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Find a Mortgage Lender for a Refinance in New York • Benzinga

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A mortgage loan isn’t permanent and a loan refinance can help adjust your term, interest rate or equity to meet your changing needs. Start with our guide to refinance in New York to learn more about the process and find a lender to help you refinance your mortgage. 

Refinance Calculator

Best Refinance Lenders in New York

From VA loan refinance options from Veterans United to the Quicken Loans® streamlined Rocket Mortgage® platform, you’ll find plenty of refinance choices in New York. Consider 1 of our recommended lenders below.

Get Matched with a Lender


Avg. Days to Close Loan

10-40


Get started

securely through Get Matched with a Lender’s website

Luxury Mortgage


Avg. Days to Close Loan

30 – 40


Get started

securely through Luxury Mortgage’s website

Veterans United Mortgage


Avg. Days to Close Loan

30


Get started

securely through Veterans United Mortgage’s website

Quicken Loans Mortgage


Avg. Days to Close Loan

30


Get started

securely through Quicken Loans Mortgage’s website

Avg. Days to Close Loan

30

1 Minute Review

Quicken Loans® offers award-winning customer service for both originating and servicing mortgages. This means you’re taken care of at every step of the mortgage process. Quicken Loans® offers a range of mortgage products. You can apply for its loans from the comfort of your home by phone or online through Rocket Mortgage® by Quicken Loans®.

Best For
  • People who prefer online service
  • People who want a range of home loan options
  • People who want to refinance
Pros
  • Extensive customer service availability
  • Government-backed and conventional loan options for home buyers
  • Works with investors and people buying second homes
Cons
  • No in-person service options
  • No home equity loans or lines of credit

Current New York Refinance Rates

Interest rates will vary and depend on current market rates in your area. When you refinance a mortgage, you’ll lock into an interest rate that’s in line with today’s average rates.

Online mortgage lenders make it easy to track mortgage rates. Below you can view some examples of what you might pay for your refinance in New York today. If average market rates are lower than the rate you’re currently paying, now might be a great time to refinance. 

Rates based on a loan amount of $180,000 and property value of $225,000.

Refinance Process

Knowing what to expect before you refinance can make the process smoother. Let’s take a look at the basic steps you can expect when you decide to refinance your loan.  

Step 1: Decide Which Type of Refinance You Need

The 1st thing you’ll need to do when you decide to refinance is determine your refinance goals and type. There are 3 major types of refinances:

  • Rate or term refinance. You can lengthen or shorten your loan term depending on your needs. When you refinance your interest rate, you’ll accept a rate in line with current market rates.
  • Type refinance. You can also refinance to a new loan type. For example, many homeowners refinance an FHA loan into a conventional loan once they hit 20% equity.
  • Cash-out refinance. A cash-out refinance is a unique type of refinance that allows you to access a portion of your home’s equity in cash. For example, if you have a mortgage loan with a balance of $200,000 and you need $10,000 to pay off debt, you might want to take a cash-out refinance to receive $10,000 in cash after closing. In exchange, you’d accept a mortgage loan with a principal balance of $210,000. 

Step 2: Choose Your Lender

There is no rule that says you must refinance your loan with your lender that gave you your original mortgage. If you aren’t satisfied with your current lender, you might want to refinance with a new company.

The best mortgage company for you will vary depending on your preferred application process, the type of loan you need and the interest rates offered. Don’t be afraid to take some time to research multiple lenders. 

Step 3: Apply For Your Loan

After choosing your lender, submit an application using the lender’s method. You can apply 100% online if you choose an online lender like Quicken Loans or Better.com. If you apply through a local lender, you may or may not need to visit a branch to complete your application.

Your lender will ask you for a few financial documents to prove your income, including bank statements and W-2s. If you’re self-employed, you’ll likely need to provide additional income verification. Most lenders will return a decision shortly after you apply for your refinance.  

Step 4: Lock In Your Rate

The best refinance mortgage companies allow you to lock in your interest rate while they complete underwriting. Most rate locks last between 15 to 60 days depending on the lender. If you want to lock your rate beyond this period, you may need to pay an additional fee.

