NY Jumbo ARM Mortgage Rates

NY Jumbo ARM Mortgage Rates have ticked down a bit as of late for all Counties of New York, giving hope that much needed liquidity is being added to the secondary market. This is great news for New York borrowers, as we have some loan programs available in all Counties of New York, with some niche programs available in restricted Counties: contact me directly for details.

At First Interstate Financial Cop., we have successfully added several investors that offer excellent NY Jumbo ARM Mortgage Rates. As of the close of business on 9/04/2009, the following fully amortized and interest-only NY Jumbo ARM Mortgage Rates were available*:

10/1 ARM 5.25%** 5.11% APR

7/1 ARM 4.5% 4.31% APR

7/1 I/O ARM 4.625% 4.49% APR

5/1 ARM 4.125% 3.87% APR

5/1 I/O ARM 4.25% 4.15%APR

These NY Jumbo ARM Mortgage Rates assume an owner-occupied property and are subject to qualification. There are various loan-to-value qualifications, asset requirements, income requirements, and credit requirements as well.

We at First Interstate Financial Corp. are fortunate to offer 4 different programs that have NY Jumbo ARM Mortgage Rates, you may qualify for a different program. There are programs available for second home financing, cash-out refinances, construction loan take-outs, purchase money financing, and even a stated income program in some Counties. We can offer loans for amounts up to 3 Million or higher, depending on your scenario. One such program we offer (available only in Suffolk, Nassau, Rockland, Putnam, Orange, Westchester, Dutchess, Columbia, and Richmond Counties) allows for an 80% Loan to Value on financing (purchase, refinance, cash-out) up to 1 Million dollars. Rates are different for that program, although they still are quite competitive.

Some prudent consumers in New York, particularly those who receive large annual bonuses, see the benefit in utilizing an interest-only ARM option to make prepayments on their mortgage balance. Interest-only options are available as well in all areas, and the interest-only portion of the loan is for 120 months.

It is important when considering NY Jumbo ARM Mortgage Rates that one carefully reviews their own financial situation and future plans. Our current financial crisis has proven a short-term ARM loan is not always a great fit for the consumer, and a reputable mortgage professional should always take into consideration a homeowner's goals for considering an adjustable rate mortgage loan. Additionally, consumers should review the margin, index, and caps of any proposed adjustable rate mortgage loan they are considering. I wrote this article primarily for those currently with ARM loans, but it explains the basics of adjustable rate mortgage financing.

NY Jumbo ARM Mortgage Rates are not for everyone. But for those with specific goals and those aware of the inherent risks, this program can be utilized as a great tool for saving money and for creating a sound financial plan.

•· Not a commitment to lend. Rates subject to change without notice, and assume an LTV under 60% and loan amount under 850k. Other programs available. Equal Housing Lender. Licensed in CA,CO,CT,DE,FL,GA,MA,MI,MO,MT, NJ, NY,PA,TX,SC,VA

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