Which mortgage lender in the Oneonta, NY area typically has the best rates? To help you narrow down where to shop for a mortgage, MortgageWaldo.com provides an objective and data driven ranking of mortgage lenders operating in the Oneonta, NY area by interest rate and market share. We maintain our independence by not accepting any compensation from the mortgage lenders we rank, and use data on all fixed rate mortgages that were closed in the past year to generate our rankings.
Going by historical data, the best mortgage lender in the Oneonta, NY area in terms of interest rate is NBT Bank, with an average “Rate Difference” of -0.22%. This means that, comparing similar borrowers, NBT Bank provided a -0.22% lower interest rate for its customers than other lenders in the area. NBT Bank has a market share of 18.0%. On the other hand, the most popular lender in the Oneonta, NY area is Quicken Loans, with a larger market share of 21.4%. However, Quicken Loans also tends to be an expensive lender in the area, with an average “Rate Difference” of +0.13% compared to those of other lenders. We recommend shopping around before going with this popular lender.
Our detailed ranking of mortgage lenders in the Oneonta, NY area is shown in the table below. In the table, we also give our assessment of whether they are, on average, a cheap/expensive lender through a star rating system. You can choose to tailor our ranking table to a specific mortgage type (Conventional/Jumbo/FHA/VA) and purpose (purchase/refinance) through the drop-down menu. For example, going by historical data, the cheapest lender for Conventional mortgages in Oneonta, NY is NBT Bank. If you want to take out a loan that is above conforming limits (above $548,250 or $822,375 depending on the area in 2021), the cheapest Jumbo mortgage provider is Ulster Savings Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Homestead Funding Corp. The cheapest VA mortgage provider is Plaza Home Mortgage. Note that as a consumer advocate we always recommend shopping among several of our top ranked lenders in order to get the best rates and fees.
* Data is compiled for the Oneonta, NY commuting zone area, which comprises of counties of Chenango County, NY, Delaware County, NY, and Otsego County, NY. This includes cities/towns/communities of Oneonta, NY as well as Greene, NY, Stamford, NY, Norwich, NY, Oxford, NY, New Berlin, NY, West End, NY, Otego, NY, Sherburne, NY, Cooperstown, NY, Edmeston, NY, Cherry Valley, NY, Margaretville, NY, Sidney, NY, Afton, NY, Morris, NY, Richfield Springs, NY, Unadilla, NY, Deposit, NY, Worcester, NY, Milford, NY, Bainbridge, NY, Walton, NY, Downsville, NY, Hancock, NY, Andes, NY, Bloomville, NY, Franklin, NY, Hartwick, NY, and Delhi, NY. Lenders must have made at least 30 loans in the area to be included. Source of the data is Federal Financial Institutions Examination Council (FFIEC). Rate Difference (the average difference of interest rates relative to those of other lenders) were computed by subtracting the rate at origination from the average predicted rate conditional on the commuting zone, borrower LTV, DTI, Loan Amount, Loan Type, and Loan Purpose, and then regularized based on a Bayesian approach to account for smaller sample sizes. Above-average mortgage closing costs were then added to the rate difference at a rate of +0.15/point. Star ratings were determined in intervals of 0.10% in rate difference per half star.
