New York Home Mortgage Loans: 3 Ways to Find the Best Lender

Living in New York can be expensive. The cost of living can be quite high, especially the closer you live to the city. In fact, when you’re looking for a home anywhere near the city, mortgage loans can cost you quite a bit. Even the area known as “the country” around Westchester County and even as far as Duchess County is getting more expensive when it comes to getting home mortgage loans in New York. This is why so many people are moving to upstate New York, with its commuter trains along the Hudson River, beautiful scenery, and relatively low population density. 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 consider when choosing the best mortgage lender:

Interest rates.

Check which lenders offer 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 mortgage loan term and your credit score. Do some shopping 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 to make up for it. Double check to make sure the rates and points are low too.

Service.

Friendly service is a must when looking for someone to handle your New York home loan. Make sure you’re dealing with a lender who is responsive, genuinely helpful, and available to answer your questions. Also, make sure your lender sets closing terms. A low rate is no good if you can’t get the house because your lender dropped the ball.