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New York Mortgage Rates

Understanding New York mortgage loans

New York, New York – who doesn’t love the Empire state? But New York isn’t always appealing to homebuyers looking for a great rate on home mortgages and refinances. Frustration can easily increase if you don’t fully understand the mortgage industry. Even if you know all the costs included in the APR calculation, you may not entirely understand loan amortization. Something else you may not realize is that just because monthly payments are low, interest rates don’t necessarily have to be low. Figuring it all out is tricky if you don’t have a good grasp on what’s involved.

Adjustable-rate mortgages in New York

Adjustable-rate mortgages (ARMs) initially have low fixed rates. But after 1, 3 or 5 years that fixed rate changes to a variable rate meaning the rate will move and either increase or decrease your monthly payment. An ARM is a good option if you think you’ll soon see an increase in income. It’s also an option worth pursuing if you don’t plan to live in the home for more than a few years. Borrowers who work on commission or whose incomes change from season to season also might be good candidates for ARMs.

Home equity loans in New York

A home equity loan is a type of second mortgage with a fixed interest rate. Although it’s fixed, it’s usually higher than the rate charged on first mortgages. Even with a higher rate, it can make better financial sense than refinancing, especially in these situations:

  • The first mortgage interest rate is low.
  • You want to avoid the high closing costs associated with refinancing.
  • You want to repay the debt sooner than 30 years.

Evaluating New York mortgages

Knowing how interest rates affect and impact the different types of loans is a good way to begin the evaluation process. For example, the rate on a New York fixed-rate mortgage (FRM) likely will be lower than that offered on a 30-year FRM. Knowing this might help you choose in favor or a shorter term refinance. To further support the loan analysis process, you can run the numbers through the mortgage calculators at MortgageSearchLive.com and get an idea what the monthly payment will be. 

Once you have all this knowledge, you’re ready to choose a few lenders off the New York broker directory. To get the best rate possible, talk to them, request quotes and take time to compare.

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