Search for reputable NY mortgage companies The first step to securing the best New York home finance options include finding a variety of reputable mortgage lenders. New York has several options and ways to search for a mortgage broker in New York to assist in getting the best New York mortgage loans.

I recommend:  Look for New York mortgage lenders who are part of associations such as the Mortgage Bankers Association of New York or the New York Association of Mortgage Brokers. Make sure the mortgage broker you select is in good standing with the New York Better Business Bureau.

Investigate the best available NY mortgage rates Before you select your mortgage lender in NY, find out what kind of rates are available to you. When you find out what's out there, you will have negotiating power when you select your lender.

I recommend:  Start your search with national companies such as GMAC Mortgage or Equifax which can help refer you to NY mortgage lenders. Lending Tree lets banks compete to see who can offer you the best New York mortgage rates.

Know how much home you can afford to buy The best way to have a good home-buying experience is to purchase an affordable home. Many of the foreclosures in the nation are a result of people buying more house than they could afford. Know your budget and the type of loan you want before you sign on with New York mortgage companies.

I recommend:  Use online calculators like the one at Yahoo Real Estate to see how much you can afford. The mortgage calculator at Interest.com will let you see what an interest-only loan will look like and the calculator at Mortgage-Calculators.com will show you what the payments on a balloon mortgage would be. In most cases, a traditional 30-year loan is considered best and Amortization-calc has a calculator which shows what your payments will be and an amortization schedule so you can see how much interest and principle is paid each time.