What Type of New York Home Loan Should I Get?

  

Deciding what type of New York home loan to get is a major decision in the mortgage process.  You will need to choose between a New York fixed rate mortgage and an New York adjustable mortgage.  In addition, you will need to determine what type of loan term you would like. 

 

New York Fixed vs. New York Adjustable Loan
● If you are planning on moving in a few years, you may want to go with an New York adjustable loan, which will offer you a much lower mortgage rate.  However, if you plan to stay in your home for a long time, it is much safer to choose a fixed loan at a higher mortgage rate.
● Fill out our secure mortgage application to see if you qualify for a New York Home Loan, and a New York mortgage specialist will contact you and help you determine which type of loan is best for your situation.

 

New York 15 Year vs. New York 30 Year Home Loan

New York 30 Year Home Loan
Advantages: Your monthly payments are low, since they are spread out over a long period of time.  If you have low monthly payments, you also have the opportunity to pay additional money that would be applied directly to the principal.  This could allow you the flexibility to have low payments if you are having cash flow problems, but you could also pay the loan off quicker, which would save you a great deal of money over the term of the NY home loan.
Disadvantages: If you do have the cash flow to consistently pay the extra money each month, you could do a 15 year mortgage, which would give you a lower interest rate over the term of the New York loan.


New York 15 Year Home Loan
Advantages: You will get a lower mortgage rate with a New York 15 year loan compared to the New York 30 year loan.  This will save you a great deal of money in interest.
Disadvantages: You will be required to pay higher monthly payments, which gives you less flexibility.  If you have money problems due to unforeseen circumstances, it may create problems.

If you would like information on New York VA Loans, you may apply online today to see if you qualify for a VA Loan or you may visit the offical VA Loan Site.

Get information regarding New York Mortgage Rates