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As we all know that property market in New york is very famous nowadays. From my perspective with good reason; New York City is truly a real estate investors dream come true.

Yes, even though real estate values nationwide are tumbling like a skydiver without a parachute, the New York City real estate market has remained strong, without so much as a speed bump in the road to wealth; values in New York City continue to climb to record levels. Investors in this market are living in a bubble virtually untouched by the current market value crisis ripping through real estate markets all over the country.

Those people climbing the economic ladder via real estate investing have proven that New York is the place to be. While many areas of the country are seeing values decline at rates not seen since the early 90's. The New York City real estate market continues to beat to its own drum.

As a result many lenders are eager to get their portfolios invested in the New York City market to shore up their recent losses. Add to this the declining dollar which is helping foreign investors to increase their returns by investing here, and you have the makings of a perfect storm. In other words foreign investors are taking advantage of the currency trends and buying while their money is hot, and ours is not!

All that being said, purchasing a property in New York City can be a bank breaking experience. The normal policy followed by New York City Real Estate Brokers of requiring pre-approvals for a mortgage prior to showing properties, are apropos. Experienced buyers will have a tough time in the current credit climate, and first-time buyers looking to enter the New York City mortgage market without a cursory knowledge of mortgages or the advice of a trusted Mortgage Advisor are asking to get burned.

The financial services industry has gone through a revolution over the last year and so the old traditional rules of the mortgage game have been washed away to be replaced by one word -- CAUTION

Caution for buyers, caution for lenders, caution in the secondary markets, there's plenty of caution to go around. Over the past number of years exotic mortgages have replaced traditional 30 year fixed rate products and helped to create the current mortgage market debacle. Programs requiring less documentation or no income verification have taken a hit and are rarely available in today's market. The infamous 80-20 loan has gone the way of the dinosaur, and 100% financing is nearly a thing of the past.

Although there are still a myriad of financial options available for a qualified borrowers, one would be well advised to get the advice of a trustworthy Mortgage Advisor. Many people are under the mistaken impression that the process requires them to first identify a property to purchase, then go about finding a mortgage. When looking for real estate in New York nothing could be further from reality. Prudent financial sense would dictate that a buyer / borrower should first assess what they can afford prior to setting out to search for a property to buy. Only if you are armed with the full knowledge of the nature of the financial obligation you are undertaking can you truly be prepared to step in with both feet.