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New York Home Mortgage

New York (NY) Mortgage Rates are not static as dynamism is the nature of the mortgage industry everywhere. Having a perfect home is dream of everyone. Although this dream is very beautiful but at times it can create a burden on you if not handled properly. There can be a big chaos in process of finding a home and getting a home loan if the whole procedure is not done in a systematic manner. New York is the third most populous state in USA. To fulfill the home fantasies of every single person there are enormous number of mortgage lenders, brokers and mortgage companies.

New York Mortgage Program

Home mortgage loans with various loan programs can be taken from these professionals. The most common loan programs that can be offered to you in New York are:
  • First Time Homebuyers Program
  • Home Equity Programs
  • Debt Consolidation
  • Jumbo Loans
  • Super Jumbo Loan
  • Refinance loan
Jumbo Loans are available for an amount above $ 417,000 whereas Super Jumbo Loan's amount should be more than $ 1,000,000. Refinance Loan is taken to pay off the existing mortgage loan. It is usually taken at the time when the interest rate in the market is lower than what you are paying. All the New York mortgage loans can be taken as
  • Fixed Mortgage Rate
  • Adjustable Mortgage Rate (ARM)

New York Home Mortgage Interest Rates

Fixed Mortgage Rate has a payback period of 10, 15 or 30 years. In fixed mortgage the amount to be paid is fixed in the beginning of a loan process and it remains the same through out the duration of a home loan. The Adjustable Mortgage Rate can be:
  • 10/1 ARM
  • 7/1 ARM
  • 5/1 ARM
  • 3/1 ARM
  • 1-Year Treasury ARM
In 10/1 Adjustable Rate Mortgage the interest rate remains the same for the initial 10 years. After that the interest rate is re-evaluated according to the rates prevailing in mortgage market at that time. It goes for other options as well only the year keeps changing. To calculate how much you can pay and afford mortgage calculators can be used. To name a few these calculators are used to calculate:
  • Refinance Loan and do benefit analysis
  • Monthly payment
  • Loan Comparison
  • Mortgage qualification
To decide a mortgage lender ask for mortgage quotes offered by different lenders. These quotes should be compared to pick the most suitable lender or mortgage company. Here you can take the help of mortgage broker in New York who act as a middleman between you and the lender. A mortgage broker has connection with hundreds of mortgage lenders working in the state. Mortgage recording tax is enforced on the mortgages recorded with the New York City Register. To prevent customer falling in any sort of fraud there are many state and national level mortgage organizations.

NY Association of Mortgage Brokers

The New York Association of Mortgage Brokers (NYAMB) was established in 1986.At present it has a team of very professional mortgage brokers that help you with your mortgage needs. This association in New York is working to improve the mortgage industry. You can get consultation, mortgage choices, loan origination and processing of home loan from NYAMB. NYAMB is associated with the National Association of Mortgage Brokers (NAMB). You can get all the material on mortgage home loan from these organizations if willing to take mortgage brokers license in the state. All the mortgage brokers working in the New York are regulated and supervised by the State of New York Banking Department. At present if you are planning to take a home mortgage loan in New York do the complete research and investigation of the mortgage industry and then only take any decision to avail home loan.
The Bank Of New York
Whether you are a new homeowner just starting out or a mature home owner with a substantial equity in your home, the Bank Of New York provides homeowners loans to meet your financial needs.
Their homeowners loans consists of the following features:
1) No points, fees or closing costs
2) Competitive Annual Percentage Rates
3) Finance charges may be tax deductible
4) Fixed monthly payments
5) Decision within 60 minutes in most cases

Web Site:
The Federal Home Loan Bank Of New York
The Federal home loan bank of New York is a wholesale bank. It is a part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. Their mission is to support the efforts of local members to help provide financing for America's homebuyers.

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