New York

Mortgages in New York

SimpleFastMortgage – New York

Whether you’re a first-time buyer looking to take those tentative steps on towards buying your first home, or someone close to retirement looking for ways to make a little extra for unexpected future costs, we have ways to help you. We know how expensive big cities can be and none are more exciting than New York. There is some good news in the property market though. After steady appreciation since 2009, the market has been cooling slightly in recent months. So, if you were considering selling up, moving on or buying your first condo or home, now might just be the perfect time to do it.  Of course, you’ll need a little help when it comes to making the right decision, and that’s where we come in.  So, whether it’s a mortgage broker you need, or an FHA home loan, we are here to provide you with expert advice to get you the best deal possible.

Mortgage broker

A mortgage brokers job works for a potential homeowner to find him or her the best deals around. They take a look at where the market currently is as well as their client’s current assets and earnings and determines what price home they can afford and try and get them the most cost efficient deal possible. They negotiate with lenders and they carry out all the applications.  In some cases, will even advise on items like property advice, credit repair,  and a suitable life insurance policy. As you might imagine there is no shortage of mortgage brokers in New York, so make sure you shop around to find the best broker for your needs. They should have plenty of contacts within their field, so they can attempt to get the lender to waive financial obligations like application fees. These relationships can also come in handy if you don’t have the world’s best credit rating.  A broker should be able to advise you on your options and direct you towards a lender who might be able to help get you the best deal.

Read more on our dedicated guide to mortgage brokers in New York.

New York – Reverse Mortgages

A reverse mortgage, otherwise known as Home Equity Conversion Mortgage (HECM), is a type of loan that allows you to convert some of the equity on your current home into cash. Its biggest selling point is that you don’t have to make monthly repayments.  In fact, the loan doesn’t have to be repaid until the owner leaves their property for longer than 12 months, sells the house, or passes away.  It is specifically aimed at people who are around retirement age (usually 62 or over) and have already paid off a substantial amount of their mortgage. The maximum amount you can usually borrow is 60 per cent of your property’s value. For those who think they are eligible you will have a choice of three options. You can receive the money in a lump sum, as monthly payments, or as a line of credit.  Used correctly, reverse mortgages are a great way of ensuring the borrower has a little bit of extra security during retirement for those unforeseen costs.

Read more on our dedicated guide to reverse mortgages in New York.

FHA home loans

FHA home loans attempt to make it easier for people struggling to take out a mortgage. They are a government-backed mortgage allowing borrowers to choose between fixed-rate or adjustable loans.  As the loan is insured by the FHA (Federal Housing Association), initial down payments will be smaller and credit scores don’t have to be as high. In fact, down payments can be as low as 3.5 per cent with a credit rating of 580 or higher.  If you’re looking to qualify for this type of loan you will need to prove to the lender you have been in steady employment for the last two years, have a valid Social Security number and are a lawful resident in the US.

Read more on our dedicated guide to FHA loans in New York.

30-year fixed-mortgage rates

When deciding to pay back a loan you have a few options, one of which is the length of time you have to make repayments. You can choose between five, 10 and 15-year mortgages, as well as 30-year ones. The advantages of a 30-year fixed-rate mortgage include being able to make lower monthly repayments. It is impossible to predict what your financial situation will be like in five or 10 years time, so having a lower repayment rate can be hugely helpful. It also helps if you can negotiate a lower fixed-rate too.  Of course, the downside to this is you will probably pay more in interest over the course of the loan than if you take out a 15-year mortgage.

Read more on our dedicated guide to 30-year fixed-mortgage rates in New York.

Home refinance

Home refinancing is another term for remortgaging your home. It is mainly carried out to allow a borrower to obtain a better interest rate. There are a lot of different options when it comes to refinancing, so make sure and explore all the avenues.  Occasionally, people refinance and actually wind up in a worse situation financially if they are not advised correctly in the beginning by their lender. Those with a good credit history could, for instance, convert a variable loan rate into a fixed-rate one. An experienced broker or lender makes all the difference in the world when it comes to giving you the right advice on refinancing your home mortgage.  

Read more on our dedicated guide to home refinancing in New York.

Why SimpleFastMortgage.com

New York is a big, bustling, complicated city, and getting a mortgage does not make things any simpler. So we’re here to take the hassle out of everything housing-related. We pride ourselves on getting our customers a great deal on their mortgage, helping them refinance it if they wish or getting them an FHA loan where appropriate. We’ve decades of experience in making sure people find the best mortgage for them and we know what the borrow needs.

If you have any questions about getting a mortgage in the Big Apple, or are wondering which form of financing you are eligible for, please get in contact with us and we’ll do our utmost to help.

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