Forest Hills, N.Y. (PRWEB) October 20, 2009
Igor Noble of http://www.GetLowRate.com is pleased to announce that his company is now offering to assist individuals in the application proves for New York Mortgage Refinance.
Last spring the US government launched a housing relief program designed to help seven to nine million homeowners, but so far only 85,000 homeowners have used the program to refinance. Borrowers take advantage of historically low interest rates and use New York mortgage refinance to significantly cut their monthly mortgage payments.
Many homeowners mistakenly think they are not eligible. Below is a summary of the most recent guidelines that some lenders use to qualify homeowners for New York mortgage refinance:
1. The most important change is that lenders will allow to refinance the homeowner's property with the maximum loan to value, LTV, up to 125%. For example, if the property is appraised at $100,000, the lender will be able to refinance the property as long as the loan amount on the first mortgage will not exceed $125,000. If a borrower has a second mortgage as well, all existing subordinate financing must be re-subordinated. New subordinate financing will not allowed.
2. The maximum loan amounts for Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester Counties of New York State are $729,750 for single families, $934,200 for two families, $1,129,250 for three families, and $1,403,400 for four families. For Dutchess and Orange counties are $433,750, $568,050, $686,650, and $853,350 respectively.
3. The occupancies that will qualify for New York mortgage refinance are primary residence, second homes and investment properties.
4. The property type has to be 1-4 family, warrantable condos, and PUDs. There is no limit on the number of financed properties to the same borrower.
5. There is no minimum credit score requirement. However, credit report must be submitted.
6. Mortgage insurance is not required if existing loan does not have mortgage insurance in force, regardless of LTV.
The interest rate will be based on market rates at the time of the refinance. Currently, interest rates are at historical lows, which make this a good time to examine refinancing options. Refinancing will not reduce the principal loan amount; however, refinancing should save money by reducing the amount of interest that has to be repaid over the life of the loan.
"My company can assist consumers immediately in applying for this refinance initiative and several other real estate financing transactions," Mr. Noble said. "They are a member of New York Association of Mortgage Brokers and Better Business Bureau."
To learn more, visit http://www.GetLowRate.com or call 888.9LOAN99.
About Great Northern Mortgage Corp. (http://www.GetLowRate.com):
The company was founded in 2004 by Igor Noble, real estate and bank attorney in the state of New York. Mr. Noble was involved in real estate financing and acquisitions since 1994. Extensive expertise in areas of real estate law, and real estate investing, helped Mr. Noble to bring together a team of professionals who share the same passion and ideas to real estate.
Beginning July 2007 when the real estate market started crashing and hundreds of thousands of people faced foreclosure, the company revisited its goals and directions to accommodate a growing mass of people with their urgent needs. The company provides loans for commercial and residential acquisitions, refinancing of existing commercial and residential properties.