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 and Home Improvement 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 8 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% 5/4/24
    30 Year Conventional Purchase 6.55% 5/4/24
    30 Year Conventional Refi 6.08% 5/4/24
    30 Year Cash-out Refi 6.41% 5/4/24
    15 Year Conventional Purchase 6.53% 5/4/24
    15 Year Conventional Refi 5.12% 5/4/24
    15 Year Cash-out Refi 5.12% 5/4/24
    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

    633

    Origination Dollar Volume (All Markets)

    $84,785,000

    Awards

    FIRST NEW YORK 30 Year Conventional Loans gold
    Show all (1) 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) 585 $77,675,000 $132,778 $3,339 4.10%
    GLENS FALLS, NY (FHA|USDA|VA) 14 $1,810,000 $129,286 $2,653 4.32%
    Gloversville, NY (FHA|USDA|VA) 8 $1,800,000 $225,000 $3,744 4.39%
    Amsterdam, NY (FHA|USDA|VA) 10 $1,380,000 $138,000 $0 5.23%
    Hudson, NY (FHA|USDA|VA) 7 $1,065,000 $152,143 $3,065 3.63%
    Oneonta, NY (FHA|USDA|VA) 5 $585,000 $117,000 $0 3.09%
    Outside of Metro Areas 3 $245,000 $81,667 $0 4.46%
    Ogdensburg-Massena, NY (FHA|USDA|VA) 1 $225,000 $225,000 $0 5.95%
    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)

    • 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
    Similarity Rank: 24
    Saratoga National Bank and Trust Company
    Similarity Rank: 72
    HUDSON RIVER COMMUNITY
    Similarity Rank: 104
    Glens Falls National Bank and Trust Company
    Similarity Rank: 306
    TrustCo Bank
    Similarity Rank: 308
    FIRST NEW YORK
    Similarity Rank: 360
    CCFCU FUNDING, LLC
    Similarity Rank: 504
    SUNMARK FEDERAL CREDIT UNION
    Similarity Rank: 544
    Berkshire Bank
    Similarity Rank: 752
    SEFCU SERVICES, LLC
    Similarity Rank: 832

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 578 $77,260,000 $133,668 $3,312 4.25%
    HELOC 55 $7,525,000 $136,818 n/a 2.77%

    For 2022, First New York's most frequently originated type of loan was Conventional, with 578 originations. Their 2nd most popular type was HELOC, with 55 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 327 $44,315,000 $135,520 $3,092 3.99%
    Home Improvement 203 $17,785,000 $87,611 $0 4.34%
    Refi 71 $11,815,000 $166,408 $2,360 3.74%
    Home Purchase 32 $10,870,000 $339,688 $3,709 4.93%

    For 2022, First New York's most frequently cited loan purpose was Cash Out Refi, with 327 originations. The 2nd most popular reason was Home Improvement, with 203 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 250 $35,110,000 $140,440 $0 4.45%
    15 Year 190 $21,400,000 $112,632 $2,836 4.50%
    Other 133 $19,285,000 $145,000 $1,248 2.78%
    20 Year 26 $3,570,000 $137,308 $3,666 5.34%
    30 Year 20 $3,870,000 $193,500 $3,605 5.01%
    5 Year 14 $1,550,000 $110,714 $0 2.03%

    For 2022, First New York's most frequently cited loan duration was 10 Year, with 250 originations. The 2nd most popular length was 15 Year, with 190 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 224 $25,860,000 $115,446
    $1k-2k 4 $560,000 $140,000
    $2k-3k 1 $145,000 $145,000
    $3k-4k 1 $255,000 $255,000

    First New York's average total fees were $3,605, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 224 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 225 $29,425,000 $130,778
    4-5% 160 $25,630,000 $160,188
    <2.5% 75 $9,435,000 $125,800
    5-6% 70 $8,550,000 $122,143
    2.5-3% 57 $7,855,000 $137,807
    6-7% 24 $2,210,000 $92,083
    Over 8% 12 $710,000 $59,167
    7-8% 10 $970,000 $97,000

