New York Mortgage Rates

May 28, 2016 01:54 AM Eastern

Refinance rates now in NEW YORK, NY [Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

30 Year Fixed

Interest Rate
3.500%
APR
3.611%
Monthly Payment
$899
Capital One
30 Year Fixed
Interest Rate
3.500%
APR
3.611%
Monthly Payment
$899
Capital One
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 60 Days
Down Payment $50,000
Principal and Interest Payments $899
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $899
Lender Fees $2,725
Lender Credit $0
Total Closing Fees* $2,725
*Other 3rd party fees may apply
Capital One
Email Lender

About the Lender

You can expect better with Capital One. Whether you need help with refinancing, a new home purchase, debt consolidation, or financing home improvements, your idea of better likely starts with savings - we maximize your savings with competitive rates and lower than average closing costs. But savings is only the start. We also strive to provide a better loan process - one that’s totally clear right from the start, with no hidden fees or unexpected surprises along the way. You can expect better service too - you’ll have a responsive team of dedicated mortgage specialists assigned and available to you every day, each member trained to anticipate and able to take care of all your needs.
Capital One
Email Lender Write a Review

Lender Reviews

Eugena Carpio review

Yes, I recommend this lender

They were bery good as aloan company keep lower rates and I was very satisfied

By: EugeneCarpio (Las Vegas, NV)

Review

Yes, I recommend this lender

Experienced and knowledgeable staff.

By: Cathleen (Santa Fe, NM)

Frustrating Loan Hub Experience

I tried using this lender in late 2015. It was a terrible experience. We struggled through this from August to October. I was told that the paperwork process would be easy as Capital One Home Loans uses online technology (Loan Hub) to communicate with the customer. I was told I could upload all of our required documents via a secure site. We tried on three different occasions to upload our documents, but only some of them appeared on the website. We were told that some documents were missing, even after we received confirmation that the documents were received. The online process was not being updated by the company, so we did not know at times where we were in the refi process. The initial customer rep took my preliminary info and then I was sent to another rep who rarely answered my emails or answered with no suggestions to help us. When I told him that the site would not let us upload documents or failed to show that our documents were uploaded, he told me to contact customer service. When I called the number he provided, the customer rep did not know what I was talking about and said he was not familiar with the new Capital One Home Loans website. I truly never had a more frustrating experience and I do not like to write negative reviews, but I must state my frustration with this company. We were made to feel as though once they had our business (we were submitting all required documents) that we were nothing to them. Because this company seemed to lack customer service and someone who could take the time to explain why the electronic document process was so tedious, I had to withdrawal my request for a refi.

By: Dave (Philadelphia, PA)
See All Reviews

15 Year Fixed

Interest Rate
2.750%
APR
2.946%
Monthly Payment
$1,358
Capital One
15 Year Fixed
Interest Rate
2.750%
APR
2.946%
Monthly Payment
$1,358
Capital One
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 60 Days
Down Payment $50,000
Principal and Interest Payments $1,358
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,358
Lender Fees $2,725
Lender Credit $0
Total Closing Fees* $2,725
*Other 3rd party fees may apply
Capital One
Email Lender

About the Lender

You can expect better with Capital One. Whether you need help with refinancing, a new home purchase, debt consolidation, or financing home improvements, your idea of better likely starts with savings - we maximize your savings with competitive rates and lower than average closing costs. But savings is only the start. We also strive to provide a better loan process - one that’s totally clear right from the start, with no hidden fees or unexpected surprises along the way. You can expect better service too - you’ll have a responsive team of dedicated mortgage specialists assigned and available to you every day, each member trained to anticipate and able to take care of all your needs.
Capital One
Email Lender Write a Review

Lender Reviews

Eugena Carpio review

Yes, I recommend this lender

They were bery good as aloan company keep lower rates and I was very satisfied

By: EugeneCarpio (Las Vegas, NV)

Review

Yes, I recommend this lender

Experienced and knowledgeable staff.

By: Cathleen (Santa Fe, NM)

Frustrating Loan Hub Experience

I tried using this lender in late 2015. It was a terrible experience. We struggled through this from August to October. I was told that the paperwork process would be easy as Capital One Home Loans uses online technology (Loan Hub) to communicate with the customer. I was told I could upload all of our required documents via a secure site. We tried on three different occasions to upload our documents, but only some of them appeared on the website. We were told that some documents were missing, even after we received confirmation that the documents were received. The online process was not being updated by the company, so we did not know at times where we were in the refi process. The initial customer rep took my preliminary info and then I was sent to another rep who rarely answered my emails or answered with no suggestions to help us. When I told him that the site would not let us upload documents or failed to show that our documents were uploaded, he told me to contact customer service. When I called the number he provided, the customer rep did not know what I was talking about and said he was not familiar with the new Capital One Home Loans website. I truly never had a more frustrating experience and I do not like to write negative reviews, but I must state my frustration with this company. We were made to feel as though once they had our business (we were submitting all required documents) that we were nothing to them. Because this company seemed to lack customer service and someone who could take the time to explain why the electronic document process was so tedious, I had to withdrawal my request for a refi.

