http://www.NYMort.com/post/blog.htmNY Mortgage Home Loans Bloghttp://www.NYMort.com/post/fixed_rate_pay_option_mortgage.htmThis is a relatively new program available in the realm of Pay Option Mortgages. Traditionally Pay Option Mortgages have a monthly adjustable interest. This new program has a fixed rate for the life of the loan. This means that the only payment to adjust is your minimum payment. This rate will adjust annually. The remaining payments: Interest Only, 30 year and 15 year, will not adjust monthly based on interest rate changes.http://www.NYMort.com/post/no_cost_refi_369.htmNowadays, it seems one cannot watch an entire news broadcast on TV without seeing a "No Cost Refinance" advertisements. What is "No Cost Refi" and is it better than mortgage home loans with traditional settlement costs? Regardless of the type of home loans, there will always be closing costs. Title companies will always charge for their title works and county recorders will always charge recording fees. "No Cost Refi" loans are "no cost" only in the sense that these costs do not come directly out of the borrower's pocket. The costs, however, are paid indirectly with higher interest rates. In most cases, the benefits of "no cost" mortgage loans do not justify the high cost of high interest rates.http://www.NYMort.com/post/interest_rate.htm"What is an interest rate? What should I look for in my loan situation?"http://www.NYMort.com/post/benefits_of_an_arm.htmAn ARM allows you to receive more money at a lower interest rate than a fixed rate loan. If you are planning to move within a few years, you can save money and avoid rising payments.http://www.NYMort.com/post/multifamily_financing.htmMultifamily housing is a type of residential property that has more than one unit in the same building. Multifamily housing can be divided into 2 sections: 2-4 units: duplexes, triplexes, and quadruplexes (4 units) 5+ units: apartment buildingshttp://www.NYMort.com/post/home_equity_loan_for_condominiums.htmCondominiums, or condos for short, is a type of property ownership. A condominium owner owns a unit within a building or condo development. Condo owners can take out a home equity loan or home equity line of credit with the condo unit as collateral.http://www.NYMort.com/post/home_equity_loan_for_cooperatives.htmHome Equity Loans or Home Equity Line of Credit can be taken out against cooperatives, or coops. Unlike other forms of home ownership, coopertive owners own shares of a company that owns a coop building. With the shares a coop owner holds he is entitled to a unit in the coop building. Although many banks do not lend on cooperatives, some banks specialize in coop Home Equity Loans and coop Home Equity Lines of Credit.http://www.NYMort.com/post/mortgages_with_credit_scores_700_and_above.htmThe higher your credit score is the less of a risk you are to a mortgage lender, or pretty much any lender for that matter. When you have obtained a credit score that is above 700 you will find that you will qualify for most of the programs that are available out there. The 720 credit score mark will qualify you for a few more programs and once you are over 750 you will qualify for almost anything out there. Borrowers with credit scores above 800 are very far and few between, but these are basically " the cream of the crop" borrowers, and present the least risk level to lenders.http://www.NYMort.com/post/comparing_interest_rates.htmShopping for mortgage rates can be frustrating and the financing process can be very confusing with an array of jargon, products, guidelines and policies. Allow a Mortgage Broker to shop for you. A Mortgage Broker can find you the lowest rate in the fraction of the time it would take you to shop on your own. In general, it shouldn't cost any more to work through a Broker than it would to go to the lender yourself. http://www.NYMort.com/post/debt_consolidation_refinance.htmA growing number of homeowners across the country are wiping out their high interest revolving debt by refinancing and tapping the equity in their own homes.http://www.NYMort.com/post/buydown.htmMoney advanced by an individual (builder, seller, etc.) to reduce the monthly payments for a home mortgage either during the entire term or for an initial period of years. http://www.NYMort.com/post/30_year_fixed_rate_mortgage.htma mortgage in which the interest rate remains the same for the life of the loan. Payments are amortized for 30 years. In other words, payment is calculated in such a way that the borrower makes equal monthly payments and pays off the home loan in 30 years.http://www.NYMort.com/post/non_warrantable_condos.htmCondominiums that DO NOT FIT into one of these three classes are considered NON-WARRANTABLE CONDO'S: CLASS I 1. Developers control of the homeowner's association has not yet terminated 2. Project may be subject to phasing or add-ons which have not yet been completed 3. All common elements and amenities must be fully installed, completed and in operation 4. 70% of all units in the entire development must have been sold and or legally obligated to close 5. 70% of all units in the entire development must have been sold to owner occupants CLASS II 1. Recent or current condominium conversions (from apartments) 2. Homeowner's association has been controlled by the unit owners (other than the developer) for less than two years 3. Project is not subject to phasing or add-ons which have not yet been completed 4. All common elements and amenities are fully installed, completed and in operation 5. 70% of the units in the entire development must have been sold and/or legally obligated to close 6. 