Get Your Mortgage Rates for Home Loans

Magnolia Bank
Magnolia Bank
2.836%
APR
2.625%
INTEREST RATE
$803
PER MONTH
Magnolia Bank
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Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner-occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the borrower's creditworthiness and other differences between an individual loan and the loan criteria used for the HSH quotes. The annual percentage rate in ARM products may increase after the loan is closed. More Info: These quotes are from banks, thrifts, and brokers who have paid for a link to their website in the listings above, and you can find additional information about their loan programs on their websites.

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New York Mortgage Rates

Comparing New York Mortgage Rates with National Rates

In order to help you see how New York mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in New York

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in New York

In order to qualify for the best mortgage rates in New York it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

 Mortgage Resources for New York

New York is the fourth most populous US state. According to the US census, as of 2017, there is an estimated population of over 19 million residents, which represents 6.1% of the US population. New York City is one of the leading  financial, business and cultural centers of the world.

Here are some outside resources that can help you understand the New York mortgage environment:

  1. FHA loan amounts in New York: (note:set the table to New York) There are 62 counties in the state of New York of which 19% of the single family units meet the Highest loan limit, currently at $636,150. Most of the counties, 73%,  are at the Standard loan limit, currently at $275,665. The remaining 8% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for your state and county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, there are 81% of the counties in New York that fit this category. The remaining 19% of the counties have the Highest Loan limit of $636,150.
  3. New York First Home Buyer Programs: New York City has a HomeFirst Down Payment Assistance Program that grants up to $25,000 toward down payment or closing costs for qualifying first-time borrowers purchasing in one of the five boroughs. Among the criteria to qualify are income and size of family. Borrowers must have their own savings to complete the down payment requirements and also finish an approved homebuyer education course. The State of New York Mortgage Agency (SONYMA) offers five mortgage programs to assist first-time homebuyers with the purchase of a home in New York State. 

Mortgage Trends and Statistics for New York

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans, based on Metropolitan Areas.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed

Check out some differences in two areas in New York :

  • Mortgage Rates for Conventional Loans in One MSA in New York
  • Loan Amount in New York for One MSA
  • Mortgage Fees in One MSA in New York
  • LTV over 90% in One MSA in New York

 

 

Mortgage Rates for Conventional Loans in One MSA in New York"

 

Mortgage Fees in One MSA in New York

Loan Amount in New York for One MSA

 LTV over 90% in One MSA in New York

 

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