Long Islanders can get tips on financial prep for homebuying at Wednesday webinar
A view of Levittown. Credit: Johnny Milano
Getting ready to buy a home on Long Island involves more than just finding open houses to attend. That’s why nonprofit Community Development Corp. of Long Island is hosting a webinar Wednesday night focused on financial preparations for homeownership.
The free webinar, which will run from 6 to 7:30 p.m., is geared toward Long Islanders interested in learning about the financial steps they need to take to get approved for a mortgage and buy a home, said Tricia Gleaton, vice president of the Homeownership Center at CDCLI.
“Even if homeownership is not something that someone’s going to do next month or next year, [it’s] how can they start putting themselves on that financial path,” she said.
Some of the areas that will be covered include preparing your credit for a home purchase, documenting your income for a mortgage application and understanding the full cost of buying, including closing and moving costs.
CDCLI is partnering on the event with the State of Black Long Island Equity Council, part of the Urban League of Long Island, and it is open to all interested attendees who register online.
Long Island’s housing market has been particularly challenging for first-time home buyers in the past year. Mortgage rates above 6% have added hundreds of dollars to buyers’ monthly payments compared with previous years when rates were historically low. Home prices this year haven’t budged much to provide relief, and median prices in some of Long Island's most affordable areas, such as Bellport and Hempstead, increased by more than 15% last year.
Gleaton said she advises homebuyers to focus on what they can control.
“We know that the market is not as easy to navigate as it may have been” a few years ago, she said. “The most important thing is to know your own situation and what you can afford.”
That includes understanding concepts such as a person’s debt-to-income ratio that lenders use to determine whether buyers qualify for a mortgage. Beyond Wednesday’s webinar, CDCLI offers more in-depth courses that focus on strategies for saving, improving your credit score and finding the right property.
Jonathan LaMantia covers residential real estate and other business news on Long Island. He previously covered the business of health care for Crain's New York Business.
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