New York Home Mortgage Loans – 3 Ways to Find the Best Lender

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, if you’re looking for housing anywhere near the city, mortgage 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 becoming increasingly expensive when it comes to getting New York home mortgage loans. For this reason, many people are drawn to upstate New York for its commuter trains all the way up the Hudson River, its beautiful scenery, and its relatively sparse population. The case is also much cheaper; You can get more house for the money. But no matter where you live, there are three things to look for when choosing the best home loan lender:

Interest charges.

Check which lenders offer the best interest rates on mortgage loans. Currently, variable rates in New York are just 4.33 percent and fixed rates range from 5.33 percent to 5.71 percent, depending on the home loan term and your credit rating. Shop around to find lenders that offer lower interest rates for your credit situation.

Lender Fees and Points.

Find out what each lender charges in terms of fees (such as lending) and points. Sometimes a lender with an artificially low mortgage rate charges higher fees to compensate. Double check that the fees and points are also low.

Service.

Friendly service is a must when looking for someone to service your New York mortgage loan. Make sure you’re dealing with a lender who answers your questions, is genuinely helpful, and is available to answer your questions. Also, make sure your lender sets closing deadlines. A low rate is no good if you can’t get the house because your lender dropped the ball.