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 Cash Out Refi loans. First New York has a high proportion of conventional loans. Their top markets by origination volume include: Albany, Glens Falls, Amsterdam, Hudson, and Oneonta among others. We have data for 7 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% 11/22/24
    30 Year Conventional Purchase 6.55% 11/22/24
    30 Year Conventional Refi 6.08% 11/22/24
    30 Year Cash-out Refi 6.41% 11/22/24
    15 Year Conventional Purchase 6.53% 11/22/24
    15 Year Conventional Refi 5.12% 11/22/24
    15 Year Cash-out Refi 5.12% 11/22/24
    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

    550

    Origination Dollar Volume (All Markets)

    $65,960,000

    Awards

    FIRST NEW YORK 30 Year Conventional Loans gold FIRST NEW YORK 30 Year Conventional Loans bronze FIRST NEW YORK 30 Year Conventional Loans gold FIRST NEW YORK 30 Year Conventional Loans silver
    Show all (4) 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) 525 $63,235,000 $120,448 $2,490 3.52%
    GLENS FALLS, NY (FHA|USDA|VA) 14 $1,680,000 $120,000 $2,347 3.85%
    Amsterdam, NY (FHA|USDA|VA) 6 $530,000 $88,333 $2,373 3.64%
    Outside of Metro Areas 1 $215,000 $215,000 $1,881 2.88%
    Hudson, NY (FHA|USDA|VA) 1 $185,000 $185,000 $2,189 2.50%
    Oneonta, NY (FHA|USDA|VA) 2 $60,000 $30,000 $0 3.18%
    Gloversville, NY (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.24%
    First New York's top markets include Albany, Glens Falls, Amsterdam, Hudson, and Oneonta among others.

    Their top states include:
  • New York (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.

    FIRST NEW YORK
    Similarity Rank: 56
    Bank of Richmondville
    Similarity Rank: 180
    HUDSON RIVER COMMUNITY
    Similarity Rank: 192
    Saratoga National Bank and Trust Company
    Similarity Rank: 348
    Glens Falls National Bank and Trust Company
    Similarity Rank: 522
    CCFCU FUNDING, LLC
    Similarity Rank: 609
    SUNMARK FEDERAL CREDIT UNION
    Similarity Rank: 728
    TrustCo Bank
    Similarity Rank: 750
    Premium Mortgage Corporation
    Similarity Rank: 1400
    NBT Bank
    Similarity Rank: 1482

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 501 $60,455,000 $120,669 $2,479 3.61%
    HELOC 49 $5,505,000 $112,347 n/a 2.66%

    For 2020, First New York's most frequently originated type of loan was Conventional, with 501 originations. Their 2nd most popular type was HELOC, with 49 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 338 $42,400,000 $125,444 $2,310 3.62%
    Home Improvement 110 $6,480,000 $58,909 $0 3.57%
    Refi 56 $8,860,000 $158,214 $2,393 3.21%
    Home Purchase 46 $8,220,000 $178,696 $2,871 3.15%

    For 2020, First New York's most frequently cited loan purpose was Cash Out Refi, with 338 originations. The 2nd most popular reason was Home Improvement, with 110 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 170 $22,300,000 $131,176 $2,280 3.64%
    10 Year 168 $12,420,000 $73,929 $0 3.99%
    30 Year 77 $15,695,000 $203,831 $2,625 3.07%
    Other 65 $7,865,000 $121,000 $2,427 2.69%
    5 Year 44 $2,230,000 $50,682 $0 3.49%
    20 Year 26 $5,450,000 $209,615 $2,511 3.33%

    For 2020, First New York's most frequently cited loan duration was 15 Year, with 170 originations. The 2nd most popular length was 10 Year, with 168 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 491 $58,555,000 $119,257
    $1k-2k 1 $195,000 $195,000

    First New York's average total fees were $2,625, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 491 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 248 $27,790,000 $112,056
    2.5-3% 149 $25,375,000 $170,302
    4-5% 64 $5,120,000 $80,000
    <2.5% 42 $4,610,000 $109,762
    5-6% 32 $2,200,000 $68,750
    6-7% 8 $560,000 $70,000
    7-8% 4 $180,000 $45,000
    Over 8% 3 $125,000 $41,667

