Refinance with Our Low Mortgage Rates in New York

Total Mortgage is offering some of the best mortgage rates in New York, as well as across the nation. With mortgage rates at historic lows, homeowners are taking advantage of these low rates to refinance their current loans. According to Mortgage Bankers Association, mortgage applications to buy home rose to higher pace last week since May, and more than 8 of every 10 loan application was for refinancing. Also see this blog for more on data by Mortgage Bankers Association and how low mortgage rates continues to fuel refinancing.

You can choose to refinance your current mortgage loans for many reasons, the most common would be to lock in these low rates and lower your mortgage rates, hence reduce your monthly payments. You can also transfer your current mortgage loan to a different loan; say from an adjustable mortgage loan to a fixed mortgage loan. With a fixed mortgage loan, the rates remain constant throughout the term of your loan, whereas with adjustable mortgage rates you get a fixed rate for a certain length of your loan and then periodically change based on index and margin. You can also shorten the length of your loan by refinancing. You can switch to a shorter loan terms such as the 20 year fixed mortgage loan or a 15 year fixed mortgage loan and payoff your loan faster, but keep in mind your monthly payment will go up with this.

A 30 year fixed conventional mortgage rate in New York is available at 4.125% with a 4.323% APR, a 15 year fixed conventional mortgage rate is available at 3.625% with a 3.972% APR. Total Mortgage also offers FHA loans and you can refinance with our 30 year fixed FHA mortgage rate at 4.000% with a 5.178% APR.

If you are considering refinancing and not sure which is a best fit for you, call 877-868-2503 to consult with one of our licensed mortgage professional immediately.

Mortgage rates are changing all the time,  mortgage rates for New York were quoted at 10:30 A.M., on September 8, 2010.

* All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 2 points, a $495 application fee, $400 appraisal fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, two points, a $495 application fee, $400 appraisal fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $450 appraisal fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants with 720 or higher FICO and 80 LTV and are subject to mortgage approval with full documentation of income. All rates are subject to change without notice.