Home values in New York have increased in several markets, including Nassau/Suffolk, the New York metro area, and Syracuse. According to the National Association of Realtors, the median value of a home in Nassau/Suffolk in 2003 was $374,900, an increase of 12.4 percent from the previous year. Beyond having a good sense of the local housing market, as a first-time home buyer or homeowner you’ll also want to know of financing available to you.
First, there are two types of home loans: Fixed Rate and Adjustable Rate Mortgages (ARMS). Fixed Rate Mortgages come in 15 and 30-year terms and payments remain the same through the life of the loan. ARMS are less predictable, offering lower interest rates initially and payments that may fluctuate at a regular rate. It is also noteworthy that special mortgages are available to help first-time buyers obtain a loan who have poor credit or limited income.
If you’re already a homeowner, your old mortgage may no longer be suited to your needs. If you’re interested in getting a lower interest rate and lower mortgage payments, talk to a lender about refinancing your mortgage. And if you’re looking to renovate your home, a second mortgage or home improvement loan might be right for you. Or maybe you want to get some of the cash out of your home by taking out a home equity loan.
These options represent an overview of home financing available to buyers and owners. Be sure to discuss your unique circumstances with your lender, as other loans tailored to your specific needs may be available.