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NEW YORK City (NYC) in the state of New York has perhaps the highest property prices in the world. If you have a house there, which is under mortgage, you might want to consider the option of mortgage refinance, i.e., take a new mortgage loan to pay back your existing mortgage, and pay back the new loan in monthly payments.

 

Refinancing A Mortgage

 

Mortgage refinance is useful in certain circumstances. If you need cash for an immediate purpose (say, refurbishing your house), or if you want to prolong the duration of your mortgage by reducing your monthly payments (or vice versa), or change the type of your mortgage, or simply avail of lower interest rates -- mortgage refinance is the option for you.

 

Though different people have different reasons for taking mortgage refinance, a frequent reason is a fall in interest rates. As you might be aware, interest rates change from time to time. To illustrate this, we have provided below the mortgage rates in New York as on January 30, 2008, and shown how they changed over the previous week.




 

New York Mortgage Rates

 

Loan Type

On Jan 30, 2008

Previous week

30 Yr Fixed

5.17%

+ 0.01

15 Yr Fixed

4.77%

- 0.03

3/1 ARM

4.97%

-0.03

5/1 ARM

5.17%

+ 0.02

30 Yr Fixed Jumbo

6.06%

-0.01

 

The above table shows how mortgage rates, which are the same as mortgage refinance rates, varied in the week to January 30, 2008. It shows that the lowest rate applies to the 15-year fixed interest loan, and the highest interest applies to the 30-year jumbo loan.

 

Which loan to choose

 

The best mortgage refinance loan for you depends on your needs. Once you have decided what difference you want your mortgage refinance loan to do for you, find the different options from an online mortgage calculator, such as the ones you will find on websites like www.mortgageloan.com, www.erate.com and others (which you can identify through www.google.com). From the information you get through the online calculator, you will have an idea of what is the best option for you (it may even be that you won't find enough reason to proceed for a mortgage refinance).

 

Mortgage refinance firms in NYC

 

The findings from online calculators will give you a base from which to negotiate with lenders or brokers. Be sure that the companies you talk to are registered to offer their services in New York state. There are many such companies in NYC, two of who are listed below :

 

  1. Joseph Failla, Staten Island, New York 10308, 23 Dorit Ct. Tel: 800-FUND-24HR
  2. G. & M. Wolkenberg, Inc., Oceanside, New York 11572, 2838 Long Beach Road. Tel: 516-536-2525

 

The above firms are those we located on a casual browsing of the Internet. You will find many more contacts from the Internet, using appropriate search words.

 

 

Conclusion

 

The most important thing to remember while finalizing a mortgage refinance deal is not the interest rate, but the total cost of the loan which includes upfront fees and other charges. Therefore, the annual percentage rate (APR) is a better indicator than interest rate, and your negotiation should center on this and not on interest rate alone.