New York Conventional Loans

Welcome to Jet Direct Mortgage! We are mortgage experts dedicated to making sure you find the right loan program with low interest rates for your home purchase or refinance.

Jet Direct Mortgage: Your Reliable Choice for Conventional Loans in New York County, NY. Achieve your home ownership aspirations with our specialized mortgage services designed for New York residents. Discover attractive rates and an easy application process.

Why Jet Direct Mortgage

Conventional Mortgage Application

We streamline the home financing process with our user-friendly online platform, enabling you to easily apply and obtain pre-qualification for a conventional loan. Our team of dedicated mortgage experts ensures you receive prompt responses and support, making your path to home financing a seamless and efficient one.

Conventional Loans and FHA Loans are some of the most common loan programs in New York. They’re great for buyers regardless of credit history or income! If you need help with your mortgage but don’t know where to start – Jet Direct Mortgage can help and find out what’s best suited fit within each program designed specifically for homeowners like yourself.

Let us help you realize your dream of homeownership with our specialized mortgage solutions designed specifically for New York County residents. Discover attractive interest rates and personalized financing choices right now.

2024 Conforming Loan Limits for New York County, NY

• 1 Unit – $750,000
• 2 Unit – $960,300
• 3 Unit – $1,160,750
• 4 Unit – $1,442,600

Median Home Price Calculation

The Federal Housing Finance Agency (FHFA) performs an annual survey to establish the median home prices for each county or metropolitan area in the United States. This median home price serves as the basis for determining loan limits in New York County.

The most recent survey conducted in 2023 for New York County reported a median home price of $1,175,000

Conventional Loans Benefits

Conventional loans are a popular mortgage option for many homebuyers. Here are some benefits of choosing a conventional loan:

Flexibility: Conventional loans come in various terms, such as 10, 15, 20, and 30 years, allowing borrowers to choose a term that fits their financial situation and goals.

No Upfront Mortgage Insurance: Unlike some government-backed loans, conventional loans don’t require an upfront mortgage insurance premium, which can save borrowers money.

Elimination of Mortgage Insurance: If you put down 20% or more as a down payment, you won’t have to pay monthly mortgage insurance. Even if you put down less than 20%, mortgage insurance can be eliminated once you reach a certain amount of equity in your home.

Higher Loan Limits: In many areas, conventional loans offer higher borrowing amounts than government-backed loans.

Diverse Property Types: Conventional loans can be used for primary residences, second homes, and investment properties, giving borrowers more versatility.

Rate Choices: Borrowers can choose between fixed-rate and adjustable-rate mortgages.

No Government Involvement: As they are not insured or guaranteed by the federal government, there’s no need to meet any additional governmental guidelines or potential bureaucracy.

Potential for Lower Rates: Depending on your credit score and down payment, you might be able to secure a lower interest rate with a conventional loan compared to some government-backed loans.

Refinancing Flexibility: Conventional loans allow homeowners to refinance their mortgage if interest rates drop, potentially leading to lower monthly payments.

Fewer Restrictions: There might be fewer property condition requirements compared to some government-backed loans.

When considering a conventional loan, it’s essential to compare it to other loan products and consult with a mortgage professional to ensure it’s the right fit for your financial situation and homebuying goals.

FAQs ( Mortgage Broker vs Mortgage Banker)

What’s the difference between a Mortgage Banker and a Mortgage Broker?

A mortgage banker and a mortgage broker are both professionals who help people obtain loans to purchase real estate, but there are some key differences between the two. A mortgage banker is a type of lender who offers home loans directly to borrowers. This means that the mortgage banker is responsible for underwriting the loan and providing the funds for the borrower to use to purchase a home. In contrast, a mortgage broker is a middleman who works with multiple lenders to help borrowers find the best loan for their needs. A mortgage broker does not provide the funds for the loan directly, but instead helps the borrower to find a lender and facilitate the loan application process for a fee.

What is a Mortgage Banker?

A mortgage banker is a type of lender who offers home loans directly to borrowers. This means that the mortgage banker is responsible for underwriting the loan and providing the funds for the borrower to use to purchase a home. A mortgage banker may work for a large financial institution, such as a bank, or may be an independent company that specializes in providing home loans. The mortgage banker is responsible for evaluating the borrower’s financial situation and credit history in order to determine their ability to repay the loan, and will also work with the borrower to determine the best loan product and terms for their needs. In some cases, a mortgage banker may also offer other financial services, such as advice on purchasing a home or refinancing an existing loan.

Benefits of using a Mortgage Banker

There are several benefits to using a mortgage banker when obtaining a home loan. One of the main advantages is that a mortgage banker is a direct lender, so they have the ability to provide a wide range of loan options and customize a loan to meet the specific needs of the borrower. This can be especially helpful for borrowers with unique financial situations or who have credit challenges. Additionally, because a mortgage banker is a direct lender, the borrower can typically get a decision on their loan application more quickly, which can be helpful when trying to meet a tight deadline for purchasing a home. Additionally, working with a mortgage banker can provide a more personalized experience, as the borrower will be dealing directly with the lender rather than a middleman or mortgage broker.