You might also have the option to “float” your interest rate, which means allowing your rate to change as market rates change while your lender underwrites your loan. While floating may give you a lower rate if rates drop, it can also mean paying a higher rate if they rise. If you’re satisfied with the rate your lender returns to you, it’s usually a good idea to lock it in. 

Step 5: Appraisal and Underwriting

After you submit all of your documents, your lender will begin underwriting your loan. During underwriting, your lender will prepare your loan paperwork and verify your financial information. Most underwriting processes take place entirely behind the scenes.

Your lender will also schedule a new home appraisal. During your appraisal, a home value expert will visit your property and assign an estimated value. Unlike your original mortgage, you can be present for your appraisal this time around. Feel free to attend and point out any home improvements you made since you moved in.  

Step 6: Close On Your Loan

Once underwriting closes, your lender will send you a new Closing Disclosure with the final terms of your loan. After you acknowledge your Disclosure, your lender will schedule a closing meeting. At your closing meeting, you’ll sign on your new loan. If your lender owes you money (like in a cash-out refinance), you’ll receive it within 3 to 5 days after closing in most cases.  

When Should You Refinance in New York?

Refinancing can offer you a number of benefits, including:

  • A lower monthly payment. If you can no longer afford your monthly payment, you might want to refinance to a longer term. Extending your loan’s term gives you more time to pay off your loan and lowers what you owe each month.

For example, if you owe $100,000 on your mortgage loan and have a 15-year term and a 3% interest rate, your monthly payment is $690.58. If you refinanced this amount to a 30-year term with the same interest rate, your monthly payment would be only $421.60.

  • No FHA insurance. If you have an FHA loan, you must pay FHA insurance every month. Unlike the private mortgage insurance (PMI) required on some conventional loans, you can’t cancel your FHA insurance. But you can refinance your FHA loan to a conventional loan when you have 20% equity to avoid both FHA insurance and PMI.
  • Save money in interest on debt. The average mortgage loan has an annual interest rate of 5% or less. When you compare the average mortgage loan interest rate to the average credit card interest rate (15% to 27% annually), there’s no question a mortgage is a more affordable way to borrow money.

If you have high interest debt, consider consolidating what you owe with a cash-out refinance. Taking a cash-out refinance to pay off credit card debt, student loan debt or another type of high interest debt can save you thousands by drastically lowering what you pay in interest. 

When Should You Not Refinance?

Refinancing isn’t the ideal solution for everyone. If any of the following apply to you, refinancing might not be right at this time.

  • You don’t have much equity built. When your loan is new, most of your monthly payment goes towards accumulated interest. This means that you build equity slowly in the 1st few years of your loan. If your loan is new, you may not have enough equity to justify taking a cash-out refinance.
  • You plan on moving soon. The longer you have your loan, the longer you enjoy the benefits of your refinance. If you plan on moving soon, you might end up paying more in closing costs on your refinance than you save.
  • Interest rates are higher now. If interest rates are higher now than when you got your loan, your lender will usually require you to accept a higher rate. Know your current APR and track how local interest rates are changing over time before you commit to a refinance. 

Bad Credit Refinance

If you have bad credit, you might have a harder time getting a refinance. Your credit score is 1 of the 1st things that lenders check when you apply for a new loan. If your score is low, you’re statistically more likely to miss payments on your loan — which makes you a riskier candidate for a refinance.  

There are a few options you can use to refinance your loan’s rate or term when you have bad credit. Look into FHA streamline refinances or VA interest rate reduction refinance loans (VA IRRRLs). These loans allow you to refinance without a new appraisal or credit check. To qualify, you must:

  • Already have an FHA loan or VA loan
  • Have made your last 12 payments (FHA streamline) or 6 payments (VA IRRRL) on time
  • See some kind of benefit like a lower monthly payment (FHA streamline only)
  • Wait at least 270 days from the date you got your loan to the date you close on your refinance (VA IRRRL only)

If you don’t have an FHA or VA loan, consider refinancing with a non-occupying co-client on your loan. A non-occupying co-client is someone who doesn’t live with you but agrees to extend his or her credit to your refinance. If you fail to pay back your loan, your lender can pursue your co-client for the remaining balance. If you know someone who has excellent credit, you may want to ask him or her to sign onto your loan as a co-client.

