New York City business owners and investors need access to reliable resources to perform everything from calculating mortgage and loans rates to figuring out LIBOR for short-term loans. CounselPro Lending has compiled a list of free financial resources for New York City entrepreneurs to make operations easier, and save money in the process.
Mortgage Loan Calculators
For New York City commercial real estate investors, a mortgage loan calculator can put expenses into perspective. Using a mortgage loan calculator for New York properties will use the property value and loan amount to break things down based on location, and compare the loan payments to the value of the property itself. Mortgage loan calculators typically provide hard information to New York commercial real estate investors to show how cost-effective financing is from multiple sources. Mortgage loan calculators for New York properties include:
- Mortgage repayment summaries
- Amount paid in taxes on the loan
- Home insurance
- Total amount in payments per month/year
- Total savings of monthly vs. bi-weekly payments
Mortgage loan calculators will also provide information to those looking to refinance their commercial mortgages in New York, taking into accounts factors such as credit score, the percentage down, and the type of mortgage on the property.
Interest Rates In New York
Using free resources for interest rates in New York will give business owners and investors alike the ability to input the value of their property, or prospective commercial real estate transactions, and find the best commercial mortgages and lenders in the immediate area. The results will show the best interest rates in New York for your credit score, so you can compare and contrast traditional lenders for property purchases and refinancing programs.
LIBOR (London International Offered Rate) is the most universal interest rate index used for adjustable rate mortgages. The acronym might be misleading, but the index is used in every major commercial real estate market. The LIBOR index allows New York property investors to look at the most current interest rates, and compare them figured from a month or even a year ago. LIBOR rates are great when trying for find the best interest on commercial mortgages and loans offering fixed rates.
Swap Rates In New York City
Swap rates do exactly what the term implies – New York investors can “swap” the variable rates on a transaction for fixed rates. New York investors usually refer to the LIBOR index (see above) to lock in the best possible fixed rates on their commercial mortgages to save money. The swap rate is typically calculated as a fixed interest rate, plus or minus a given point spread. New York commercial real estate investors watch major indexes to find the best swap rates for mortgages and loans on their properties.