1. Ensure your mortgage broker has specific expertise in your local real estate market. Housing markets can vary greatly over a short distance.
2. Check records with better business groups and government sources to ensure NY mortgage companies are reputable.
3. Search online to find the terms for a variety of NY mortgage lenders. While the interest rate is important, there are other terms you should also consider.

Action Steps
The best contacts and resources to help you get it done

Search for a reputable mortgage broker in New York

New York mortgage brokers are closely regulated and there are a variety of online resources you can use to investigate a mortgage broker's credentials.

I recommend: The New York Association of Mortgage Brokers provides membership list and a code of ethics for its members. The Banking Department for New York State regulates the mortgage industry in New York and provides a listing of licensed mortgage brokers in New York.

Find a directory of mortgage lenders in New York

There are a variety of websites that allow you to select a list of mortgage lenders by state. These sites typically provide other criteria as well.

I recommend: Mortgage Fit provides a list of ranked mortgage lenders in New York in addition to other mortgage-related resources. Newyork-mortgage-brokers.com lists mortgage brokers in New York by city, county and region.

Research New York mortgage companies

There are many research sites in New York that provide information independent of any one mortgage lender. The sites may be able to offer specific advice on the housing market in your area and frequently have other resources to help you in your search for a mortgage loan.

I recommend: Mortgage-X provides a range of interest rates for various loans in New York. Newyorkmortgagesource.com has many resources for researching mortgage loans in New York.

Helpful advice for making the most of this Guide

• •  An independent broker will charge you a fee upfront, but will contact a larger number of New York mortgage lenders. Tied mortgage brokers don't charge an upfront fee, but only work with select lenders. These brokers usually get a commission from the New York mortgage lender upon approval of the loan.

Action Steps
The best contacts and resources to help you get it done

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.

Helpful advice for making the most of this Guide

• •  Make sure you get all of your rate quotes in the same time period. NY mortgage rates may change a bit as the market fluctuates.
• •  Get familiar with the fees charged by New York mortgage lenders. Try to negotiate whenever possible.

Guide to Mortgage Lenders in New York Education and Training

Get the right education to become one of the top New York mortgage lenders

By M. Krasniak, Freelance Writer/Editor

Action Steps
The best contacts and resources to help you get it done

Research the requirements for being about to disperse New York mortgage loans

It is necessary that you look into licensing and educational requirements to become a lender before starting work at New York mortgage companies. All states have different requirements for licensing such as whether or not you have to pass an exam before becoming a New York mortgage lender for commercial clients. Doing your research ahead of time will save a lot of trouble in the future.

I recommend: MortgageNewsDaily.com is a great resource to find out what you need to have covered in order to become a New York mortgage lender for commercial mortgages. MortgageLeadsGuide.com has a comprehensive list of NY State mortgage broker licensing requirements that you should know before starting your education and training.

Become a member of associations for NY mortgage lenders

Once you have completed all of your training requirements, it is a good idea to get to know other mortgage professionals through membership in associations for being a mortgage broker in New York. Through meeting other mortgage professionals who have been in the business longer, you will be able to learn tips and tricks to make you more successful. These associations also have seminars and continuing education opportunities to take advantage of, to ensure you have the most up-to-date information at your disposal.

I recommend: New York Association of Mortgage Brokers is a great way to stay up-to-date with what’s going on in the world of commercial mortgage lending. Mortgage Bankers Association of New York has many events and seminars throughout the year to keep you abreast with what’s changing on mortgage lending.

Get the proper education to be able to work with some of the top New York mortgage brokers

Once you have figured out what types of things you have to know in order to go to work, the next step is to complete that mortgage lenders in New York education and training. There are online courses as well as classroom-taught courses available, so choose one where you will feel the most comfortable in order to learn as much about commercial mortgage lending as you can.

I recommend: American School of Mortgage Banking has a series of very helpful courses to get you educated in the field of commercial mortgage lending. York College, a member of the City University of New York group, offers courses in Mortgage Finance to help get you prepared.

Helpful advice for making the most of this Guide

• •  Speak with someone at one of your local New York mortgage companies for their advice on what extra educational and training courses you may want to take that are above and beyond the required courses.