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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 are looking for housing anywhere near the city, the mortgage loan can cost you a lot. Even the area known as “the country” around Westchester County and even as far as Dutchess County is becoming more expensive in terms of getting a New York home mortgage loan. That’s why many people are moving to Upstate New York, with its commuter trains along the Hudson River, its 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 keep in mind while choosing the best home loan lender:
Rate of interest.
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 range between 5.33 percent and 5.71 percent, depending on the home loan term and your credit score. Do some shopping around to find lenders that offer low 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 high fees to compensate. Double-check to make sure the fee and points are even lower.
Service.
Friendly service is a must when looking for someone to repay your New York home mortgage loan. Make sure you are working with a lender who answers your questions, is genuinely helpful, and is available to answer your questions. Also, be sure that your lender will set a closing deadline. A low rate is no good if you can’t find a home because your lender dropped the ball.
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