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, home 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 obtaining New York home mortgage loans. This is why so many people are moving to upstate New York, with its commuter rail along the Hudson River, beautiful scenery, and relatively low population density. Housing is also much less expensive; you can get more home for the money. But no matter where you live, there are three things to consider when choosing the best mortgage lender:
Interest rates.
Check to see which lenders offer the best home mortgage interest rates. 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 to find lenders that offer lower rates for your credit situation.
Rates and points of the lender.
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 will charge higher fees to make up for it. Double check to make sure the fees and points are low too.
Service.
Friendly service is a must when looking for someone to take care of your New York home loan. Make sure you are dealing with a lender who is responsive to your questions, genuinely helpful, and available to answer your questions. Also, make sure your lender sets closing times. A low rate is not good if you can’t get the house because your lender dropped the ball.