Remember, you can only refinance your loan’s interest rate or term when you have a credit score below 620 points. If you want to take cash out of your home, you’ll need to meet credit requirements before you apply. 

Now is the Time to Refinance

If you think that now might be the right time to refinance your loan, begin researching lenders and loan options now. Just like you wouldn’t jump into a mortgage loan without knowing all of your options, don’t commit to a refinance until you’ve done your research. Take your time, track interest rates and speak with multiple lenders before you make the decision to apply.  



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Possible Raises Series B and Moves Fully Remote | State

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SEATLLE, Oct. 20, 2020 /PRNewswire/ — Possible raises $11 million in new equity funding to expand the team and to provide additional products for its customers. Union Square Ventures led the round, with participation from existing investors Canvas Ventures, Unlock Venture Partners, Columbia Pacific Advisors, Union Bay Partners, Tom Williams, and FJ Labs. The company has also secured $80 million in new debt financing from Park Cities Advisors.

Furthermore, the company is now fully remote and recently onboarded software engineers from across the US and the globe. Possible is committed to distributed work and actively recruiting for a number of other remote roles.

Possible provides friendly access to capital and a simple way to build credit for people who otherwise would get a payday loan or get hit with a bank overdraft fee. The company uses real-time financial data, rather than a credit score, to qualify customers and provide funds instantly through its iTunes and Android apps. Unlike payday loans or overdraft fees, Possible loans are paid back in small installments over multiple pay periods to allow customers to catch their breath. By reporting on-time payments to the credit bureaus, Possible enables its customers to build credit history and eventually qualify for cheaper, longer term financial products. On average, customers with low credit scores see their scores increase by 70 points within 4 months.

Tony Huang, Possible’s CEO explains, “So many people who live paycheck to paycheck can’t afford to build credit history. We’re helping them do it for the first time while providing them with a friendlier and more affordable small-dollar loan.”

Since launching in June 2018, Possible’s given out loans to hundreds of thousands of customers, helping meet short-term cash needs while building credit history or establishing credit for the first time. These customers, often with bad credit or no credit history, are underserved by traditional banks. Possible fills that gap and provides financial access to those who need it most while giving them the means to climb their way out.

Gillian Munson, Partner at Union Square Ventures, explains the thesis behind their new investment, “Through tech innovation, data-driven insights, and a focus on the customer, Possible is well on its way to winning the hearts and minds of both consumers and regulators alike, and building a trusted brand that endures.”

A 2019 Experian study shows 34.8% of consumers are subprime and can’t access money when they need it. They pay $106 billion in punitive fees each year to the existing financial system for short-term credit products. These consumers are trapped in predatory debt cycles of payday loans and overdraft fees without the means to rebuild their credit or improve their financial health. While there has been a number of new tech-enabled products in this space, most lead to similar debt cycles and don’t address the harder issue of improving long-term financial health. That’s where Possible comes in.

Since the company is now fully remote, Possible is actively hiring talent across the globe. Tyler, Possible’s CTO, explains, “Being fully distributed allows us to access the talent pool of the entire world. Our success so far is a reflection of the quality of our people, and we believe hiring globally will allow us to find exceptional people to join us in achieving our mission.”

About Possible

Possible is a fintech company based in Seattle, Washington. The company provides a friendlier and easier way for customers to access capital while also building credit history and improving long-term financial health.

About Union Square Ventures

Union Square Ventures is a thesis-driven venture capital firm based in New York City. USV manages over $1 billion in capital across seven funds and focuses investments in portfolio companies with the potential to transform important markets.

