Current 30 Year Mortgage Rates NY

Advantages and Disadvantages of Different Types of Home Refinance Loans

There are different types of New York home loan refinance products available to consumers. Below we have outlined some of the advantages and disadvantages of the different home refinance mortgages currently available from national mortgage lenders. Depending on your financial goals getting the lowest refinance mortgage rate is not always the best choice when selecting a New York home refinance mortgage. You can also get a visual view of which loans are best for you using our visual mortgage calculator or use our simple refinance calculator to quickly find out if refinancing your mortgage is right for you.

30-Year Fixed Refinance Mortgage Rates in New York

The payments on this loan are fixed for the entire 30-year life of the loan. At the end of 30 years, the loan is fully paid off.

• Typically has a lower payment than a shorter term fixed rate mortgage while offering the security of a payment and rate will not change for the life of the loan.
• Disadvantages of 30-Year Fixed Refinance Mortgage in New York
  Rates may be higher than fixed rate products with a shorter term and ARM products with a similar term.

20-Year Fixed Refinance Mortgage Rates in New York

The payments on this loan are fixed for the entire 20-year life of the loan. At the end of 20 years, the loan is fully paid off.

• Advantages of 20-Year Fixed Refinance Mortgage in New York
  Typically has a lower rate, accumulates equity more rapidly and has lower total interest expense over the life of the loan than a traditional 30y-year fixed mortgage.
• Disadvantages of 20-Year Fixed Refinance Mortgage in New York
  Monthly payment may be higher than fixed rate products with a longer term and ARMs.

40-Year Fixed Refinance Mortgage Rates in New York

The payments and interest rate on this loan are fixed for the entire 40-year life of the loan. At the end of 40 years, the loan is fully paid off.

• Advantages of 40-Year Fixed Refinance Mortgage in New York
  Typically has a lower payment than a traditional 30-year fixed rate mortgage while offering the security of a payment and rate will not change for the life of the loan.
• Disadvantages of 40-Year Fixed Refinance Mortgage in New York
  Rates may be higher than fixed rate products with a shorter term and ARM products with a similar term.

FHA 30-Year Fixed Refinance Mortgage Rates in New York

The payments on this loan are fixed for the entire 30-year life of this loan insured by the Federal Housing Administration.

• Advantages of FHA 30-Year Fixed Refinance Mortgage in New York
  Typically has a lower payment than a shorter term fixed rate mortgage while offering the security of a payment and rate will not change for the life of the loan.
• Disadvantages of FHA 30 Year Fixed Refinance Mortgage in New York
  Rates may be higher than fixed rate products with a shorter term and ARM products with a similar term.

40-Year 5/1 ARM Refinance Mortgage Rates in New York

This is an adjustable rate mortgage on which you make interest and principal payments; the initial rate you pay is fixed for 5 years.

• Advantages of 40-Year 5/1 ARM Refinance Mortgage in New York
  Typically has a lower rate and payment compared to a traditional 30-year fixed mortgage and lower payment than a comparable ARM amortized over 30 years during the initial 5 year fixed period.
• Disadvantages of 40-Year 5/1 ARM Refinance Mortgage in New York
  Once the fixed term expires the mortgage rate and payment could move significantly higher. Also, these have higher interest rates and slower debt reduction than shorter-term products.

30-Year 5/1 ARM Refinance Mortgage Rates in New York

This is an adjustable rate mortgage on which you make both interest and principal payments; the initial rate you pay is fixed for 5 years.

• Advantages of 30-Year 5/1 ARM Refinance Mortgage in New York
  Typically has a lower rate and payment compared to a traditional 30-year fixed mortgage during the initial 5 year fixed period.
• Disadvantages of 30-Year 5/1 ARM Refinance Mortgage in New York
  Once the fixed term expires the mortgage rate and payment could move significantly higher.

30-Year FHA 5/1 ARM Refinance Mortgage Rates in New York

This is an adjustable rate mortgage insured by the Federal Housing Administration on which you make both interest and principal payments; the initial rate you pay is fixed for 5 years.

• Advantages of 30-Year FHA 5/1 Index ARM Refinance Mortgage in New York
  Typically has a lower rate and payment compared to a traditional 30-year fixed mortgage during the initial 5 year fixed period.
• Disadvantages of 30-Year FHA 5/1 ARM Refinance Mortgage in New York
  Once the fixed term expires the mortgage rate and payment could move significantly higher.

30-Year 7/1 ARM Refinance Mortgage Rates in New York

This is an adjustable rate mortgage on which you make interest and principal payments; the initial rate you pay is fixed for 7 years.

• Advantages of 30-Year 7/1 ARM Refinance Mortgage in New York
  Typically has a lower rate and payment compared to a traditional 30-year fixed mortgage during the initial 7 year fixed period.
• Disadvantages of 30-Year 7/1 ARM Refinance Mortgage in New York
  Once the fixed term expires the mortgage rate and payment could move significantly higher.

30-Year 10/1 ARM Refinance Mortgage Rates in New York

This is a fully-amortizing (you pay interest and principal) adjustable rate mortgage for which the initial rate you pay is fixed for 10 years.

• Advantages of 30-Year 10/1 ARM Refinance Mortgage in New York
  Typically has a lower rate and payment compared to a traditional 30-year fixed mortgage during the initial 10 year fixed period.
• Disadvantages of 30-Year 10/1 ARM Refinance Mortgage in New York