NY Mortgage

The Mortgage Scoop
You are here: Home / Archives for NY Mortgage

Honoring Veterans Day, and Celebrating Homeownership

by

Today, we pause to honor the brave men and women who have served our country. Your courage, sacrifice, and dedication protect the freedoms that allow us all to call this nation home.

As a mortgage professional, I am proud to support our veterans and active-duty service members through the VA home loan program.

This incredible benefit helps make homeownership more affordable, with no down payment, no private mortgage insurance, and competitive interest rates.

Thank you to all who have served, and to the families who stand beside you. Your strength inspires us every day. If you are a veteran or service member ready to explore homeownership, I would be honored to help you take that next step.

What’s Ahead For Mortgage Rates This Week – November 10th, 2025

by

With the government shutdown heading into a possible resolution, there were still delays on important data such as employment report releases. This has been somewhat relieved with the release of other reports that have been delayed in the past within the current government shutdown.

This time we are looking at Consumer Sentiment reports by Univ. of Michigan, which has reported a record low in sentiment in the last 6 months amidst the government shutdown. This signifies growing consumer anxiety as inflation pressures grow and delays in programs like Food Benefits take effect. Next week, the CPI and PPI inflation reports are tentatively scheduled for release, and many are anticipating it to be within line. However it still remains to be seen if it will be released on time.

University of Michigan Consumer Sentiment
The mood among consumers darkened in November as the government shutdown dragged on, according to a new survey released Friday. The University of Michigan’s consumer-sentiment index fell to 50.3 in a preliminary November reading, down from 53.6 in the prior month. That’s the lowest level since June 2022, which was the lowest level on record.

Primary Mortgage Market Survey Index
• 15-Yr FRM rates saw an increase of 0.09% for this week, with the current rate at 5.41%
• 30-Yr FRM rates saw an increase of 0.05% for this week, with the current rate at 6.22%

MND Rate Index
• 30-Yr FHA rates saw an increase of 0.02% for this week. Current rates at 6.03%
• 30-Yr VA rates saw an increase of 0.01% for this week. Current rates at 6.04%

Jobless Claims
Initial Claims were reported to be delayed until further notice.

What’s Ahead
The CPI and PPI inflation reports are scheduled to be released next week. 

When and How to Secure a Favorable Mortgage Rate Lock

by

Interest rates can fluctuate from one week to the next, and that can have a major impact on your monthly payment and overall loan cost. A mortgage rate lock gives you the ability to secure your interest rate for a set period of time, protecting you from unexpected increases while your loan is being finalized. Understanding how rate locks work can help you choose the right time and terms for your situation.

What a Rate Lock Means
A rate lock is an agreement between you and your lender that guarantees a specific interest rate for a certain number of days, usually between thirty and sixty. This means that even if market rates rise before your loan closes, your locked rate will stay the same. It provides peace of mind during the process, especially when rates are moving quickly.

When to Lock Your Rate
The best time to lock your rate depends on your timeline and how comfortable you are with market changes. Many borrowers choose to lock their rate once they have a signed purchase agreement and their loan application is underway. Locking too early can create challenges if your closing date changes, while waiting too long could mean risking a higher rate. Your lender can help you weigh the timing based on current trends and your specific situation.

How Long to Lock Your Rate
Lenders offer different rate lock periods, typically ranging from thirty to ninety days. A longer lock provides more protection against delays but may come with a slightly higher cost. A shorter lock is usually less expensive but may expire if the loan process takes longer than expected. Choosing the right length depends on your closing schedule and the overall pace of your transaction.

What Happens If Rates Drop
If rates go down after you have locked, some lenders offer a  float-down  option that allows you to take advantage of the lower rate. However, this feature is not automatic and may involve additional terms or fees. It is worth asking about before you commit to a lock so you understand all your options.

A mortgage rate lock is a valuable tool for managing uncertainty and securing stability during your home loan process. By timing your lock wisely and understanding the available options, you can protect your budget and close with confidence.

What to Expect at Your First Mortgage Appointment

by

Meeting with a lender for the first time is a big step in your homebuying journey. Whether you are buying your first home or upgrading to your next one, your mortgage appointment sets the stage for what comes next. Knowing what to expect helps you feel confident, prepared, and ready to make the most of that important conversation.

Gathering Your Financial Information

Before your appointment, your lender will want to review your financial details. This includes your recent pay stubs, W-2 forms, tax returns, bank statements, and records of any debts or assets. Having these documents ready helps your lender get an accurate picture of your financial situation and makes the process smoother from the start.

Discussing Your Goals

Your first meeting is not just about numbers. It is also about understanding your homeownership goals. Be ready to talk about the type of home you want, your preferred price range, and how long you plan to stay in the property. Your lender will use this information to recommend loan options that fit your short-term and long-term financial goals.

Reviewing Credit and Loan Options

Your lender will review your credit report and explain how your score affects your loan eligibility and interest rate. They will walk you through different loan programs, including conventional, FHA, and VA loans, and outline the pros and cons of each. This is your chance to ask questions and understand how each option aligns with your financial comfort level.

Understanding Your Budget

One of the most valuable parts of your first mortgage appointment is learning how much home you can afford. Your lender will estimate your potential loan amount based on your income, debt, and down payment. They will also help you understand how monthly payments, interest rates, and closing costs fit into your budget so that you can make informed decisions moving forward.

Next Steps After the Appointment

At the end of the meeting, your lender will outline the next steps in the process. This may include getting prequalified or preapproved, gathering additional documentation, or reviewing your credit in more detail. You will leave the appointment with a clear action plan and a stronger understanding of what it will take to become a homeowner.

Your first mortgage appointment is about building clarity and confidence. When you come prepared and ask questions, you set yourself up for a successful start to your homebuying journey.

What Mortgage Lenders Really Look At Before Approving Your Loan

by

One of the first questions homebuyers ask is how much they can afford to borrow. While the number may seem mysterious, lenders use a clear set of financial factors to decide how much you qualify for.

Understanding these factors can help you plan ahead, make smart choices, and feel confident as you start your homebuying journey.

Your Income and Employment History
Lenders begin by reviewing your income to determine if it is stable and sufficient to support a mortgage payment. They will verify your employment history, pay stubs, tax returns, and other documentation to confirm consistency. A steady income reassures the lender that you can manage monthly payments without financial strain.

vYour Debt-to-Income Ratio
Your debt-to-income ratio, or DTI, is one of the most important calculations in the loan process. It measures how much of your monthly income goes toward paying existing debts, including credit cards, student loans, car payments, and any other obligations. A lower DTI shows that you have room in your budget for a new mortgage, which can increase your borrowing power.

Your Credit Score and History
Credit plays a major role in the amount you can borrow and the interest rate you receive. A higher credit score tells lenders that you manage your finances responsibly and are likely to make timely payments. If your score is lower, lenders may offer a smaller loan amount or a higher rate to offset the perceived risk. Building and maintaining good credit before applying for a mortgage can make a meaningful difference.

Your Down Payment
The amount you plan to put down directly impacts how much you can borrow. A larger down payment reduces the loan amount and shows that you have a financial investment in the property. It can also help you qualify for better terms and possibly eliminate the need for mortgage insurance.

The Property Itself
The value of the home you want to purchase also affects your loan amount. Lenders will require an appraisal to ensure that the propertyís market value matches or exceeds the price you have agreed to pay. This helps protect both you and the lender from overpaying.

Mortgage lenders look at your full financial picture to decide how much you can borrow. By understanding and preparing for these factors, you can set realistic expectations, strengthen your application, and position yourself for success when it is time to buy.