Mortgages Manhattan NY

Mortgages in Manhattan, NY. Find addresses and phone numbers of local business and services that provide access to Mortgages in Manhattan, NY.

Homebridge Mortgage Bankers
(212) 756-4700
444 Madison Ave
New York, NY
 
New York State Hsg Fin Agcy
(212) 688-4000
641 Lexington Ave
New York, NY
 
Guardhill Financial Corp
(212) 688-9500
950 Third Avenue 24Th Fl
New York, NY
 
Lehman Brothers Holdings Inc
(212) 320-6681
745 7Th Ave
New York, NY
 
Citibank Na
(212) 793-5880
399 Park Avenue 3Rd Floor
New York, NY
 
New York Mortgage Company LLC
(212) 634-9400
1301 Ave.Of Americas 7Th Floor
New York, NY
 
Equity Now Inc
(212) 664-8900
1370 Avenue Of The Americas Fl
New York, NY
 
Ubs Real Estate Investment Inc
(212) 713-8607
1285 Avenue Of Americas 19Th F
New York, NY
 
Ubs Real Estate Securities Inc
(212) 713-2000
1285 Ave Of Americas 11Th Fl
New York, NY
 
Manhattan Mortgage Co Inc
(212) 593-4343
555 Madison Avenue 14Th Floor
New York, NY
 

How Much House Can You Afford?

Debt-to-Income Ratios

To determine your maximum mortgage amount, lenders use guidelines called debt-to-income ratios. This is simply the percentage of your monthly gross income (before taxes) that is used to pay your monthly debts. Because there are two calculations, there is a "front" ratio and a "back" ratio and they are generally written in the following format: 33/38.

The front ratio is the percentage of your monthly gross income (before taxes) that is used to pay your housing costs, including principal, interest, taxes, insurance, mortgage insurance (when applicable) and homeowners association fees (when applicable). The back ratio is the same thing, only it also includes your monthly consumer debt. Consumer debt can be car payments, credit card debt, installment loans, and similar related expenses. Auto or life insurance is not considered a debt.

A common guideline for debt-to-income ratios is 33/38. A borrower's housing costs consume thirty-three percent of their monthly income. Add their monthly consumer debt to the housing costs, and it should take no more than thirty-eight percent of their monthly income to meet those obligations.

Click here to read more

Your Down Payment Affects Everything

Your First Step Toward Buying a Home

When preparing to buy a home, the first thing many homebuyers do is look at "homes for sale" ads in newspapers, magazines and listings on the internet. Some potential buyers read "how-to" articles like this one. The next thing you should do โ€“ before you call on an ad, before you talk to a Realtor, before you shop for interest rates โ€“ is look at your savings.

Why?

Because determining how much money you have available for down payment and closing costs affects almost every aspect of buying a home โ€“ including how you write your purchase offer, the loan programs you qualify for, and shopping for interest rates.

Mortgage Programs

If you only have enough available for a minimum down payment, your choices of loan program will be limited to only a few types of mortgages. If someone is giving you a gift for all or part of the down payment, your options are also limited. If you have enough for the down payment, but need the lender or seller to cover all or part of your closing costs, this further limits your options. If you borrow all or a portion of the down payment from your 401K or retirement plan, different loan programs have different rules on how you qualify.

Of course, if you have enough for a large down payment, then you have lots of choices.

Your loan choices include such varied programs as conventional fixed rate loans, adjustable rate mortgages, buydowns, VA, FHA, graduated payment mortgages and all the varieties of each.

Shopping Rates

A very important reason you need to have at least some idea of your down payment is for shopping interest rates. Some loan programs charge a slightly higher interest rate for minimal down payments. Plus, the interest rates for different loan programs are not the same. For example, conventional, VA, and FHA all offer fixed rate loans. However, the rates vary from one program to another.

Click here to read more