As a New York State mortgage broker, we are asked about the current NY interest rates quite frequently. Home buyers want to obtain the most competitive rate available – and rightfully so, as your mortgage interest rate can impact how much you pay for your home overall and what you’re paying on a monthly basis.
Unfortunately, there is no one-size-fits-all answer to this question. The mortgage interest rates are constantly fluctuating based on a variety of factors. They also vary based on the home buyer.
Despite this, many lenders and other mortgage brokers out there will quote you a rate over the phone, without gathering any information. If you call a mortgage company or bank and ask what the mortgage rate is and they answer it without getting information from you, be advised that they are simply guessing.
Without gaining an understanding of your goal and your overall profile, throwing a number out there for a rate is simply that – throwing out a number. Many factors go into a rate including credit score, program, and term to name a few.
There is a difference between a 30 year rate, a 15 year rate, and a 10 year fixed rate. With Adjustable Rate Mortgages vs. Fixed Rate Mortgages, Conventional vs. FHA Mortgage Rates, USDA vs. VA Mortgage Rates, an 800 score buyer vs. a 660 score buyer, a lot factors into answering the seemingly simple question, ‘What are the best rates in the Capital District?’
Despite the fact that so many factors can impact your rate, it’s still feasible to get an accurate estimate of what you can expect to obtain for a mortgage interest rate.
What’s the best way to go about doing so? Provide all necessary information to the lender you’re working with!
With today’s volatile market and the fact that rates swing up and down on a daily basis, it’s in your best interest to fill out an entire Mortgage Application (also known as the Uniform Residential Loan Application or 1003, which is similar to the application you’ll find here). You’ll also want to make sure that your broker or bank knows your entire story, including your goals.
It’s also helpful to share your credit score, the types of mortgages you’re interested in, your budget, and any other pertinent details related to your home buying plans so that your broker or bank can determine which mortgage option and interest rate is best for your specific scenario.
Rates depend on many factors! Getting a quote over the phone without providing any information to a bank or broker won’t give you an accurate estimate.
At Maple Tree Funding, we work hard to give our clients and customers the most accurate information about NY mortgage interest rates available. We’ll collect the necessary information from you and thoroughly research to give you an accurate estimate of what you can expect.
Still, it’s important to keep in mind that once a rate is quoted it may fluctuate as the market fluctuates until it is locked in.
Ready to learn more about what to expect when it comes to NY mortgage interest rates? Give us a call at 518-782-1202 or contact us online and we’d be happy to assist you. We can also provide you with additional information about locked rates, loan terms, loan programs and more!
Interested in learning more about the basics of home buying before taking the next step? The following resources are a great place to start!
Mortgage Loans & Your Credit Score: What You Need to Know – Find out what a credit score is, how it’s calculated, and why you should fully understand your credit score before you start the process of buying a home.
Understanding the Mortgage Process – Learn about the 6 step process of obtaining a home loan so you know what to expect as you start the mortgage process.
Home Buying Tips for First Time Home Buyers – Read our 7 tips for navigating the home buying process successfully for the first time.