Buying real estate in New York City is an expensive proposition. More expensive even than buying beachfront real estate in Puerto Vallarta, Mexico. Therefore when you're setting yourself up, you should make sure you're getting the best deals on absolutely everything. This means the best deal on your apartment, the best deal on your insurance, the best deal on your lawyer's fees, and of course the best deal on your mortgage. How do you get a deal on your mortgage? You keep your options open. Our guide to mortgage options should show you where to start.

Lenders

Your first level of options come from which bank you choose. If you live in New York City you have options for your mortgage. Toronto is Canada's financial capital but New York City is widely touted as the financial capital of the whole world. If you can't find at least twenty different banks to check out then you haven't even cracked the spine on your Manhattan telephone directory. Visit all the lenders who look upright to you (i.e. nothing illegal or suspicious) and see what terms each of them are willing to offer you.

Rates

Whether you're buying a piece of property in the Annex, Toronto or here in New York, the interest rates you'll be choosing from will be roughly the same, since the money market sets the rates. Try to get the lowest interest rate possible. This is usually "prime" - the bank's interest rate for preferred, low-risk customers. It's worth spending a lot of time trying to find the best rate, since even one hundredth of a percentage point can equal thousands of dollars saved over the life of the mortgage.

Terms

The length of time the lender gives you to pay back your mortgage is known as the term. Generally the longer the term the lower your monthly payments will be, but before you take out a 40 year term on that home for sale in Paris, Ontario, you should be aware that the longer your term is the more you'll be paying in interest, so it's a balancing act. Accept the shortest term you think you can afford to save money but be careful not to set your payments so high that you can't reach them in an emergency (like the loss of your job).

Flexibility

Flexibility in a mortgage comes in many forms. You can get flexibility in your interest rate by selecting a variable rate mortgage, which means your interest rate will fluctuate along with the market. Or you can get flexibility in your repayment term by getting a mortgage that will allow you to make unscheduled payments if you inherit money or get a lucrative contract preparing Rockwood homes for sale. Doing so will save you money in interest.