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Find the Best Mortgage Lenders in Buffalo, NY

Amazing food, unique entertainment and a relatively low cost of living make Buffalo a great place to live. With the right mortgage lender on your team, a move to or within Buffalo can be simple and affordable. The Buffalo News has partnered with ConsumerAffairs to create this guide by comparing customer reviews and loan availability of 65 businesses and choosing seven favorites from the top mortgage companies in Buffalo.

Companies pay ConsumerAffairs to be accredited, and The Buffalo News and/or ConsumerAffairs may receive compensation when you click a link, call a number or fill out a form on this site.

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Different types of mortgage loans in Buffalo

buffalo skyline

When you’re purchasing a home, a mortgage is typically a necessity. But finding the right lender and loan type can be difficult. Because rates and terms can vary from lender to lender, it’s important to compare a few options before settling on one to work with. Once you pick a lender, it’ll help you navigate your mortgage options to figure out which one makes the most sense for your situation. Not every lender will offer all of the options below, so make sure you choose one that offers what you need.

  • Jumbo loan: For homes in more expensive neighborhoods, like Elmwood Village, a jumbo mortgage may be required. Jumbo loans are loans for homes over a certain price. In Erie County, the conforming loan limit is $510,400. Anything above this number will require a jumbo loan.
  • Government-insured mortgage: Government-insured loans are designed for people who need help qualifying for a mortgage. With these types of loans, the federal government backs the loan to make borrowers more attractive to lenders. A few types of government loans include FHA loans, USDA loans and VA loans. For example, FHA loans are great for first-time homebuyers who may not have enough for a traditional down payment, but want to move out of a costly downtown apartment and into a more affordable home.
  • Conventional mortgage: A conventional home loan is a type of mortgage that comes from private lenders or banks. Because they aren’t guaranteed by the federal government, conventional mortgages usually have stricter requirements than government-backed mortgages.
  • Fixed-rate mortgage: A fixed-rate home loan is a type of loan that has the same interest rate throughout the loan term, usually for 30 years. With a fixed-rate mortgage, you can lock in an interest rate for the long term and make predictable monthly payments.
  • Adjustable-rate mortgage: With an adjustable-rate mortgage (ARM), interest rates can change over time. An adjustable-rate mortgage might be a “5/1 ARM,” meaning the introductory rate lasts for five years, then is subject to change as often as once per year. ARMs often have lower initial rates than fixed-rate mortgages, but rates can rise significantly over the life of the loan, and the terms can be more difficult to understand.

Buffalo house prices

The median city of Buffalo house price is $105,695, according to Zillow, with prices anywhere between $10,000 for a fixer-upper to beautiful mansions near Soldier’s Circle that cost over $1 million. Overall, Buffalo at the time of publishing has an appreciating housing market with homes in all cost segments. Below are median home values at the time of publishing for popular Buffalo areas, according to Zillow:

  • Williamsville: $224,452
  • Parkside: $311,208
  • Columbus: $224,195
  • Park Meadow: $453,429
  • Front Park: $159,754
  • Schiller Park: $53,015

Buffalo home loan FAQ

What is the average mortgage rate in Buffalo?

According to data from the Federal Reserve Bank of St. Louis, the average 30-year fixed-rate mortgage rate is 2.99% at the time of publishing. This is a historically low rate.

How much is a mortgage in Buffalo?

The median price of a home in Buffalo is $105,695, according to Zillow. If you take out a 30-year, fixed-rate mortgage for $85,000 at a 3% interest rate, you would pay around $130,000 in total.

How do you get rid of PMI?

You can get rid of private mortgage insurance once you have at least 20% equity in the home. Once this happens, you can ask your lender to cancel your PMI. A lender is required to terminate PMI when your principal balance is at 78% of the original home value.

Buffalo mortgage company information

Accredited Partner

First Internet Bank

As an online lender, First Internet Bank provides customers with easy access to mortgage types including adjustable- and fixed-rate loans, jumbo loans, FHA loans and VA loans. Homeowners can also refinance their home or take out home equity loans and lines of credit with First Internet Bank. Customers receive hands-on guidance from its loan officers throughout the virtual process. At the time of publishing, First Internet Bank offers rates as low as 2.2%.

First Internet Bank Learn More (855) 767-2424

Hunt Mortgage Corporation

Hunt Mortgage Corporation offers fixed-rate loans, FHA loans, VA loans, USDA loans and jumbo loans. It also provides specialty loans like nonwarrantable condo loans, 203(k) loans for renovations, HomeReady loans for low- to moderate-income buyers and an all-in-one loan program that helps eliminate large portions of interest costs. Mortgage consultants help throughout the homebuying process. Hunt Mortgage Corporation is located at 5400 Broadway St., Lancaster, NY 14086.

Hunt Mortgage Corporation

Artisan Mortgage

Artisan Mortgage is a mortgage broker offering a wide range of loan types, including FHA, VA, USDA, fixed-rate, adjustable-rate and jumbo loans. Other options include first-time homebuyer programs, debt consolidation, lines of credit and refinancing. Its broker comparison process can help borrowers get competitively low rates. Artisan Mortgage serves Buffalo from its headquarters on Long Island.

Artisan Mortgage

Mainstream Funding Network

Mainstream Funding Network provides borrowers with fixed-rate and jumbo mortgages. It also offers a variety of additional homebuying services, including debt consolidation, refinancing, escrow waivers, lines of credit, closing cost financing and relocation coordination. At the time of publishing, the rate on a 30-year, fixed-rate mortgage is 3.5%. Mainstream Funding Network is located at 5586 Main St., Williamsville, NY 14221.

Mainstream Funding Network

Cross State Funding

Cross State Funding offers broker services for FHA loans, USDA loans, jumbo mortgages and VA loans. It specializes in VA loan funding. Flexible refinancing options are also available for homeowners. Borrowers are provided with the cell phone numbers of employees for access to support anytime. Cross State Funding operates at 416 Oliver St., North Tonawanda, NY 14120.

Cross State Funding

Queen City Funding, Inc.

Queen City Funding, Inc. offers fixed-rate, adjustable-rate, VA and FHA loans in Buffalo. Homeowners who want to maximize their monthly income can also take advantage of the company’s refinancing program. Programs are available for those with credit scores as low as 620. Down payments can be as low as 0%. Queen City Funding, Inc. operates at 1416 Sweet Home Road, Ste. 9B, Amherst, NY 14228.

Queen City Funding, Inc.

Citizens Bank

Citizens Bank offers localized mortgage options for Buffalo residents. Customers can get financing to buy a home or build a new home, or they can refinance an existing loan to get lower rates. Get a 0.125% rate discount by setting up automatic payments from a Citizens Bank checking account. Buffalo customers can also use the bank’s new app to manage their loan. Citizens Bank has multiple branches in Buffalo, including one at 1893 Elmwood Ave., Buffalo, NY 14207.

Citizens Bank