New York Home Mortgage

Getting a New York home mortgage may not be as complicated as many consumers imagine. While it is true that New York home loan providers may have tightened requirements for obtaining money to purchase a home, if customers do their homework and follow a few simple guidelines, funding is still available for this purpose.

The first place to begin searching for financing for a New York home mortgage may be on the internet. Consumers can find daily reports of changing interest rates, consumer satisfaction ratings of transactions already completed through New York loan companies, and mortgage calculators to do the computations necessary for comparing various mortgages. While those searching for a home mortgage in New York may not feel secure in dealing with a company over the net, the information garnered from online research should give the consumer confidence and bargaining power in the New York loan marketplace.

With the terms and rates which have been discovered online in hand, the next step in finding the right New York loan company is to visit their place of business. To save time, it is good to have all of one’s personal financial information in hand before the visit. This includes the amount of money needed to buy the home, current banking and savings account information, time of employment and current salaries. Some New York home mortgage companies may also require state and federal tax returns and current landlord information.

It is also wise to bring a list of questions for the lender. Some of the following might be helpful: Are you licensed by the state and registered with the Better Business Bureau? Will this be a variable rate mortgage or one with a fixed rate? What fees are associated with this loan? Will the closing costs be rolled into the loan? Is this the very best interest rate offered to those with credit scores similar to mine? Could I get a better interest rate if I offered collateral or made a substantial down payment?

Other questions which might provide valuable information about the repayment details of a New York home loan should also be discussed. Do the payments on this mortgage include an escrow to cover property taxes and insurance? What is the exact dollar amount of the payment which would be due each month? Is there a penalty for paying off the loan earlier than the agreed upon date or a balloon payment due at the end? Is there a likelihood that my loan will be sold to another lender, and if so, how will that change the agreement?

Some New York home mortgage companies even offer special programs, such as SONYMA and AHC, which target low to middle income families and provide assistance or grant money to help with home purchases. With the assistance offered by these programs, many families who could not qualify for a home loan before are now eligible for one. The only way to be certain is to fill out an application at a New York loan institution which participates in these programs.