About Park Cities Advisors LLC

Park Cities Advisors LLC (“PCA”) is a privately held, SEC-registered alternative credit manager based in Dallas, Texas. PCA is focused on private lending across the specialty finance and FinTech sectors and provides debt capital to companies across a variety of industries through asset-based financing transactions.

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Possible Raises Series B and Moves Fully Remote | State News

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SEATLLE, Oct. 20, 2020 /PRNewswire/ — Possible raises $11 million in new equity funding to expand the team and to provide additional products for its customers. Union Square Ventures led the round, with participation from existing investors Canvas Ventures, Unlock Venture Partners, Columbia Pacific Advisors, Union Bay Partners, Tom Williams, and FJ Labs. The company has also secured $80 million in new debt financing from Park Cities Advisors.

Furthermore, the company is now fully remote and recently onboarded software engineers from across the US and the globe. Possible is committed to distributed work and actively recruiting for a number of other remote roles.

Possible provides friendly access to capital and a simple way to build credit for people who otherwise would get a payday loan or get hit with a bank overdraft fee. The company uses real-time financial data, rather than a credit score, to qualify customers and provide funds instantly through its iTunes and Android apps. Unlike payday loans or overdraft fees, Possible loans are paid back in small installments over multiple pay periods to allow customers to catch their breath. By reporting on-time payments to the credit bureaus, Possible enables its customers to build credit history and eventually qualify for cheaper, longer term financial products. On average, customers with low credit scores see their scores increase by 70 points within 4 months.

Tony Huang, Possible’s CEO explains, “So many people who live paycheck to paycheck can’t afford to build credit history. We’re helping them do it for the first time while providing them with a friendlier and more affordable small-dollar loan.”

Since launching in June 2018, Possible’s given out loans to hundreds of thousands of customers, helping meet short-term cash needs while building credit history or establishing credit for the first time. These customers, often with bad credit or no credit history, are underserved by traditional banks. Possible fills that gap and provides financial access to those who need it most while giving them the means to climb their way out.

Gillian Munson, Partner at Union Square Ventures, explains the thesis behind their new investment, “Through tech innovation, data-driven insights, and a focus on the customer, Possible is well on its way to winning the hearts and minds of both consumers and regulators alike, and building a trusted brand that endures.”

A 2019 Experian study shows 34.8% of consumers are subprime and can’t access money when they need it. They pay $106 billion in punitive fees each year to the existing financial system for short-term credit products. These consumers are trapped in predatory debt cycles of payday loans and overdraft fees without the means to rebuild their credit or improve their financial health. While there has been a number of new tech-enabled products in this space, most lead to similar debt cycles and don’t address the harder issue of improving long-term financial health. That’s where Possible comes in.

Since the company is now fully remote, Possible is actively hiring talent across the globe. Tyler, Possible’s CTO, explains, “Being fully distributed allows us to access the talent pool of the entire world. Our success so far is a reflection of the quality of our people, and we believe hiring globally will allow us to find exceptional people to join us in achieving our mission.”

About Possible

Possible is a fintech company based in Seattle, Washington. The company provides a friendlier and easier way for customers to access capital while also building credit history and improving long-term financial health.

About Union Square Ventures

Union Square Ventures is a thesis-driven venture capital firm based in New York City. USV manages over $1 billion in capital across seven funds and focuses investments in portfolio companies with the potential to transform important markets.

About Park Cities Advisors LLC

Park Cities Advisors LLC (“PCA”) is a privately held, SEC-registered alternative credit manager based in Dallas, Texas. PCA is focused on private lending across the specialty finance and FinTech sectors and provides debt capital to companies across a variety of industries through asset-based financing transactions.



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Business Loans – Make The Right Choice!

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Your business needs funding and there’s no denying that! ‘You need money to make money’ and this is most applicable in the business world! While it is fairly easy to start with an awesome idea, to make a business profitable, you need to invest a good chunk of capital.

Whether to buy equipment or hire the right minds, you need capital! And the best way to go about it is to search for the ‘right’ business loan solution. Finding the ‘right’ one amongst the plethora of available options is a tricky decision.

