You’ve found the home of your dreams and you’re ready to buy it. How are you going to pay for it? With the average price of homes on Long Island being in the range of $355,000 to $489,000.00 (Newsday Article 9-13-16 “Long Island real estate prices rise and sales ramp up”) most families need to borrow money in order to purchase a home.
Interest rates for mortgages are at historic lows making home ownership affordable for many families (when I purchased my home interest rates were 14%; when my parents purchased their home in the 1970s, the interest rate was 3.5%). Finding the right lender for you is critical to ensure that you obtain favorable rates and a loan program that meets your needs, is affordable and takes into account your credit history. Many new homeowners will “shop” around to obtain information about mortgages available to them. This can be an overwhelming process; we can help answer your questions and refer you to reputable lenders who can help you.
Making sure that you’re financing is in place is critical to the successful purchase of a home. Many realtors and sellers want to make sure that buyers have the resources to buy a home and insist on Pre-Qualification letters from a lender. Additionally, if you need to obtain a mortgage to buy a home, you must ensure that the contract of sale is CONTINGENT on you qualifying for a mortgage. A contract without such a contingency would obligate you to go through with the purchase even if you couldn’t obtain a loan. If you don’t have the funds to close, you’d risk losing your down-payment.
Buying a home is an exciting time. However, it requires skilled legal services to ensure a successful transaction and navigating the inevitable bumps in the road.
For more information about mortgage financing and buying a home, contact the Law Offices of Elan Wurtzel by calling 516-822-7866