Reverse Mortgage Wantagh, NY
Reverse Mortgage in Wantagh, NY 11793
Mortgage Interest Rates
If you’ve never bought a house before in Wantagh, NY, you’re undoubtedly shocked by all the terminology you’ve been exposed to. A fixed-rate or an adjustable-rate mortgage are both options. It can have a term of 15, 30, or even a different length. And a whole lot more! It turns out that you must choose the mortgage interest rate type that is best for you.
Your financial condition and level of comfort will determine the type of mortgage you select. You can start your application with Jet Direct Mortgage if prepared to begin the mortgage procedure in Nassau County and the greater Wantagh, NY area.
A fixed-rate mortgage is a type of house loan with a set interest rate for the duration of the loan. In essence, the mortgage’s interest rate won’t vary during the course of the loan, and the borrower’s monthly payments for interest and principal won’t change either. Even market changes won’t have an effect on the rate with this kind of mortgage.
The biggest advantage of a fixed-rate mortgage is that your monthly payment will not change throughout the loan. With a fixed-rate mortgage, your principal and interest payments—the portion of the mortgage itself—won’t fluctuate. The initial rate on an ARM is lower than that for fixed-rate mortgages (discussed below). For the assurance that your interest rate will remain low for the duration of your loan repayment, you’re willing to spend a little bit more.
As we have seen, stability is greatly enhanced by fixed-rate mortgages. A fixed-rate loan can be very sensible if you want to avoid worrying about your monthly payments altering in the future. Additionally, if you get it at a low-interest rate from a leading reverse mortgage lender, it might be a wise decision.
Call Jet Direct Mortgage at 855-553-4732 to learn about different types of mortgage rates and which one is the best for your needs.
The interest rate on an adjustable-rate mortgage is changeable. For the initial few years of the loan, the interest rate will not change; after that, the bank will change it. Lenders offer a wide variety of ARMs with varying starting terms, ranging from three years to ten years (or longer!). Two numbers represent the rate: The duration of the fixed rate is the first, and the frequency of subsequent interest rate adjustments is the second.
The lower initial interest rate of ARMs is its main selling point. You might be able to save money early on in the loan that you can put toward the principal, which would speed up the repayment of your mortgage. You might be in a position to afford a more expensive home with reduced payments, thanks to the greater cash flow upfront. Having excess cash flow could also provide you with an advantage in the competitive real estate market.
If you don’t intend to live in your house for an extended period of time, the low introductory rate of an ARM may be quite alluring. Usually, for the first 5, 7, or 10 years that you hold the loan, your introductory rate is fixed. An ARM can help you save money if you plan to sell your home before your rate increases. Additionally, if interest rates are currently high, an ARM may enable you to obtain a lower rate.
If you have any doubts regarding mortgage rates, call Nassau County’s best at 855-553-4732.
If you’ve been looking for the best refinance company to refinance home loan, look no further because we are one of them. All you need is our assistance to find low-mortgage refinance rates, and our Wantagh, NY, mortgage lenders, can help you find the best mortgage programs based on your requirements. From pre-application to closing, our Nassau County team of mortgage professionals will help you navigate the mortgage process.
Do you have any questions or worries concerning the Wantagh, NY mortgage process? If so, don’t hold out any longer! Contact us at Jet Direct Mortgage today 855-553-4732.
Some information about Wantagh, NY
Wantagh is a hamlet and census-designated place (CDP) in the Town of Hempstead in Nassau County, on Long Island, New York, United States. The population was 18,871 at the time of the 2010 census.
The Wantagh area was inhabited by the Merokee (or Merikoke) tribe of the Metoac Indians prior to the first wave of European settlement in the mid-17th century. The Merokee were part of the greater Montauk tribe that loosely ruled Long Island’s Native Americans. Wantagh was the sachem (chief) of the Merokee tribe in 1647, and was later the grand sachem of the Montauk tribe from 1651 to 1658. The Dutch settlers came east from their New Amsterdam colony, and English settlers came south from Connecticut and Massachusetts settlements. When the English and Dutch settled their competing claims to Long Island in the 1650 treaty conducted in Hartford, the Dutch partition included all lands west of Oyster Bay and thus the Wantagh area. Long Island then was ceded to the Duke of York in 1663-64, but then fell back into Dutch hands after the Dutch regained New York in 1673. The Treaty of Westminster in 1674 settled the land claims once and for all, incorporating Long Island into the now-British colony of New York.
Early settler accounts refer to Wantagh as “Jerusalem”, although earlier accounts refer to the area as “Wantagh”. The creek running north-south through Wantagh, and which has been covered up in many places but is still visible between the Wantagh Parkway and the housing developments west of Wantagh Avenue, was originally the Jerusalem River. The original post office was built in 1837, for Jerusalem, but mail service from Brooklyn began around 1780. The town’s first school was established in 1790. At some time around the 1880s, Jerusalem was renamed Ridgewood, and the town’s original LIRR station was named “Ridgewood Station”. Later, Ridgewood was renamed Wantagh to avoid confusion with another town in New York State with the same name.
George Washington rode through Jerusalem on April 21, 1790, as part of his 5-day tour of Long Island. The Daughters of the American Revolution have placed a plaque on Hempstead Turnpike to commemorate Washington’s travels, which took him from Hempstead on Jerusalem Road (now North Jerusalem Road) to Jerusalem, on to Merrick Road. He then went on to head east, then circle back west on the north shore. During the Revolutionary War, British ships traveled up Jones inlet and came ashore to raid Jerusalem farms.