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 a home close to town, home loans can cost you quite a bit. Even the area known as “the country” around Westchester County and even Duchess County is getting more expensive when it comes to obtaining home mortgages in New York. This is why so many people are moving to upstate New York, with its commuter trains across the Hudson River, its 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 keep in mind when choosing the best home loan lender:
Check out which lenders offer the best home mortgage rates. Right now, adjustable rates in New York are as low as 4.33 percent and fixed rates are between 5.33 and 5.71 percent, depending on the length of the mortgage loan term and your credit score. . Do some shopping to find lenders who 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 fees and points are low too.
Friendly service is a must when looking for someone to service your New York home mortgage loan. Make sure you are dealing with a lender who answers your questions, is genuinely helpful, and is available to answer your questions. Also, make sure your lender meets closing deadlines. A low rate is not good if you can’t get the house because your lender dropped the ball.