    During 2020, First New York's average interest rate for loans was 3.07%, while their most frequently originated rate bucket for loans was 3-4%, with 248 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 262 $12,660,000 $48,321 $2,348 3.90%
    $100k-200k 189 $26,295,000 $139,127 $2,347 3.23%
    $200k-400k 94 $24,730,000 $263,085 $2,655 3.08%
    $400k-600k 5 $2,275,000 $455,000 $2,837 3.50%

    2020 saw First New York place emphasis on $100,000 or less loans with 262 originations, totaling $12,660,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 148 $18,910,000 $127,770 $2,511 3.42%
    $75k-100k 120 $13,970,000 $116,417 $2,484 3.34%
    $50k-75k 115 $10,635,000 $92,478 $2,392 3.73%
    $150k-250k 76 $12,260,000 $161,316 $2,570 3.39%
    $50k or less 63 $4,575,000 $72,619 $2,363 3.94%
    $250k+ 16 $3,150,000 $196,875 $2,460 3.27%

    First New York lent most frequently to those with incomes in the $100k-150k range, with 148 originations. The second most popular income band? $75k-100k, with 120 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 145 $17,355,000 $119,690 $2,537 3.34%
    30-36% 96 $12,320,000 $128,333 $2,548 3.47%
    <20% 47 $5,065,000 $107,766 $2,509 3.10%
    37% 27 $3,135,000 $116,111 $2,466 3.51%
    41% 21 $3,455,000 $164,524 $2,569 3.50%
    38% 21 $3,035,000 $144,524 $2,233 3.68%
    42% 19 $1,965,000 $103,421 $3,037 3.47%
    39% 19 $2,355,000 $123,947 $2,363 3.26%
    50-60% 18 $1,520,000 $84,444 $0 4.42%
    48% 17 $1,635,000 $96,176 $2,335 4.04%
    43% 17 $1,425,000 $83,824 $2,593 3.82%
    40% 16 $2,530,000 $158,125 $2,540 3.33%
    44% 14 $1,760,000 $125,714 $2,170 3.58%
    49% 14 $960,000 $68,571 $2,267 4.30%
    36% 14 $1,600,000 $114,286 $2,128 3.60%
    46% 13 $1,375,000 $105,769 $0 3.61%
    47% 13 $1,375,000 $105,769 $1,804 3.87%
    45% 7 $715,000 $102,143 $4,011 3.91%

    First New York lent most frequently to those with DTI ratios of 20-30%, with 145 originations. The next most common DTI ratio? 30-36%, with 96 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 518 $61,730,000 $119,170 $2,470 3.53%
    Asian 12 $1,650,000 $137,500 $2,388 3.60%
    Not provided 10 $1,260,000 $126,000 $2,794 3.51%
    Black 9 $1,245,000 $138,333 $2,621 3.54%
    American Indian 1 $75,000 $75,000 $0 2.84%

    Approval Rates

    Total approvals of all applications
    92.36%

    First New York has an average approval rate.

    Pick Rate

    Approvals leading to origination
    72.55%

    First New York has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $85,000 $85,000
    NA 549 $65,875,000 $119,991

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $1,455,000 $291,000
    Single Family (1-4 Units):Site-Built 545 $64,505,000 $118,358

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 110 $8,240,000 $74,909 $2,423 3.57%
    40-60% 97 $13,015,000 $134,175 $2,132 3.37%
    60-80% 137 $26,845,000 $195,949 $2,507 3.13%
    80-100% 68 $12,890,000 $189,559 $2,639 3.40%
    Under 20% 138 $4,970,000 $36,014 $2,624 4.06%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 2 13.3%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 6.7%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 3 20.0%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 4 26.7%
    FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK Other type of mortgage Struggling to pay mortgage 1 6.7%
    FIRST HORIZON BANK Other type of mortgage Closing on a mortgage 2 13.3%