    Total approvals of all applications
    92.58%

    First New York has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.03%

    First New York has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 635 $48,105,000 $75,756

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $1,665,000 $237,857
    Single Family (1-4 Units):Site-Built 628 $46,440,000 $73,949

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 130 $9,800,000 $75,385 $0 3.74%
    40-60% 72 $8,840,000 $122,778 $2,106 4.00%
    60-80% 84 $13,240,000 $157,619 $3,648 4.27%
    80-100% 47 $8,375,000 $178,191 $3,086 4.69%
    Under 20% 153 $5,455,000 $35,654 $0 4.08%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRSTBANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 33.3%
    FIRSTBANK Other type of mortgage Trouble during payment process 1 33.3%
    FIRSTBANK Conventional home mortgage Closing on a mortgage 1 33.3%