Tips & Topics - Mortgages
Mortgage Overview
Did You Know?
If you make one extra payment on a 30-year, $250,000 mortgage each year, you can eliminate seven years of mortgage payments and save more than $30,000 over the life of the loan!
Purchasing a home is one of the single biggest purchases most people will ever make. That’s why it’s so important to get the mortgage product that is right for you at the lowest possible cost.
When you’re negotiating a mortgage rate, minor differences in interest rates may seem insignificant, but these apparently small differences could translate into thousands of dollars over a 30-year mortgage.
For example, with a 30-year fixed rate mortgage on a $250,000 home at 5.1 percent, you will pay $238,654.80 in interest alone over the life of your mortgage. At 5.2 percent you will pay $244,199.79 in interest. So a difference of just one-tenth of a percent in rates translates into a difference of $5,544.99 in your overall interest payments.
In this section of Your Money New York, we’ve assembled resources to help you understand the mortgage process and to help you make decisions that keep more of your money in your pocket:
The following topics are covered:
- Renting vs. Buying
- How Much House Can I Afford?
- Mortgage Definitions
- Resources for First-Time Home Buyers
- Prequalification and Preapproval
- Mortgage Costs
- Reverse Mortgages
- Refinancing
- Help for Homeowners Facing Foreclosure
- Current Interest Rates