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
- I do not have a perfect credit record. How can
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.
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.
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.
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.