How to Buy a Home on Long Island
Buying a home is an exciting time, but it can also be overwhelming. With years of Long Island real estate experience, you can rely on Michael Rittenhouse to guide you through the purchase of your home in Suffolk or Nassau County.
Prepare To Buy A Home
Just dreaming about buying a home? You can prepare, now.
Start a list of “must-have” features and another with your “deal-breakers”. As your realtor, Michael will filter homes and streamline your search process.
Make better decisions and avoid surprises by considering the following:
Benefits of Home Ownership
- More predictable housing costs
- Lower income tax costs
- An asset that can increase in value
Understand Your Costs
Finding a Long Island home that fits your budget is essential. Get pre-approved for a mortgage to know what you can afford. Your down payment, closing costs, and other expenses, such as insurance, should be considered.
For a smooth loan process, think about and locate any financial records or other documents you’ll need to provide.
How Your Credit Score Affects Your Loan
Review your credit reports. Clean up any blemishes or make corrections. A higher credit score can mean a lower interest rate and monthly payment.
Defer opening new lines of credit. Car leases or credit cards reduce the amount you’ll qualify for and raise your rate.
Don’t worry, it’s normal to have a lot of questions at this point. It’s never too early to consult an expert on the Long Island home market and Michael is available to help. It’s free with no obligation, so ask away!
Search For Your Long Island Home
- Select a buyer’s agent to work on your behalf.
- Get pre-approved for your loan.
- We filter properties based on your needs and budget.
- Narrow the choices by viewing online listings and using the KW app.
- Attend scheduled showings or open houses.
- With extensive experience in the Long Island real estate market, Michael writes an offer on the home you select.
Contract and Contingency
Did the seller make a counter-offer? During this normal back-and-forth process, you’ll be glad to have a seasoned realtor to close the deal.
As a skilled negotiator, Michael works through the issues towards a favorable result. Or, just as important, he’ll recognize when it’s in your best interest to step back.
Offer accepted? Congratulations! Next, you’ll sign a purchase contract and provide an earnest money deposit (EMD).
With the contract and your financial paperwork, your loan agent begins the loan process.
Michael helps gather documents, such as the title report, HOA information, and property appraisals. This is essential because the loan must receive full underwriting approval before the loan contingency period expires.
Parallel to the loan process, verify the property is in good condition and associated items are acceptable. Michael helps you sort through the seller’s disclosure and review new and existing inspections.
Prepare for Closing
Removal of loan and property contingencies means the sale moves towards closing. It’s time to arrange for insurance coverage and start planning for moving day!
Prior to closing, sign the loan, property title, and property transfer documents. The usual signing options are:
- At the escrow office
- A notary visits you
- Online e-signing
All money must be in escrow before closing day. If the down payment exceeds your earnest deposit, you’ll deposit the difference.
On closing day, funds disperse from escrow to sellers and other parties. And, you get the keys to your home!