By: Dave (Philadelphia, PA)
See All Reviews

5/1 ARM

Interest Rate
2.625%
APR
3.396%
Monthly Payment
$804
Capital One
5/1 ARM
Interest Rate
2.625%
APR
3.396%
Monthly Payment
$804
Capital One
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 60 Days
Down Payment $50,000
Principal and Interest Payments $804
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $804
Lender Fees $2,725
Lender Credit $0
Total Closing Fees* $2,725
*Other 3rd party fees may apply
Capital One
Email Lender

About the Lender

You can expect better with Capital One. Whether you need help with refinancing, a new home purchase, debt consolidation, or financing home improvements, your idea of better likely starts with savings - we maximize your savings with competitive rates and lower than average closing costs. But savings is only the start. We also strive to provide a better loan process - one that’s totally clear right from the start, with no hidden fees or unexpected surprises along the way. You can expect better service too - you’ll have a responsive team of dedicated mortgage specialists assigned and available to you every day, each member trained to anticipate and able to take care of all your needs.
Capital One
Email Lender Write a Review

Lender Reviews

Eugena Carpio review

Yes, I recommend this lender

They were bery good as aloan company keep lower rates and I was very satisfied

By: EugeneCarpio (Las Vegas, NV)

Review

Yes, I recommend this lender

Experienced and knowledgeable staff.

By: Cathleen (Santa Fe, NM)

Frustrating Loan Hub Experience

I tried using this lender in late 2015. It was a terrible experience. We struggled through this from August to October. I was told that the paperwork process would be easy as Capital One Home Loans uses online technology (Loan Hub) to communicate with the customer. I was told I could upload all of our required documents via a secure site. We tried on three different occasions to upload our documents, but only some of them appeared on the website. We were told that some documents were missing, even after we received confirmation that the documents were received. The online process was not being updated by the company, so we did not know at times where we were in the refi process. The initial customer rep took my preliminary info and then I was sent to another rep who rarely answered my emails or answered with no suggestions to help us. When I told him that the site would not let us upload documents or failed to show that our documents were uploaded, he told me to contact customer service. When I called the number he provided, the customer rep did not know what I was talking about and said he was not familiar with the new Capital One Home Loans website. I truly never had a more frustrating experience and I do not like to write negative reviews, but I must state my frustration with this company. We were made to feel as though once they had our business (we were submitting all required documents) that we were nothing to them. Because this company seemed to lack customer service and someone who could take the time to explain why the electronic document process was so tedious, I had to withdrawal my request for a refi.

By: Dave (Philadelphia, PA)
See All Reviews
Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

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Great New York Mortgage Rates for Purchasing NY Homes

More than 19 million people call the Empire State home. New York offers the bustling metropolis of New York city, as well as many wonderfully rural towns upstate, boasting beautiful scenery and some of the best skiing on the east coast. If you're considering buying a home in New York, you'll first want to look into current NY mortgage rates and adjust your budget accordingly.

During your search for the best New York mortgage interest rates, you'll also want to look into state-sponsored loans and other programs designed to help New Yorkers own their own homes. Programs are available statewide that can help potential homebuyers find the best NY mortgage rates, finance closing costs and learn more about the home buying process.

Low NY Mortgage Rates from the State of New York Mortgage Agency

The state of New York Mortgage Agency (SONYMA) was founded to help low-to-moderate income families in New York afford home ownership. Mortgage interest rates offered by SONYMA are competitively low for qualified homebuyers. Their primary program, aptly called the Low Interest Rate Program, helps first-time homebuyers obtain and secure low NY mortgage interest rates.

Other programs offered by SONYMA include:

SONYMA also offers closing cost assistance loans to New York Residents. For those who qualify, they may obtain a loan of up to a capped amount, or a low percentage of the SONYMA first mortgage amount.  There are no monthly payments, and the loan can be forgiven completely after 10 years.

NY Mortgage Rates for Low Income Residents

If you're a New York resident in a low-income bracket, home ownership options are still available to you. Using state-sponsored programs can help you find low NY mortgage interest rates to help you finance your home.

Services offered by the state of New York:

These incentives, together with the current New York mortgage rates, make it much easier to get a home in the Empire State and enjoy everything that New York has to offer.

  • Achieving the Dream Program: This program offers low NY mortgage rates to first-time buyers in low income brackets and a low-percentage down payment of 3 percent, with only a certain portion needing to be paid in cash.
  • Construction Incentive Program: This program offers up to 100 percent financing, meaning no down payment, for small newly-constructed homes.
  • Homes for Veterans Program: This program offers veterans competitive NY mortgage rates and other financial incentives for purchasing a home.

Other services offered by the state of New York include:

  • down payment assistance
  • help with closing costs
  • low-income buyers assistance
  • Section 8 vouchers