70% of the units in the entire development must have been sold to owner occupants 7. No more than 15% of the current unit owners are more than one month delinquent in payment of homeowner's dues or assessments CLASS III 1. Homeowner's Association has been controlled by unit owners (other than developer) for at least one year 2. Project is not subject to phasing or add-ons 3. All common amenities are fully installed, completed, and in operation 4. 90% of the units have been sold (owner-occupancy of at least 60%) A CONDO QUESTIONNAIRE MUST BE COMPLETED BY THE MANAGEMENT TO DETERMINE PROJECT ELIGIBILITYhttp://www.NYMort.com/post/should_i_pay_pmi_or_the_higher_interest_rate.htmShould I pay PMI or go with the loan with a higher interest rate but no PMI? This is a choice many borrowers face when deciding on a loan. There are many pros and cons for each choice. Borrowers should talk to an experienced Mortgage Consultant or Financial Consultant to help with their decision.http://www.NYMort.com/post/how_should_i_prepare_to_get_a_loan.htmThe first thing to do, even before shopping around for a loan, is to determine what the greatest monthly payment you can make.http://www.NYMort.com/post/things_not_to_do_durring_the_loan_process.htmDuring the loan process, there are many things that you should not do that could affect your approval.http://www.NYMort.com/post/mortgage_interest_rate.htmThere are several factors that can determine your mortgage interest rate. Each of which can carry a different weight when your interest rate is determined. Below is a list of mortgage interest rate determining factors:http://www.NYMort.com/post/disputing_credit.htmTo dispute a credit report you must go online to the proper credit repository, mail them, or call them and request a consumer dispute statement. There are 3 credit repositories and here they are with the addresses, phone numbers and websites to handle disputes; Equifax Equifax Information Service Attn: Disputes PO Box 740256, Atlanta, GA 30339 800-270-3435 Experian Attn: NCAC PO Box 2106 Allen, TX 75002 888-567-8688 TransUnion TransUnion Corporation Attn: Disputes PO Box 390 Springfield, PA 19064-0390 800-888-4213 Generally a dispute form will need to completed and submitted, along with any applicable documentation you may have (if any). The credit repository then has 5 days to contact the appropriate credit grantor and then 30 days to receive a reply from the credit grantor. Within 5 days of the completion of the investigation, the credit repository must send a written report to the borrower with its findings and a copy of the revised report if there was any change.http://www.NYMort.com/post/loan_program_vs_interest_rates.htmWhen shopping for a mortgage the most important factor is the loan program, not the rate you see. Don't be misled by a lowball rate and be sure to check out the specific details of the loan program. Most mortgages have either a fixed rate (payments remain the same for the life of the loan) or an adjustable rate (payments adjust up or down in accordance with national interest rates) and a term (amount of time you have to repay the loan) of either 15 or 30 years.http://www.NYMort.com/post/why_use_a_mortgage_broker.htmThere are many reasons that you should use a mortgage broker and many advantages to using a mortgage broker. One reason to use a mortgage broker is because a mortgage broker has access to all kinds of different home loan programs.http://www.NYMort.com/post/how_can_i_get_a_lower_mortgage_rate.htmThere are many ways to receive a lower mortgager interest rate. You can buy the rate down by paying points, you can refinance after your house has earned equity or by increasing your credit score.http://www.NYMort.com/post/reducing_your_monthly_mortgage_loan_payment.htmOne of the most common ways to lower your monthly mortgage payments is by refinancing at a lower interest rate. If interest rates have dropped since your mortgage was last issued, then consider refinancing to reduce your monthly payment. You can also buy down the interest rate to the lowest possible payment and receive some payment relief. Also look at other alternative loan programs that may give you a lower monthly mortgage payment.http://www.NYMort.com/post/refinance_to_lower_your_monthly_expenses.htmWhen most people think of refinancing they are thinking in terms of lowering their rate of interest or their monthly payments. Even as interest rates are rising, refinancing often makes sense for many American households. Even if you have to slightly raise the rate of interest that you are paying, if you can refinance to pay off other high interest debt you will likely see a huge improvement in your monthly cash flow. It is often more beneficial to lower your overall monthly expenses, not just your mortgage payment.http://www.NYMort.com/post/mortgage_refinance_costs.htmWhen you refinance your mortgage, you usually pay off your original mortgage and sign a new loan. With a new loan, you again pay most of the same costs you paid to get your original mortgage. These can include settlement costs, discount points, and other fees. You also may be charged a penalty for paying off your original loan early, although some states prohibit this. The total expense for refinancing a mortgage depends on the interest rate, number of points, and other costs required to obtain a loan.http://www.NYMort.com/post/should_i_refinance.htmWhen considering whether or not to refinance your home, you must decide if the refinance will result in a net benefit to you. It is ultimately up to you to decide what is in your best interest, not a loan officer.