New York Mortgage Refinance
Home owners in New York, otherwise known as the “Empire State” are lowering their monthly mortgage payments with Mortgage Refinance. Currently, both fixed and adjustable rate mortgages (ARMs) in New York have competitive rates, leaving many New Yorkers confused about how to select the right mortgage refinance product to meet their individual needs. Rates for a 30 year fixed rate mortgage run from 4.91% APR to 5.36% APR and for a 15 year fixed product, rates range from 4.30% APR to 4.80% APR. For those interested in an ARM, rates from 4.21% APR to 4.48% APR are available for a 10/1 refinance product.
Navigating Mortgage Products in New York
Deciding which product is the best fit depends largely upon the borrower’s budget, financial goals and future plans. For borrowers planning to move within a short period of time, an ARM may make sense. ARMs offer lower rates than fixed rate products and adjust only after an initial pre-determined period. The adjustment is based on market conditions and fluctuations. Fixed rate mortgage products in New York are ideal for a home owner who plans to stay put for a considerable amount of time and wants to know ahead of time how much he or she is responsible for paying each month. With a fixed rate product, the rate never changes throughout the life of the loan.
Comparing New York Mortgage Rates
When it comes to making mortgage comparisons in New York, borrowers should take into account several factors. One important factor is the borrower’s credit score. The higher the credit score, the lower the rate. Also, some lenders in New York will not extend a mortgage to those with a very low score or will assign points (fees) to the mortgage. Additionally, before gathering quotes from a variety of New York lenders, borrowers should identify a specific product, amount and desired term. Compare similar products with associated factors in order to make an educated, informed decision.
Understanding the New York Housing Market
Having a grasp on home values and sale prices is another factor to consider during the mortgage refinance process. For example, the median home value in New York is $256,900; however certain cities and neighborhoods command higher and lower values. Throughout the New York Metro area (12238), home values are approximately $366,300, whereas in Albany (12201) home values fall into the $182,700 range. Although home values throughout the New York metropolitan area are in the mid $300,000 range, home sales are considerably higher.
For example, homes in the 10025 zip code area of the city have sold for $1,720,000 and in the 10016 zip code area homes have sold for $1,720,000. In the suburbs, East Islip (11730) has a median home price of $496,400 and elsewhere in the state; Syracuse (13201, 13208, 13219 and 13290) has a median sale price of $75,000. Another area to consider is Getzville (14068) in metro-Buffalo with a median home price of $207,000.