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Disclaimer:

Our attempt is to provide our clients with up-to-date information on all current mortgage rates. The rates illustrated above are based on current market conditions for today, and are subject to change without notice.
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Frequently Asked Questions

Below we present a selection of the most frequently asked questions about our services and us. If you have more questions, please contact us.

  • I do not have a perfect credit record. How can nymortgagedepo.com help?


Our lender network has extensive programs that cover all credit and financial profiles. There is a loan program for every borrower, in any situation. The best mortgage programs with the best rates and services are just a click away!

  • What is a rate lock? How does it help?


A rate lock is a lender’s guarantee for a certain period on an interest rate. The time is usually between loan application and loan closing. A longer lock-in period may mean higher costs to the borrower, in interest rate or points or both.

  • Do you charge any fees?


No. nymortgagedepo.com is a free online consumer service dedicated to bringing the best loan terms to borrowers. You are free to apply at your convenience without any risk or obligation to accept any offer.

  • Does nymortgagedepo.com have any low cost or no cost programs?


Our extensive lender network offers a wide variety of loan programs with low cost or no cost options. You will have immediate savings with the low or no down payment programs.

  • How long will the mortgage process take?


The mortgage process depends on various factors. The lender will disclose the date of closing directly to the borrower.

  • What is an APR?


APR (Annual Percentage Rate) is defined as the annual cost of the loan and is expressed as a yearly rate. The APR is slightly higher than the interest rate on the loan, because it takes into account interest, points, origination fees and mortgage interest. Shopping for a loan based on APR alone is not advisable, because the calculations vary from lender to lender.

  • What are points?


Paying points is one way of reducing the interest rate on a mortgage. One point is equivalent to one percent of the loan amount. If you plan to live in your home for a long period, it makes sense to pay points up front, because the savings over time will be a considerable amount.

  • What is Loan to Value (LTV)?


Loan to value is calculated as: existing loan amount / current value of your home. The LTV is one of the factors that will determine whether or not you qualify for a loan and whether or not you will have to pay private mortgage insurance.

  • What is private mortgage insurance?


PMI (Private Mortgage Insurance) has to be paid when a buyer puts down less than 20% as a down payment. A lender’s risk increases when the down payment amount decreases. PMI protects the lender against default on the mortgage.

  • Which is better : a fixed rate mortgage or an adjustable rate mortgage?


Though adjustable rate mortgages offer lower interest rates than fixed rate mortgages, they may fluctuate every month, or every 6 months or every year. ARMs are suitable for those who do not plan to stay for long in their home, while a fixed rate mortgage is ideal for long-term homeowners.


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