Residential Mortgages and Home Loans in New York
A Simple NY Mortgage Process
Once you submit your initial application, our simple pre-approval process shows you exactly how much you can afford and allows you to make more competitive offers. And to protect you from interest rate increases after you have found the perfect home, Columbia Bank also offers a 75-day rate lock guarantee. Once you’ve found a place to call home, our experts walk you through the underwriting and closing processes, ensuring that you get the right loan at the right rate, and that your entire purchase is handled efficiently and correctly.
Our service doesn’t stop once you’ve moved in to your new home. Columbia Bank offers multiple services and repayment options designed to save you money. Our mortgage calculators allow you to see exactly how much your payments will be, and to test different scenarios to determine how much you’ll owe and how fast you can pay off your loan with different payment amounts.
In fact, Columbia Bank makes it easy to shorten the length of your mortgage and reduce the amount of interest you’ll pay via a biweekly payment option. By paying every two weeks instead of once a month, you’ll make the equivalent of 13 monthly payments every year instead of 12.
NY Mortgage Options for First-Time Buyers
Buying your first home is exciting – but it can also be overwhelming. Finding the ideal home is usually the easy part. Getting the mortgage, on the other hand, might seem impossible, between the strict income and credit qualifications, the mountain of paperwork and the terminology that might as well be in a foreign language.
When you work with Columbia Bank for your first home mortgage, though, the process is much simpler and more streamlined. We focus on taking the stress and the mystery out of the home buying process, getting you into your new home as quickly as possible, without hassles and uncertainty.
At Columbia Bank, we make it easy to get home loans in New York. Since 1927, we've helped thousands of home buyers just like you secure the financing they need in to make their home ownership dreams come true, while simplifying and streamlining the process. Our highly trained, friendly, efficient, and dedicated team of mortgage experts is ready to help you find and finance the home of your dreams.
Even if you have less than perfect credit, or you don’t have a 20 percent down payment, Columbia Bank may have a mortgage solution for you. We’ll walk you through the process of applying for a home loan and help you select the product that best fits your needs and budget. You won’t be wading through complex paperwork or attempting to navigate interest rates on your own, but rather have the help and guidance of an experienced professional who will help you find the perfect loan to fit your short-term and long-term needs, subject to credit approval.
Among the products that Columbia Bank offers for residential first mortgages include:
Fixed-rate mortgages. Pay the same interest rate for the life of the loan, unless you refinance. Fixed rate mortgages are ideal for buyers who want predictable monthly payments for the entire loan term, and those who plan to live in your home for a long time. Fixed rate loans are also a good choice when the current mortgage rates in NY are low.
Adjustable rate mortgages (ARM.) Adjustable Rate Mortgages offer competitively low interest rates for a fixed term, generally for 5-10 years. When the rate period ends, your payments could increase significantly based on the prevailing interest rate. If you don’t plan on living in the home for a long time, an ARM might be the most affordable mortgage choice.
Regardless of the type of loan you need, we will be with you every step of the way, making the process as easy as possible to get you into your new home quickly.
Getting Loans in New York
Many first-time homebuyers qualify for one of Columbia Bank’s residential mortgage solutions for first time homebuyers. To increase the likelihood of securing home financing, get ready to buy a home before you begin our online application. By doing so, you can streamline the loan application process and get into your dream home faster.
- First, review your credit report and know your score. Columbia Bank offers products for a wide range of credit scores, but the higher your score, the better your interest rate and the lower your payments. Before applying for a mortgage, check your report for errors, and take steps to address negative information. Dispute incorrect information, pay off collection accounts if the agency will remove the information from your report, and pay down your credit cards. Ideally, your cards should have balances of less than 15 percent of the credit limit. By addressing these issues, you can add points to your score and increase the chances of getting a good rate.
- Gather documentation of your income, assets, and debt. This includes pay stubs, bank statements, investment statements, and bills. Now is a good time to take a closer look at your monthly expenses, and make cuts where you can.
- Delay any major purchases. Now is not the time to buy a new car, or open any new credit cards. Opening even a single new credit card while your mortgage application is in process can cause significant issues with your loan.
After you submit your pre-approval application, our trained team of mortgage experts will get to work finding the right mortgage product for your needs, and walk you through the approval process. While it is ideal to have at least 15-20 percent of the home price available for a down payment, Columbia Bank can still help you find a mortgage if you have less. Qualified buyers may even be able to secure a home loan with as little as 3.5 percent down. Talk with your mortgage expert to determine the best options for your unique situation.
Columbia Bank is here to help home buyers throughout Orange, Westchester, and Rockland counties. Apply online, or call one of our mortgage experts to discuss your home financing options, and start achieving your goal of home ownership today.
Columbia Bank is registered with the National Mortgage Licensing System and Registry as required by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (Safe Act
Check out some of the articles from our Columbia Bank blog:
- 4 reasons to be optimistic about buying a house
- Applying for a mortgage? Here’s what you’ll need
- Number-crunching for first-time homebuyers: Part 1
- Number-crunching for first-time homebuyers: Part 2
Ready to take the next step?
*Offer subject to credit approval.
All residential mortgage loans are subject to approval in accordance with Columbia Bank’s lending policies. *Columbia Bank’s “Fast Track” preapproval program typically provides a decision within 24 hours or on the next business day for weekends and holidays. This preapproval program is valid for 90 days and is available to borrowers who are not self-employed, are not a business owner and do not own any
investment property. The applicant must write in “TBD” on their application in order to be eligible for a Fast Track preapproval which is available for purchase mortgages only. For current rates, fees and restrictions, please contact Columbia Bank at (800) 962-4989 for further details. Offer subject to change without notice. NMLS# 504284.