The 30 yr fixed rate mortgage rate in NY is at an all-time low. These rates are locked in and ready to help first time and longtime home buyers take advantage of historically low interest rates. Lynx Mortgage is your trustworthy lender with skilled brokers willing to work with clients during this trying time.
Why should I choose a 30-year fixed-rate mortgage?
There are typically three types of mortgages available. Options are based on the type of interest rate and term of your loan.
The three mortgage types are:
- 15-year fixed-rate mortgages
- 30-year fixed-rate mortgages
- ARM mortgages with variable APR
The option you choose depends on your ability to pay. However, the fixed rate is superior to variable APR.
Benefits Fixed-Rate Mortgages
Mortgage rates in New York are at an all time low but that does not mean they will start to go up as the economy improves. The Federal Reserve cut rates to as low as zero percent to stimulate the economy.
Fixed rates ensure that you never pay more through the length of your lone. Variable rates will certainly go up. The only reason to choose variable rates is if rates are at an all time high and you can avoid refinancing fees.
What are the current mortgage rates in New York?
The best fixed 30 yr mortgage rates stand at 2.99 percent in the last half of 2020. A 15-year mortgage runs at 2.54 percent.
The cost of borrowing has never been lower. In the past 30 years, rates have consistently been above three percent. Even 2008 rates were higher than they are now.
How much mortgage can I afford?
Even with low rates, you should use a mortgage calculator to avoid complications in the future. Just because borrowing is cheap does not mean you should max out your line of credit.
A loan default is among the most damaging events that can occur for your credit. Only a bankruptcy can be worse. Get in touch with our mortgage specialists to find an amount that you can afford.
Trustworthy Mortgage Company
A trustworthy company knows that your credit score and long-term viability are as important as your home. Good companies know that a foreclosure is the worst option.
Look for a company that will work with you no matter the interest rate that is offered. No one can predict the future. Your mortgage company needs to understand your capabilities.
30 YR Fixed Rate Mortgage in NY
If you can afford a down payment, preferably without mortgage insurance, now is the time to buy. A 30 yr fixed rate mortgage in NY carries a rate of 2.99 percent. Rates this low have not been available in recent history.
Lynx Mortgage works with customers to ensure that they obtain the lowest possible fixed rates and an amount that they can afford and grow with. Get in touch with our team of specialists at 877-599-LYNX to find out more about our offerings.