You’ll be under stress to match the repayment frequency. And thus, your business will suffer. Hence, finalizing the right business financing solution after analyzing your business structure, repayment terms, cash-flow, and urgency is the best practice.

Here’s a detailed breakdown of which business financing solution or small business loan will help your business better!

1. For Real Estate – SBA

SBA loan is one of the most popular loans for small business owners. This is pretty straightforward to understand but involves extensive paperwork. If you need a place to kickstart your business, this is most suited for you.

It is issued by a private lending party or a bank. But the interesting part is that this loan can be guaranteed up to 85% by the federal agency—Small Business Administration (SBA). Hence, lending institutions are free and content to give the loan.

The best things about this loan are the lowest down payments and low-interest rates. If you wish to pay in the very long term, you can do so. An SBA loan involves a lot of flexibility. The condition being you should have the right financial service provider to guide you.

2. For An Equipment Or Any One-Off Loan – Equipment Financing, Term Loan

Do you need a new computer, or a tablet for your employee, or maybe a vehicle for your business’ delivery needs? Equipment financing is best suited for such kinds of needs. You can also get up to 100% financing solutions.

But there is one drawback that you should be aware of. As long as the repayments are done on time, you’ll continue to have access to the equipment. But the moment you fail short of your commitment, the lending institution has completed control over ceasing it.

A business term loan is another solution for this kind of requirement. Term loans are based on the ‘term’ that can be anywhere from 1 to 5 years. So, the repayment has to be made in that time-frame. If you’re looking for business loans in Edgewater, NJ, this will be just about right for you!

3. Need To Balance Cash Flow – Business Line of Credit

Business Line of Credit is the best financing solution that can help you with balancing your cash flow or handling any emergencies.

You get access to a limited amount of funds for a set period of time that you need to pay with interest and as soon as you pay it back, your specific balance sheet is turned back to ‘0’. This indicates that you’re again eligible for using that fund.

You can do it repetitively. There is no drawback to this mechanism. So every time you have an emergency fund need, you can look towards the business line of credit.

The only shortcoming of this system is that the interest rate is high and may require collaterals for approval. However, it is one of the most appealing choices if you need capital and have a bad credit score!

4. Credit Card Based Businesses – Merchant Cash Advance

Do you own a business that involves payments via credit cards? If yes, then the merchant cash advance is the right solution for you.

A business like retail or food chain that makes use of credit card transactions the most, can utilize merchant cash advance to boost its business. The way this financing system works is, the lender will enquire about your daily credit card transactions to the terminal provider and get your exact details. Then, he will compare it with the asked amount. If both are in accordance, you’ll become eligible for the advance.

The repayment term is interesting for this financing solution. Instead of getting a fixed rate, the advance provider will give you the figure in percentage. So every day if you make $1000 and the decided percentage is 5, then $50 will be ‘withheld’.

A merchant cash advance acts more like an investment than a loan!

5. Have No Collateral – Invoice Financing, Equipment Financing

Not all businesses have the luxury of putting collateral on the line and getting access to the desired fund. If you fall into the same category, you do not need to worry! Invoice financing can help you out even in this crunch situation.

Your account receivables serve as collateral in this financing solution and can help you get a loan up to 85% of its worth.

The only downside is the interest rate that is marginally higher than the traditional solutions.

Bonus: For A Small Duration – Short Term Loan

What if you need a loan just for 18 months? You have some debt or need to manage the cash flow, but your requirement is small. Which loan is right for you?

Well, you can opt for a short term loan. This loan gives you instant access to a lump sum of money that should be paid within the next 18 months.

The best part about this loan is that bad credit doesn’t bother the process!

This can also support businesses that need temporary loans to manage or settle a few things. Businesses that do not need some loan that lasts for years!

But just like all other financing solutions, this loan as well comes with a few drawbacks.

The first one being the annual cost will be slightly towards the higher side and the second being that a few businesses may find it hard to cope-up with the weekly payments.

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