Here’s How To Get The Best Mortgage Rates In New York 

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 Every prospective homeowner, whether first-timers or repeat lenders want the best mortgage rate for their homes. After all, everyone wants to make the most value out of their hard-earned money and the lower the interest rate for a loan is, the better it is for them overall. However, not every applicant for a loan can get good mortgage rates–for a lot of reasons. In this article, we will help you increase your chances of getting a good deal for your future home–no matter your current financial standing, your history, and other factors that can affect your loan. 

 If you are currently out and looking for good mortgage rates in New York, then this guide is perfect for you. Here are some of the ways that you can increase your chances of getting the best mortgage rates in New York. 

Keep your credit score good 

Your credit score is the most important thing in getting any kind of loan. It speaks volumes about the type of borrower that you are–whether you are low or high risk, or whether the company can trust you with huge amounts of money or not. 

 So, work hard not just to maintain your good credit score, but to give it a boost, no matter how small it is. Experts said that even a 30 points boost could yield 0.60% lower interest rates. Whenever you apply for a mortgage. 

Your down payment is EXTREMELY important 

Nowadays, you might see a lot of offers boasting of ultra-low down payments, or even a “no down payment” at all. While this may sound all nice and tempting on the surface, you will understand upon reading the fine print that it makes you pay more in the end. 

 The golden loan for every type of mortgage is that the bigger your down payment is, the lower the overall interest would be. So, save up for your down payment. Going for 20-25% is optimal. If you can save up for higher than that and the entire better. 

 However, make sure that the amount of down payment you will cough up would not drain your bank account, as most lenders would like to see money enough for at least a few months of amortization left on your account even after the initial payment. 

Keep watch of your income 

It may be tough, especially during these challenging times, but keeping a steady and stable income is a huge helping factor in getting the confidence of more and better lenders. If possible, increase your flow of income as well. If you are employed, try starting a small business as well, even only online. 

Research and compare lenders 

In the same way that you shop around when buying other things, do not forget to shop around for lenders as well. Sure, set up a meeting or assessment session with an agent, but be careful in signing any kind of deal right away. After all, what you thought would be the best deal right now might only end up as the second best later on. 

Learn from first-time homebuyer programs 

As the old saying goes, there is no greater teacher than experience. Some states and municipalities offer first-time homebuyer programs that aimed to encourage a boost in homeownership in their respective areas. 


As one of the possible future owners, you would greatly benefit from this. From these programs, you would learn tips and secrets in making your first home purchase, and to help you get the most valuable and affordable mortgage you can get out there.