With the economy so low, you may be struggling to keep up with payments and you are worried about your job. This may be a good time to refinance. New York FHA mortgage refinancing is an option that many homeowners want to consider. Interest rates are very low right now, the lowest they have been in the last few years. Lenders are looking harder and faster for new borrowers that are qualified. Refinancing your home loan that is in good standing is relatively easy to do, right now.
Mortgage Refinancing:
New York Mortgage Refinancing is when you apply for a secured loan in order to pay off another different loan secured against the same assets, property etc. If this original loan had a fixed interest rate mortgage which has now declined considerably, then you would like to avail of a new loan at a more favorable interest rate.
When you take up a New York mortgage refinance loan, you pay off the old mortgage and take up a new one. That means you pay similar costs such as discount points, settlement costs and other fees as in your old mortgage. The total cost of a New York mortgage refinance would depend on the interest rate, number of points, and other costs like appraisal and attorney's fees needed to get a loan.
By refinancing your mortgage when interest rates are lower, you can exchange a higher interest rate for a lower one, which, in turn, will lower your monthly payment.
FHA Mortgage Loans
The FHA is an agency of the Federal government that insures private loans that are issued for new and existing housing as well as loans approved for home repairs.
New York FHA loans are not just for first time buyers and are available to everyone looking to purchase or refinance a home. If refinancing a home the current loan Does NOT have to be an FHA loan.
New York FHA home loan that only requires a minimum of 3% from the borrower and permits 100% of their money needed to close. Our mortgage brokers give you free quotes on New York FHA mortgage.
Home Equity Loan
You've built up equity in your home, but how much? And how much can you borrow against it? Nymortgagedepo.com will help you explore different options and compare terms, rates and fees from different lenders.
First Time Home Buyer
There’s so much to think about when buying your first home – from how much you can afford, to what type of property you want and where, to working out how you can fit all those extra appointments you’ll need to make into your busy day. Contacting us is an excellent first step.
Our specialist Mortgage brokers can make it simple for you by:
Helping you choose a suitable home loan, completing all the necessary documentation for you, helping you apply for the First Home Buyer’s Grant if you are eligible.
