Compare mortgage rates and fees for leading lenders in Brooklyn, NY. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Brooklyn.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Brooklyn. Plus, shopping lenders is free and there is no obligation.
July 3, 2020
The current average rate for a 30 year fixed rate mortgage in Brooklyn is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we provide helpful information on the real estate market, home prices and housing affordability in Brooklyn. Understand how much you need to earn to afford a home in Brooklyn, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Brooklyn fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Brooklyn is right for you.
The median home value for Brooklyn, NY (Kings County) is $785,451
Based on current mortgage rates and a 10% down payment, you need to make $141,361 per year to buy the median priced home in Brooklyn
With this income, you could qualify for a $706,906 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Brooklyn is $3,274
The median household income for Brooklyn, NY (Kings County) is $55,666
Based on this income, you can afford a home valued at approximately $309,301
The home price you can afford to buy based on household income in Brooklyn is 39% of the median home value which means housing prices are very expensive. Brooklyn (Kings County) ranks 62 out of 62 counties in New York and 3,142 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Brooklyn, NY is very expensive
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Brooklyn (Kings County) below.
Conforming loan limits for Brooklyn, NY
FHA loan limits for Brooklyn, NY
VA loan limits for Brooklyn, NY