It might not look like it at times, but the mortgage rates are still at a historic low. Across the nation, it is possible to find rates as low as 4%. With such low rates, it is one of the best times in history for just about anyone to obtain a home, even in an expensive state like New York. However, even with nation-wide low rates, it is still advisable to seek out the lowest and best rate for your needs. Buying a home is a stressful prospect. However, it is one that will pay off in the long run. The following tips are designed to take the stress out of finding the best mortgage rate in New York.
One of the first steps in the search for the best rate is just to begin comparing while you are searching for the perfect home. If you are working with a real estate agent or mortgage banker Long Island, they are more than likely going to direct you to a particular lender. While it is fine to discuss terms with them, be sure to compare on your own. Your agent simply ones to close the deal quick and gain a commission. However, the mortgage process is a complicated one. If you are a first-time home buyer, you want to weigh all of your options.
Another step that is going to help give you better options on your mortgage rate is to build up a higher down payment. While it is hard to save money in these economic times, a bigger down payment will benefit you in the years to come. The best option is to try and put down the recommended 20% down payment. This is going to not only lower your monthly payment but also eliminate the need for a monthly mortgage insurance payment