Mortgage Trend
Mortgage seekers in New York should posses the knowledge of emerging trends
of the market before taking the home loan. The characteristics features of New
York Mortgage described here give an idea about the trend in the mortgage industry
and help you to make a decision.
- New York is a non-community property state. Hence, one does not necessarily
have to include the liabilities of one's spouse while applying for a mortgage
loan. One may choose to leave one's spouse out of the loan.
- Property is in great demand in the New York City. Median house value is
$211,900 in the ever active housing market there.
- There is a state tax (varying per county) which is evaluated on all New
York mortgages.
- Due to higher priced title fees New York State has been given the high closing
cost state tag. These costs ought to be borne in mind while moving in to New
York State for mortgage.The Department of Housing and Urban Development has
specified some states to be high closing cost states while others have been
considered to be low closing cost states.
- On November 17, 2000 the ''Remodel New York'' mortgage program
was announced. It was done as an assistance initiative drive to help more New
York families buy and remodel their first home through the State of New York
Mortgage Agency (SONYMA). SONYMA was to provide the first-time homebuyers with
low-rate financing for home buying and home improvement.
- In the case of multi-state deals possession of the New York license by the
mortgage broker is not enough. This was brought to light by a recent case. It
involved a New York based mortgage broker who, though not licensed in New Jersey,
had complied with the obligations under the brokerage agreement and became entitled
to a commission. This commission was obtained upon procuring a mortgage commitment
on a New Jersey property for a resident of the state.
- July 7, 1998 onwards a new foreclosure remedy has become available in the
New York State. This non-judicial foreclosure by power of sale provides an alternative
to judicial foreclosure in the cases where it is applicable.
- A chapter of The State of New York City's Housing and Neighborhood
2004 (Part 4) documents and deals with mortgage lending. A picture of the lending
activities for home purchases and home refinance along with measures of sub
prime lending is presented here.
