Compare mortgage rates and fees for leading lenders in Schenectady, 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 Schenectady.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Schenectady. Plus, shopping lenders is free and there is no obligation.
April 6, 2020
The current average rate for a 30 year fixed rate mortgage in Schenectady 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 Schenectady. Understand how much you need to earn to afford a home in Schenectady, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Schenectady 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 Schenectady is right for you.
The median home value for Schenectady, NY is $177,473
Based on current mortgage rates and a 10% down payment, you need to make $31,941 per year to buy the median priced home in Schenectady
With this income, you could qualify for a $159,726 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 Schenectady is $740
The median household income for Schenectady, NY is $64,665
Based on this income, you can afford a home valued at approximately $359,304
The home price you can afford to buy based on household income in Schenectady is 202% of the median home value which means housing prices are affordable. Schenectady ranks 30 out of 62 counties in New York and 1,521 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Schenectady, NY is affordable
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Schenectady below.
Conforming loan limits for Schenectady, NY
FHA loan limits for Schenectady, NY
VA loan limits for Schenectady, NY