Credit The New York Times

Mortgage Rates NY


NOTE: MortgageLoan.com cannot guarantee the accuracy of the data provided since it is submitted by our visitors.

ARMs

Adjustable-rate mortgages (ARMs) begin with a low, fixed interest rate that converts to a variable rate after a certain period of time. Since the initial rate usually lasts for one, three, or five years, ARMs can be appropriate for New York borrowers who expect an income increase over time. ARMs might also work for borrowers who have seasonal income fluctuations, or homeowners who intend to sell their properties in the short-term.

Home Equity Loans

Second mortgages with a fixed rate of interest are called home equity loans. Home equity loan rates are usually higher than first mortgage interest rates. Still, there are situations where a home equity loan makes more sense than a refinance mortgage. These include:

  • If you have a low-rate first mortgage.
  • If you don't want to incur the higher closing costs of a refinance.
  • If you want to pay off the home equity loan in less than 30 years.

Evaluating

Start your evaluation by developing an understanding of how different loan types compare, rate-wise. When you know, for example, that 15-year fixed-rate mortgages (FRMs) in New York have lower rates than 30-year FRMs, you might decide to refinance your existing loan with a 15-year program. You can then use our mortgage calculators to estimate the payments for different loan types. Mortgage calculators are the risk-free way to experiment with different loan amounts, as well. As you work through this process, think about which loan types are most suitable for your situation. If you plan to remodel, budget for a higher loan amount. If you plan to sell in a few years, run the numbers on an ARM.

With a firm understanding of your budget, and a newfound fluency in the language of mortgage loans, you're ready to select a few brokers from our New York broker directory. Make a point to consult with several lenders and submit several loan applications-it's the best way to land the lowest rate mortgage available.



Share this article





Related Posts


Mortgage rates us
Mortgage rates us
30 Year Mortgage Rates today
30 Year Mortgage Rates today

Latest Posts
Current home Mortgage Rates
Current home…
Welcome to the TMS current mortgage rates…
Lowest Home mortgage rates
Lowest Home mortgage…
While the beleaguered real estate market…
Top 10 fixed rate mortgages
Top 10 fixed…
Investing in real estate properties involves…
HSBC fixed rate mortgages
HSBC fixed rate…
HSBC has launched a two-year fixed rate…
Sovereign Bank mortgage Rates
Sovereign Bank…
Interest rates on some European mortgages…
Search
Featured posts
  • Current 30 Year Mortgage Rates NY
  • Mortgage rates us
  • 30 Year Mortgage Rates today
  • Mortgage Rates Deals
  • Cheap Mortgage Rates
  • Best Fixed Mortgage Rates
  • U.S. mortgage rates
  • USAA mortgage Rates points
  • 10 Mortgage Rates
Copyright © 2020 l www.scarredforlife.info. All rights reserved.