NY Money Authority

Low Rate Mortgages

MyFoxNY.com — Monday, November 9, 2009

By New York Money Authority

Juan Filgueiras is still unpacking. He's only been in his new home for a few weeks..

Filgueiras says, "It's surreal at first- actually it still is- and it's a great feeling every time you pull in the driveway."

Even though he works two jobs, the 27-year-old still wasn't sure he could afford to be a homeowner.

Filgueiras says, "If you're struggling every month to make the payments- you're not gonna enjoy the home- you're not gonna enjoy anything."

Thanks to a low rate mortgage — he and his girlfriend found their dream home in North Plainfield.

Filgueiras bought his home for $204,000. He got a 20-year, fixed-rate mortgage with a 4.625% rate with no points and private mortgage insurance.

He used New Jersey Citizen Action.

Phyllis Salowe-Kaye is the Executive Director of New Jersey Citizens Action. She says, "We go over their credit with them. We help them to begin a plan to fix anything that needs to be fixed. We set up a budget with them so they can begin to save for a down payment."

Saylowe-Kaye says, after the recent mortgage meltdown, people don't know who to trust when it comes to getting a mortgage.

"The fact is that these loans are really scrutinized — they don't contain any exploding details that are gonna come back later and hit you in the face."

Over the past 14 years, New Jersey Citizen Action has helped some 13-thousand first time homebuyers get low rate mortgages. But because of toxic loans and the sinking economy, the past few years this agency has really been busy helping people fight foreclosure. They say some people who can no longer afford their homes just walk away from their mortgages.

Saylowe-Kaye and other counselors are trying to stop that by helping buyers make the right decisions when getting mortgages. Counselors are there for every step of the way. For more information on low rate mortgages and to see if you qualify for one — go to www.njcitizenaction.org .

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