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Conventional Refinance Loans in New York

Conventional Refinance Loans in New York

A conventional mortgage is one that is not insured by a government program, such as the VA or FHA. When you refinance into a conventional loan in New York or elsewhere, the process is pretty simple, but there are some things you have to keep in mind.


When you do a conventional refinance, there are some requirements you will have to meet that may be different than what you faced if you were in a government insured loan program. For example, such programs often have low down payment requirements and may allow borrowers to have lower income levels and lower credit scores than conventional loans. If your credit score is not above 720, for example, you may not qualify for the best interest rate, and if you don’t have 20 percent equity in your home, you may not be able to refinance without taking on mortgage insurance.


One of the biggest things to consider when thinking about a refinance is how it will benefit you financially. If you will lower your mortgage rate by at least 1 percentage point, then a refinance may be a good idea. Refinancing into a conventional loan might also let you get rid of mortgage insurance if you have enough equity in your home. Even if those conditions are met, however, there are still things to consider. For example, the closing costs on a conventional refinance are about the same as they are on a purchase, and in New York, the costs are among the highest in the nation. You need to make sure you will remain in your home long enough to recoup those closing costs.

Feel free to give us a call and speak to a refinance specialist who will guide you in the right direction.

Contact us today at 800-535-0270 or email us by clicking here.

Condo Refinance in New York

Condo Refinance in New York

Refinancing any kind of home can sometimes be a challenging process. However, condos seem to have an additional layer of difficulty subject to approval by the Federal Housing Administration along with Freddie Mac and Fannie Mae before these organizations will back financial loans on them from banks. In order to successfully refinance your condominium, you need to determine if it meets the standard lending qualifications established by these key organizations and also if you can qualify for the loan itself.

Here’s what you need to know when it comes to refinancing condos.

1. Determine your current payoff amount on the loan.

First, contact your mortgage lender regarding the remaining balance on your current condo loan. This is the actual amount you need to refinance. Also, you’ll need to determine the current value of your condo since one key number regarding the financing is the LTV (loan-to-value) ratio and is measured according to a percentage overall.

2. Contact us and inquire about current rates.

We try to find the best rate possible for you given the significant amount of money you need to refinance. Keep in mind that the current interest rates change quite often. Many people use online interest rate calculators to help them determine the monthly payment of their loan. In fact, if your current mortgage loan is backed by either Freddie Mac or Fannie Mae and was securitized prior to June 1, 2009, you may actually qualify for a loan from HARP, also known as a Home Affordable Refinance Program.

3. Fill out a new loan application and apply with us.

Finally, apply for a loan with us as we are a preferred New York mortgage broker when it comes to financing condos in NY. You will need all the necessary detailed information concerning your condo as well as the condo community itself along with your current debt information and income. If your particular condo community isn’t eligible for financing, your mortgage broker will let you know the reasons why.  We are well versed in non-warrantable condos, so be self-assured that we can find a program for you.

Contact us at (800) 535-0270 for more details about Condo Mortgages.

Consolidate Your Debt with a Cash out Refinance

Consolidate Your Debt with a Cash out Refinance

Whether you have credit card debt, student loans, personal installment loans or other types of debt, you may be tired of making many payments to different lenders. You may also be looking for a way to lower your total monthly payments, make it easy to manage your finances or even reduce your outstanding balances more quickly. While there are several options available for accomplishing some or all of these goals, a top option to consider is to consolidate your debt with a new loan through MortgageDepot. A cash out refinance mortgage is a great option to consider, and our loan representatives can guide you through the loan application process.

Learning More About the Options

If you want to consolidate your debt with a cash out refinance a mortgage, you should first review the equity that you have available in your home. Consider the outstanding balance on your existing mortgage debt and the current property value. When you contact us to explore the options available, these are some of the first questions we will ask. There are several cash out refinance programs available, and we can help you to learn more about the amount of money that you will be able to pull out of your home based on these factors.

Completing the Loan Application

Through MortgageDepot you can get prequalified for your new mortgage very quickly. Prequalification will enable our loan representatives to determine if you meet all of the underwriting guidelines for the cash out refinance a mortgage that you are thinking about applying for. It can also determine what loan amount you qualify for. This is important information because it will tell you how much of your debt can be consolidated through this process.

It is easy to feel as though your debt is controlling your life. It may be interfering with your ability to save for the future, take vacations and complete other plans you may have that require additional money. By consolidating your debt, you may be able to lower your total monthly payments, pay your debts off more quickly or achieve other important benefits. If you have been looking for a way to improve your financial situation with the reduction or elimination of debt, consolidating debts with a cash out refinance mortgage is a great option to consider. You can learn more about how viable this option is for helping you to achieve your goals when you contact us for further information about refinancing your mortgage.

