Looking to buy a new home on Long Island? While the home buying process can be an exciting time, it can also be overwhelming. In addition to finding the right realtor, location, knowing what you want to buy, and narrowing down the features and amenities you desire in the property to aid your search, there’s also the important task of finding the best mortgage company that can help you understand the market dynamics, help you through the home loan process, and get you the right mortgage for your situation.
As an experienced, reputable mortgage lender, Island Federal Credit Union is here to serve as your partner for home financing on Long Island. Our knowledge of the area and understanding of home buying on Long Island can help enhance your overall experience and take some of the stress out of your new home purchase.
Benefits of Choosing a Local Long Island Mortgage Company
You have options when it comes to your mortgage lenders – and one of the decisions you’ll have to make is doing business with a national lender or a local one. While big, national lenders do have some advantages, they also have some significant drawbacks. For starters, it’s a lot easier to get lost in the shuffle being one of thousands of clients that the lender is likely serving at the time. You’ll often just become another number on a spreadsheet and it’s difficult for a big mortgage company to get to know you and your unique needs to personalize their service like a smaller, local lender can.
Working with a local mortgage company, like Island Federal Credit Union, ensures you’re served with a much more personal touch. You’re treated like a person as opposed to a number. Local lenders are also better equipped to help you work through any credit issues or other challenges that you might be facing when buying a home.
Lastly, another key benefit of working with a local Long Island mortgage company is that these lenders live and work in the community just like you. And they’re committed to serving and doing right by others in the community with the right mortgage solutions.
Navigating Your Mortgage Options
FHA? VA? Fixed-rate? Adjustable rate?
There are many mortgage options to select from – and it’s important to find the right one that best suits your financial situation when you’re purchasing a new home. Here’s a brief overview of the various mortgage options:
- FHA loans: Federal Housing Administration home loans are backed by the government and are ideal for lower to middle-income households.
- Fixed-rate: These are loans that tend to span either 15 or 30 years and have the same interest rate for the duration of the home loan.
- Adjustable rate loans: Adjustable rate mortgages, or ARMs, have interest rates that may change over time. In certain periods, interest rates may be very low. At other times, they may be higher. It all depends on the market and economic conditions.
- VA loan: Military veterans are eligible for these types of loans. The key benefits are that they don’t require a down payment and interest rates tend to be lower than conventional fixed-rate home loans.
Island Federal Credit Union offers these – and more – mortgage options and is here to help you determine the best one to meet your needs. We also offer various exclusive mortgage products just for Island Federal clients, such as those for community heroes, self-employed professionals and more.
The Mortgage Application Process
From the initial preapproval to closing on your new property, Island Federal Credit Union will be here to support you throughout the mortgage application process. We offer a streamlined application process to make things as easy and convenient as possible for you, and our staff members are here to help guide you through every step along the way.
Preapproval is essential if you want to start making offers on a property. Here’s a look at some of what you’ll need to get pre-approved and then set up for closing:
- Documentation: You’ll need to identify your income and assets so the lender can determine how much mortgage amount to approve you for. Your preapproval amount influences the types of homes that you’re able to see and thereby afford. Gather W2 forms, bank statements, any brokerage accounts and other financial records to ensure you’re able to be preapproved quickly.
- Credit check: Your lender will also run a hard credit inquiry. A high credit score generally means you’re eligible for low interest rates – and vice versa.
- Loan application: Once you have an accepted offer on a home, your lender will work to get your loan application approved so you can close and take possession of the property.
Most preapprovals only take a few days and tend to last for up to 90 days. It’s best to get preapproved right around the period you’re planning to look at homes.
First-Time Homebuyer Programs
Are you a first-time homebuyer? It’s a stressful process any time you’re going to purchase a home, let alone doing it for the first time. First-time homebuyers who work with local mortgage lenders can benefit in several ways throughout the process. First, there are the educational workshops and webinars that Island Federal Credit Union offers to first-time homebuyers so they can get a better idea of what to expect and how to plan for this purchase.
Additionally, Island Federal also offers various resources and programs specifically designed to help first-time homebuyers. From our “Dream it, Achieve it” program that allows buyers to finance up to 100 percent of the new home’s value to our “Cut the Cost” offering that helps make home ownership – and all the other costs that come with it – more affordable, our programs are tailored to first-time buyers.
When to Consider Refinancing
At Island Financial Credit Union, we can help with refinancing too – and there are many reasons why you, as a homeowner, might look into refinancing your home.
- To obtain a lower interest rate and save money long-term. Usually, a good rule of thumb is that it makes sense to refinance if you can trim your interest rate by at least 1 percent. You may be able to accomplish this based on current interest rates or if you’ve significantly improved your credit score.
- To reduce the overall term of your mortgage loan.
- To change your home loan terms (i.e., change from an adjustable rate mortgage to a fixed-rate).
- To take advantage of home equity.
Whatever your reason for refinancing, IFCU is here to help you evaluate all of your options to make the best decision for your situation.
Keeping an Eye on Mortgage Rates and Trends
Long Island tends to be a market where interest rates and market trends fluctuate often. That’s why it’s so important to keep an eye on these factors and act to lock in an interest rate that you’re comfortable with as you’re able to. A low interest rate can mean lower monthly payments and significant savings over your loan term. A high interest rate can mean the opposite.
When you work with Island Federal Credit Union, you can rest assured that we’ll always provide you with up-to-date interest rates and information on market trends to help you make the best mortgage decision for your situation.
Why Local Success Stories Matter
Many Long Island residents have successfully navigated the mortgage process with Island Federal Credit Union, finding more than just the home of their dreams, but the mortgage that best suits their budget as well. These success stories underscore IFCU’s commitment to providing personalized, effective mortgage solutions. Contact us today to learn more about how we help Long Island residents personally navigate the complicated mortgage process.
Final Thoughts
The right mortgage partner can make a big difference for Long Island homebuyers, and Island Federal Credit Union is well-positioned to serve as this partner. As a trusted local provider offering a wide range of mortgage options and local expertise, we’ll get to know you personally to pair you with the right solutions throughout the homebuying process. It’s all a big part of the Island Federal Credit Union difference. Contact us today to learn more and schedule a meeting.
Start Your Homebuying Journey in Long Island
Ready to start your next home buying journey in Long Island? Whether it’s your first home or your next home, Island Federal Credit Union is here to help with the mortgage that’s best for your situation. Contact us to learn more and to begin the mortgage application process today. Our application process is fast and easy, and we’re always happy to sit down and discuss your options to ensure you’re getting the most out of the process. Reach out today or schedule a meeting to learn more.
