ny refinance mortgage rates: how to compare offers and decide

What shapes your new rate

In New York, lenders price refis based on credit strength, equity, loan size, and property type, with co-ops and condos sometimes adding overlays. Points, closing costs, and rate locks also matter; a lower note rate can still be a worse deal if the APR jumps from fees.

Pros and cons to weigh

Refinancing can reduce monthly payments, shorten your term, or shift from adjustable to fixed. Yet you reset the clock and pay transaction costs, so the math must prove out.

• Potential savings: Break-even usually hinges on monthly reduction versus total fees and prepayment plans.
• Flexibility: Cash-out can fund renovations, but higher balances may lift pricing and taxes.
• Risk control: Locking for 45-60 days can guard against swings, but longer locks tend to cost more.

Shop at least three quotes the same day, request standardized loan estimates, and compare by APR, points, and total cash to close. Ask about eligibility for state programs, rate buydowns, and no-cost options, and confirm whether a condo or co-op warrants extra reserves.