Current New York Mortgage Rates – Forbes Advisor

0

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

New York—if you can get here, you’ll get anywhere. But if you need a mortgage to get to New York, you’ll first need to calculate how much a home loan will cost, including the interest rate.

Here are the latest home loan rate trends to help you buy a home in New York State, as well as tax information and where to find homebuyer financial assistance.

What are New York mortgage rates?

As of Thursday, August 18, 2022, New York mortgage rates were 5.38% for a 30-year fixed rate mortgage, 4.73% for a 15-year fixed rate mortgage, and 2.75% for a 5/1 Adjustable Rate Mortgage (ARM), according to Bankrate.

Types of mortgages offered in New York

You can expect to find all kinds of mortgages in New York, including conventional loans, which are backed by Fannie Mae and Freddie Mac, and mortgages backed by the Federal Housing Administration (FHA) and Veterans Affairs Bureau. (VA), which may be more accessible to borrowers with lower credit scores or who need down payment assistance.

Since home prices in New York tend to be above the national average, you might also need a jumbo mortgage. A home loan is generally considered jumbo when the amount exceeds the $647,200 cap that Fannie and Freddie consider a conventional loan limit in 2022, but there are areas in New York with higher limits.

How much does a house cost in New York?

The median selling price of a home in New York was $428,825 in June 2022, according to the New York State Association of Realtors. That compares to a national median of $416,000, according to the National Association of Realtors.

New York Home Buyers Programs

Even though homes in New York tend to be higher than the national average, there are all kinds of mortgage programs available to help first-time buyers. Here are some common examples to get you started.

SONYMA

New York State Mortgage Agency (SONYMA) offers two main mortgage programs with lower interest rate and minimum down payment. Programs can also be combined with scholarships and grants to further reduce your mortgage costs.

HomeFirst Down Payment Assistance Program

This program allows qualified buyers to receive a loan of up to $100,000 for a down payment or closing costs on a New York home. Money is forgivable after the buyer lives in the house for several years – the exact terms depend on the amount borrowed.

Belmont Housing Resources

This Western New York-based agency aggregates local programs for first-time home buyers on its website. Most offer subsidies for down payments and closing costs, but capital reduction may also be available.

Community Development Corporation of Long Island (CDCLI)

CDCLI offers qualified applicants grants for down payments, closing costs, and post-closing home repairs. They also have two programs that offer 20-year loans that act like deferred second mortgages.

Home Ownership Center

This agency offers down payment assistance and home rehabilitation money to qualified buyers and homeowners in upstate New York.

Albany County Rural Housing Alliance

This intermediary housing agency offers forgivable loans to help with the purchase and repair of a home. Another real estate agency in the city of Albany offers a similar eligible program in certain neighborhoods.

Troy Rehabilitation and Improvement Program

The City of Troy is offering grants of $15,000 and $20,000 to eligible borrowers for down payment and/or closing cost assistance.

Federal Home Loan Bank of New York Homebuyers Dream Program

The Homebuyer Dream Program offers grants of up to $10,000 to be used for down payment and closing cost assistance to first-time home buyers who earn at least 80% of Area Median Income (AMI) and buy a house in New York, New Jersey, Puerto Rico, or the US Virgin Islands.

Related: Home Down Payment Assistance Programs by State

How to Get a Mortgage in New York

To get a mortgage in New York, it helps to be as prepared as possible. Start by checking your credit profile, correcting errors and identifying weak points. Improve your credit where possible and avoid taking out new loans or making other large financial moves while you prepare to buy a home.

It’s always a good idea to try to estimate roughly how much home you can afford before you start applying for a mortgage. You can use an affordability calculator to help you figure out how much you can afford for a home.

Learn about the types of mortgages available and which one might be best for you, and start monitoring mortgage rates, which fluctuate frequently, to get an idea of ​​current market conditions.

Finally, gather all the documents you will need to apply: income verification, list of assets and liabilities, etc. If you are considering working with one of the financial aid programs mentioned above, you may not have much choice as to which lender you use, but if not, make sure you to shop around and get multiple quotes, both for interest rates and closing costs.

Related: Best Mortgage Lenders

What are the property taxes in New York?

In 2020, the median property tax bill for a New York homeowner was $5,590, according to the Tax Foundation. That’s about double the national average of $2,584.

Refinance rates for property in New York

As of Thursday, August 18, 2022, New York mortgage refinance rates started at 3.68% for a 15-year fixed-rate mortgage and 5% for a 30-year fixed-rate mortgage, according to Bankrate. .

Share.

Comments are closed.