Living in New York can be expensive. The cost of living can be quite high, especially the closer you live to the City. Indeed, when you are looking for housing anywhere near the City, mortgage loans can cost you quite a bit. Even the area known as “the country” around Westchester County and even up into Duchess County is becoming more expensive when it comes to getting New York Home Mortgage Loans. This is why many people are moving into Upstate New York, with its commuter trains all up the Hudson River, its beautiful scenery and relatively low population density. The housing is also much less expensive; you can get more house for the money. But, no matter where you live, there are three things to look for when choosing the best home loan lender:
Interest rates.
Check to see which lenders are offering the best interest rates on home mortgages. Right now, adjustable rates in New York are as low as 4.33 percent, and fixed rates are between 5.33 percent and 5.71 percent, depending on the length of the home loan term and your credit score. Do some shopping around to find lenders that offer lower rates for your credit situation.
Lender fees and points.
Find out what each lender charges in terms of fees (such as loan origination) and points. Sometimes a lender with an artificially low mortgage rate charges higher fees in order to make up for it. Double check to make sure that the fees and points are low as well.
Service.
Friendly service is a must when looking for someone to service your New York home mortgage loan. Make sure that you are dealing with a lender that answers your questions, is genuinely helpful, and is available to answer your questions. Also, make sure your lender will make closing deadlines. A low rate is no good if you can’t get the house because your lender dropped the ball.