Mortgage Refinansing Help

Mortgage Refinancing Help: New York

“Changing the term of your mortgage can help in several ways. First, if you were to refinance your current mortgage from 30 years to 15 years, you will accelerate the rate at which you pay towards principle each month meaning your house will be paid off quicker. Also, you will save an unbelievable amount of money in terms of interest because you would likely be taking 10 to 15 years off the life of your loan. Second, you can also refinance a 15 year mortgage to a 30 year mortgage. It seems like it might not make sense to do this, but if you have an immediate need to free up monthly cash-flow and you don't want to take out a home equity loan, this can work out to your benefit. When you take a 15 year loan and refinance it to 30 years you will have the same balance only the payments can be hundreds of dollars less than the 15 year loan. The only draw back to this is you will pay more in interest over the live of the loan. ”

Mortgage Refinancing Help : Business: Financial Services: Banking Services: Banks and Institutions: Regional: North America: United States : New York (40)

There are literally thousands of mortgage companies all over the country. It is important that you choose a reputable one. Most reputable companies will be part of the Better Business Bureau or other community watchdog group. Good companies will also have websites that rank well on search engines such as Yahoo and Google.

See also:

Bank of New York »
A full service bank offering a full range of banking and other financial services to corporations, businesses and individuals worldwide. The first bank chartered in New York.

Union State Bank »
A full service commercial bank with banking offices located in Rockland and Westchester counties in New York.

PathFinder Bank »
Offers a full array of financial products and services to area residents in Oswego.

Genesee Regional Bank »
Provides banking products and financial services in New York.

Long Island Commercial Bank »
Provides commercial and consumer banking to communities in Nassau and Suffolk counties.

Atlas Savings Bank »
An independent community bank offering complete banking and financial services in Brooklyn, New York.

The First National Bank of Long Island »
Community bank with branches located in Nassau and Suffolk.

Provident Bank »
Offers personal and business banking from 27 full-service offices throughout Rockland, Orange, Ulster, and Sullivan Counties, New York.

Habib American Bank »
Community bank specializing in trade finance and meeting the banking needs of small businesses.

Geddes Federal Savings »
Provides Syracuse residents with a safe and secure place for their savings along with the ability to borrow money to purchase homes.

New York Community Bank »
Regional bank offering commercial and personal services. Includes community events, career opportunities, and online banking.

Flatbush Federal Savings »
An independent community bank offering complete banking and financial services in Brooklyn, New York.

Sterling Bancorp »
Financial holding company with Sterling National Bank as main subsidiary. Offers banking and investing services.

Cattaraugus County Bank »
An independent community bank, CCB's main office is located in Little Valley, NY, and maintains branch locations in Franklinville, Randolph, Salamanca and Springville.

First National Bank »
A locally-owned and managed community bank serving the Sullivan County/Catskills region of New York State.

Pioneer Savings Bank »
Offers a complete range of personal banking services, serving the communities of the Capital Region of New York.

Ballston Spa National Bank »
Community bank with eight locations in Saratoga county.

1st National Bank of Scotia »
An independent bank providing personalized service to customers in Scotia, New York.

Champlain National Bank »
Community-owned commercial bank offers financial services to Essex and Clinton counties.

Wilber National Bank »
Providing high-quality customer service and innovative products throughout upstate New York.

Brown Brothers Harriman »
A privately-held financial services firm offering a range of international investment and banking services.

Hudson Valley Bank »
Provides banking services to individuals, businesses, and professionals.

Queens County Savings Bank »
A full service community bank serving the financial needs of Queens, New York.

European American Bank »
A full service bank with branches in Elmhurst, Flushing, Jamaica, and South Ozone Park, New York.

Five Star Bank »
Western and central New York bank providing business and personal banking services. Includes products offered, locations and hours, and rate calculators.

The Astoria Federal Savings Bank »
Mortgage, home equity, small business banking.

Suffolk County National Bank »
The second largest independent commercial bank headquartered on Long Island, New York.

ABN AMRO Bank »
Provides universal banking services to corporate nationally and internationally operating clients, as well as personal and private banking customers. ABN AMRO has a presence in 74 countries and territories.

Bank of Baroda USA - NY Branch »
NY Branch - Offers a full range of financial products and personal banking services. Provides trade finance, fund transfer, NRI services and loan facilities for business.

First National Bank of Dryden »
A community bank offering services from two locations in Dryden, New York.

M & T Bank »
Regional bank offers personal and business banking services, operating more than 650 branches across NY, PA, MD, VA, WV, and DC.

Brooklyn Federal Savings Bank »
An independent community bank offering complete banking and financial services.

Elmira Savings Bank, FSB (The) »
Performs savings and loan operations and other related financial activities. (Nasdaq: ESBK).

Seneca Federal Savings and Loan »
Located in the Central NY area. Includes current rates and service descriptions.

Bank Audi USA »
Part of the Lebanese Audi Group, providing full-service banking.

HSBC Bank USA »
New York-based corporate bank provides a wide range of financial services to consumers and businesses.

State Bank of Long Island »
Providing banking services for commercial, municipal and personal customers.

HSBC Bank USA »
New York State regional bank and principal subsidiary of HSBC USA Inc.

Ridgewood Bank »
Community bank provides personal services through branches in Queens, Brooklyn, and Nassau, New York.

Once you know the reason for refinancing, you should ask your mortgage specialist whether or not it would be beneficial for you to refinance at this time or whether it may be more beneficial to wait.

When lenders offer a "no-cost" loan, they may include a prepayment penalty to discourage you from refinancing within the first few years of the loan. Ask the lender offering a no-cost loan to explain all the fees and penalties before you agree to these terms.

There is no such limit on the number of times you can go for home refinance loans. Most lenders prefer that you have no late payment for the past 12 months before you switch over to a new loan.

Be Realistic. Lenders have tightened up loan requirements, so you'll need a good credit score and at least some equity in your home to refinance. To figure out how much equity you have, subtract the total amount that you owe on all of your existing mortgages from how much you think your home is worth. If your credit is severely impaired or you owe more than the value of your home, you probably won't be able to refinance right now.