    During 2022, First New York's average interest rate for loans was 5.01%, while their most frequently originated rate bucket for loans was 3-4%, with 225 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 321 $18,275,000 $56,931 $3,536 4.33%
    $100k-200k 191 $26,275,000 $137,565 $3,082 3.89%
    $200k-400k 97 $24,455,000 $252,113 $3,527 3.94%
    $400k-600k 19 $8,555,000 $450,263 $0 3.87%
    $600k-1MM 4 $3,140,000 $785,000 $0 3.78%
    $1MM+ 1 $4,085,000 $4,085,000 $0 4.38%

    2022 saw First New York place emphasis on $100,000 or less loans with 321 originations, totaling $18,275,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 165 $21,065,000 $127,667 $2,822 4.05%
    $50k-75k 122 $10,820,000 $88,689 $3,527 4.31%
    $150k-250k 113 $16,845,000 $149,071 $3,102 4.09%
    $75k-100k 107 $10,345,000 $96,682 $4,166 4.13%
    $250k+ 68 $12,180,000 $179,118 $0 4.03%
    $50k or less 42 $2,970,000 $70,714 $2,979 3.86%

    First New York lent most frequently to those with incomes in the $100k-150k range, with 165 originations. The second most popular income band? $50k-75k, with 122 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 125 $13,245,000 $105,960 $2,910 3.80%
    30-36% 103 $11,665,000 $113,252 $3,871 4.23%
    <20% 45 $5,335,000 $118,556 $3,212 3.19%
    50-60% 44 $5,810,000 $132,045 $0 4.11%
    42% 29 $3,745,000 $129,138 $3,624 4.49%
    41% 23 $2,445,000 $106,304 $2,817 4.58%
    47% 19 $1,835,000 $96,579 $0 4.85%
    45% 18 $1,430,000 $79,444 $0 4.93%
    39% 17 $1,385,000 $81,471 $2,979 4.14%
    49% 17 $2,905,000 $170,882 $0 3.88%
    44% 16 $2,220,000 $138,750 $0 4.08%
    37% 16 $2,480,000 $155,000 $3,096 4.43%
    43% 15 $1,755,000 $117,000 $0 4.09%
    36% 15 $1,765,000 $117,667 $0 3.71%
    40% 15 $1,895,000 $126,333 $4,996 3.89%
    38% 13 $1,655,000 $127,308 $2,555 3.70%
    48% 13 $1,185,000 $91,154 $0 4.34%
    46% 9 $695,000 $77,222 $0 4.47%
    >60% 4 $420,000 $105,000 $0 3.93%

    First New York lent most frequently to those with DTI ratios of 20-30%, with 125 originations. The next most common DTI ratio? 30-36%, with 103 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 545 $68,875,000 $126,376 $3,293 4.08%
    Asian 39 $7,575,000 $194,231 $4,086 3.82%
    Not provided 25 $5,905,000 $236,200 $3,809 4.36%
    Black 22 $1,870,000 $85,000 $2,945 5.29%
    Asian Indian 2 $560,000 $280,000 $0 4.38%

    Approval Rates

    Total approvals of all applications
    90.91%

    First New York has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.09%

    First New York has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 41 $6,145,000 $149,878
    NA 592 $78,640,000 $132,838

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    633 $84,785,000 $133,942

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 203 $19,925,000 $98,153 $3,756 4.08%
    40-60% 97 $15,265,000 $157,371 $2,984 3.65%
    60-80% 117 $25,105,000 $214,573 $3,065 4.03%
    80-100% 59 $17,205,000 $291,610 $3,749 4.47%
    Under 20% 157 $7,285,000 $46,401 $0 4.39%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST GUARANTY MORTGAGE CORP Conventional home mortgage Struggling to pay mortgage 1 100.0%