Long Island Mortgage Rates

(Part 3 in a Series.)
In many states, a contract of sale is little more than a form, consisting of a few pages, filled out by the Realtor and signed by all parties. In those states, most home buyers don’t use an attorney. Here in down-state New York, real estate transactions are an entirely different animal. Sales contracts can be dozens of pages, with clauses covering everything from possession dates, to required repairs, to title issues. When buying a home, you need a good real estate attorney.

(Part 2 in a Series.)
Now that you’re ready to buy a home, it’s time to put your team together. The first team member to choose and consult with is your Mortgage Planner. A competent and qualified Mortgage Planner will help you define your housing needs, monthly housing budget, and ensure your mortgage complements your financial goals. Then, once you’re prequalified, you can match them to the right property. A competent and professional Realtor will help you identify that property and make it your home.

When contemplating buying a new home, most shoppers think about the financing as an afterthought; something to be considered after they find a house. This might have worked years ago when everyone qualified for a mortgage. But it was never a good idea.

Purchasing a home is always a huge undertaking. It matters little whether you’ve bought and sold numerous homes or whether you’re a first time buyer. When looking for a new home, many people believe they can do it all themselves. This is especially true of home-buying “veterans.” However, buying and selling a few houses over your lifetime doesn’t make you an expert. The process is constantly evolving. Markets change. Lender Guidelines change. Even Real Estate Laws change. Are you sure what you did five, 10 or 20 years ago is still relevant?

Over the past 20 years, I’ve seen buyer’s markets and seller’s markets. I’ve seen rates way up and rates at all time lows. I’ve seen home values appreciate out of sight and home values spiral back to earth. Throughout every market, buyers have asked the same questions. One such question that’s especially relevant today is:

Long Island home loan rates for a loan amount of $400,000 have been very competitive this past year, and they aren’t showing any signs of slowing down. A severe recession, coupled with high unemployment and growing foreclosures has forced the Federal Reserve to keep interest rates at artificially low levels.

If you’re interested in moving into a new home, now is the time! Right now lenders are providing the best Long Island new home loan mortgage rates that we’ve seen in years. It’s a buyer’s market, and lenders are ready and willing to give you an affordable mortgage rate. Take a look through the list below, compare rates, and find the best deal.