New York Mortgage Refinance Specialists

Is it time to refinance your home? If you are considering a home refinance, there are important questions to ask yourself to help identify if it is the right time. Identifying your reasons for a home refinance will also aid you in researching and choosing the right loan to fit your home refinance.

Are you looking for lower monthly payments?

If the answer to this question is YES, there are different loan options to help you achieve this goal. A Fixed Rate Mortgage is a good loan to consider. This loan that allows for interest rates to remain fixed and can lower monthly payments. There are two answers to consider: A long time or a short stay. If you are staying in your home for an extended period of time, the Fixed Rate Mortgage may be the option for you. Since this loan amount allows rates to be fixed, you will save money by not having an interest rate that fluctuates with the changing market. If you are considering to sell your home within a short period of time, an Adjustable Rate Mortgage fits nicely into this scenario. This type of loan allows the interest rate on your loan to change as the market changes. When the rate is low, your payments are lower, allowing you to enhance your home and sell before the market rate changes to a less favorable rate. Note: A Libor Loan is another good option for those staying in their homes for a shorter period of time. It is similar to an ARM loan in that the interest rates fluctuate with the market. However, in contrast to an ARM, the Libor loan is typically more aggressive in the interest rate offered.

Loan Options In New York State

After identifying your home refinance reason and a potential type of loan, the next question to ask is: What are the finance laws in New York? New York has laws regarding foreclosure. New York has specific options available, including state tax, choosing whether to include a spouse in a mortgage and remodeling. To learn more about these laws, visit the New York Fraud Office here. As you look for your home lender, it is important to research lenders in your area. Education is the key to finding the home loan for you!

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