Living in New York can be expensive. The cost of living can be quite high, especially the closer you are to the city. In fact, when you’re looking for housing anywhere near town, mortgages can cost you quite a bit. Even the area known as “the country” around Westchester County and even in Dutchess County are getting more expensive when it comes to getting mortgages in New York. This is why so many people move to upstate New York, with its commuter trains all around the Hudson River, beautiful scenery and relatively sparse population. Lodging is also much less expensive; You can get more homes for the money. But, no matter where you live, there are three things to look for when choosing the best home loan lender:
interest rates.
Check to see which lenders offer the best interest rates on mortgages. 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 your mortgage and your credit score. Do some shopping to find lenders that offer lower rates for your credit situation.
Lender fees and points.
Find out what each lender charges in terms of fees (eg origination of the loan) 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 as well.
service.
Friendly service is a must when looking for someone to service your mortgage loan in New York. Make sure you are dealing with a lender that answers your questions, is genuinely helpful, and is available to answer your questions. Also, make sure that your lender will have closing deadlines. A low rate isn’t good if you can’t get the house because your lender dropped the ball.