Peter Pescatore

NY Conventional Mortgages

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Conventional Loans in New York

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 rank among the most prevalent loan programs, offering benefits to buyers irrespective of their credit history or income. If you’re seeking mortgage assistance but aren’t sure where to begin, Jet Direct Mortgage is here to provide guidance and help you discover the program that best suits 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.


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

A mortgage banker and a mortgage broker both play crucial roles in the home-buying process, but they function differently. A mortgage banker directly provides loans to homebuyers, taking charge of underwriting the loan and disbursing the necessary funds for the property purchase. On the other hand, a mortgage broker acts as an intermediary, liaising between borrowers and various lenders to identify the most suitable loan option. Rather than directly financing the loan, a broker assists the borrower in connecting with a lender and streamlines the application process, typically for a fee.

What is a Mortgage Banker?

A mortgage banker directly provides home loans to buyers. They undertake the task of evaluating the loan, ensuring the borrower’s financial and credit backgrounds align with lending criteria, and then release the funds for the property’s purchase. While some mortgage bankers operate within larger financial entities like banks, others function independently, focusing solely on home financing. Their role extends beyond just disbursing loans; they assess the borrower’s financial status to suggest the most suitable loan option and terms. Additionally, they might offer related financial services, including guidance on home buying or loan refinancing.

Benefits of using a Mortgage Banker

Utilizing a mortgage banker for a home loan comes with multiple advantages. Firstly, as direct lenders, mortgage bankers can offer a diverse array of loan choices and tailor them to a borrower’s specific requirements. This flexibility is particularly beneficial for those with distinct financial scenarios or credit-related issues. Moreover, the direct lending nature of a mortgage banker often leads to faster loan application decisions, a boon for those on tight home purchase timelines. Another perk of partnering with a mortgage banker is the more individualized service, as borrowers communicate directly with the lender, bypassing intermediaries like mortgage brokers.


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What people are saying about Peter Pescatore

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