A person investing in real estate will tell you he feels like a yo-yo: One minute in full control and the next in the pits. Owning property or getting a mortgage in New York can be backbreaking. Brokers do not welcome any queries if you are not pre-approved for a mortgage, and real estate loan companies and banks look at your financial assets.

For first-time buyers to enter the mortgage market without knowledge of mortgages is similar to setting sail for the North Pole without relevant preparation: you are out in the cold. Along with traditional mortgages, New York mortgages offer programs requiring less documentation or income verification. It is an 80-20 loan mortgage suitable for high end prices where borrower goes for 100% home financing and without private mortgage insurance. There is also the reverse mortgage, offered mostly to senior home owners who would like to withdraw equity accumulated over the years.

The general procedure before applying for any New York mortgage is to select a property within your budget, compare information on New York mortgages vis-à-vis other states, check current mortgage quotes in New York, find information on reliable and economical brokers, and get quotes from leading vendors and companies and rates at time of borrowing or pledging previous property. Begin with a selective list of brokers and companies and meet with them personally, or search for their websites or real estate information pages on the Net. Take advice from professional companies or brokers, especially in New York where high housing prices have disproportionately greater effect on mortgage rates.

In short, the housing boom may lure investors or purchasers to invest in property, but figures can be deceptive. Sometimes in our eagerness to cash in we forget to check things like the house tax, mortgage percent and other sundry expenses, property taxes and maintenance, etc. In this case, you might end up losing money.