Know with whom you are dealing. If you are working with a broker or lender you can check if they are licensed in New York State by calling the Banking Department or checking our website. You may also check the complaint history with us and your local Better Business Bureau. Fees, interest rates, and points are negotiable. Before paying any fees know if they are refundable.
Any lender can waive an application fee or make a fee refundable under certain conditions.
When you talk with a lender, ask if you qualify for a less expensive loan before accepting. You have a right to cancel any loan within three days. The ABC's of Sub-Prime Mortgage Lending are available on the Banking Department's website to guide consumers when shopping for a mortgage or refinancing. The New York State Banking Department is the regulator for all state-chartered banking institutions, including seven of the State's ten largest banks, and virtually all of the United States offices of international banking institutions.