Contact us today for a FREE consultation at (800) 535-0270 or email us here.


Expanded FHA Loans

Expanded FHA Loans

At MortgageDepot we strive to provide our valued clients with the best overall selection of loan programs for all needs. We understand that there is not a one-size-fits all financing program that will meet your needs, and we strive to provide the best combination of financing solutions available. Because we are committed to serving all of our customers’ various needs, we offer expanded FHA loans.

If you are interested in learning more about the qualifications and guidelines for some of the different expanded options available through FHA, you can reach out to us for more information.

There are several programs currently available through FHA, and these are designed to meet the current and varying needs of different homeowners and home buyers. For example, the FHA fixed rate program continues to be available, and this may be well-suited for traditional home buyers and homeowners who want to refinance their mortgage. The FHA ARM program is also a popular and traditional option available, and many who qualify for the fixed rate program will also qualify for the ARM program. In addition, there is now a Secure Refi program available through the FHA as well as various other programs such as a Growing Equity mortgage, an Energy Efficient Mortgage, Condominium Loan Program and others. Each has unique requirements, lending parameters, and guidelines. It can take a lot of time and effort to explore all of the options on your own, and a better solution is to reach out to our team at MortgageDepot for personalized assistance and guidance. We are committed to helping each client achieve their goals by providing competitive financing.

While FHA loans have been among the most popular types of home loans that borrowers have applied for years, there are now expanded FHA loans that are also available to meet varying needs. With our full range of loan programs and our focus on serving your needs, we are the mortgage broker you want to reach out to. If you are interested in learning more about these programs or in determining if you qualify for one or more of them.

Contact us today for a FREE consultation at 800-535-0270

Home Possible Highlights

Home Possible Highlights


MortgageDepot is one of the first brokers to have preferred Freddie Mac LP Home Possible pricing. Up to a .25% better than Fannie Mae interest rates AND possible credits towards closing costs depending upon borrower income. ALL loan types are eligible (except for high balance) if under the income limit of 134,310 for NYC and Long Island.


  • Financing up to 97% LTV for Purchase or Rate/Term refinance
  • Client does not need to be a first-time homebuyer
  • Current loan does not need to be owned by Freddie Mac
  • Best fit for clients with FICO > 680 and LTV > 80%
  • Fewer price adjustments & cheaper mortgage insurance
  • Down payment can be a gift.
  • Simpler student loan requirements CAN USE THE PAYMENT LISTED ON THE CREDIT REPORT!!!!!
    Applies to Purchase loans locked 10/10/16 – 12/10/16:
  • 1% credit applied when the client’s income ≤ 50% of the Area Median Income by county and state.
  • .25% credit applied when the client’s income is > 50% and ≤ 75% of the Area Median Income by county and state.



Contact us today for a FREE consultation at (800) 535-0270

Jumbo Loans as low as 600 credit score

Jumbo Loans as low as 600 credit score

Are you self-employed borrowers or wage earner Borrowers who don’t quite have the credit to qualify for a Prime Jumbo mortgage loan?

  • We offer Jumbo Loans for Full doc or Alt Doc as low as 600 credit score
  • 90% LTV with NO MI Jumbo loans with 720+ scores.
  • We also offer a Business or Personal Bank Statement Program for income purpose.
  • NO DOC Program for Investment properties- NO Income, No Employment, NO reserves up to 75% LTV
  • Stated Income program for Jumbo Higher Net Worth borrowers.

Here are some guidelines for our FHA and VA programs.

We really do Approve More Loans!  24-48 hour Turn Times. 


  • NO OVERLAYS w/an Approve Eligible, Follow the findings!
  • MAX DTI PER Findings!  up to 56.99% per HUD.
  • NO Minimum Tradelines,  follow THE Findings!
  • NO VOR needed, follow findings!
  • W2 Transcript Only program
  • Manufactured Homes OK too!
  • Manual Underwrites
  • Minimum Score is 580
  • Take a look at our rates, the link is below.


  • NO OVERLAYS WITH an Approve Eligible, follow findings.
  • Manual Underwrites Ok
  • 100% LTV CASH OUT
  • IRRRLS to 580 score
  • Manufactured Homes OK
  • Minimum score is 580

Contact us today for a FREE consultation at (800) 535-0270 or email us here.

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