Financing in New York>Question Details

NYCBrowser, Home Owner in Brooklyn, NY

How does the interest rate factor in when you get a mortgage loan?

Asked by NYCBrowser, Brooklyn, NY Thu Mar 7, 2013

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4
Sebastian Akerman’s answer
Interest rates are determined by the size and length of your loan. A 15 year fixed loan is the best option for anyone trying to save money. Not only will your interest rate be lower but you will pay off your house in the shortest amount of time. Who wouldn't want that?
0 votes Thank Flag Link Thu Mar 14, 2013
Well it's probably one of the most important things. The rate can impact your decision of which lender you'll use it can also impact the closing costs if you're looking to buy down the interest rate. There is just so many different ways it can impact a loan.

I strongly suggest you meet face-to-face with a Loan Officer and go over your options. If you're looking for a Loan Officer, as i suggested in your previous question, I'm always available to meet in our Brooklyn offices. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
0 votes Thank Flag Link Thu Mar 7, 2013
Interest rates fluctuate daily, and generally the better the credit score, the better the rate; the annual rate is broken down to a monthly rate, then applied to one's monthly balance; discuss the specifics as they apply to you with your licensed loan officer.
0 votes Thank Flag Link Thu Mar 7, 2013
Generally the interest rate is contingent on the payback period and amount of the loan.
0 votes Thank Flag Link Thu Mar 7, 2013
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