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Mortgage Departments in Banks in Hamptons Long Island, NY

Updated Oct 05 2014 06:29 PM EST with 4 listings
We list local banks that provide mortgages for home purchases in Southampton and surrounding towns. A brief guide to the obtaining a mortgage is included below our local business listings. Mortgages for first time buyers, home refinancing, and reverse mortgages are discussed.
Mortgage Departments in Banks in Hamptons Long Island, NY

Bank of New York - East Hampton

66 Main St., East Hampton NY 11937 Tel 631-324-0800
Fax: 631-324-4267

Bank of New York - Westhampton Beach

154 Main St., Westhampton Beach NY 11978 Tel 631-288-4553

Washington Mutual - Hampton Bays

27 Pondquogue Ave., Hampton Bays NY 11946 Tel 631-728-3814

Washington Mutual - Southampton

42 Hill St., Southampton NY 11968 Tel 631-283-6560
Prices for homes on Long Island remain out of reach for many buyers so shopping around for the best mortgage rates and options is a critical first step in getting in the game. But even is less tight housing markets one of the first steps in looking to buy a home is getting pre-approved for a mortgage. Your real estate agent will want and need to know what you can afford to buy. A bank or mortgage company will verify the amount of money you can borrow in an official letter.

One of the current trends making headlines on Long Island is exteneded families pooling their resources to begin shopping for a first home. Banks have established new programs and guidelines to allow more families to qualify for their first mortage.

Other important trends related to mortgages concern people who may have owned their home for many years. The two top issues are: home refinancing (second mortgages) and reverse mortages.Home refinancing has been a well known and well used options on Long Island for many years now.

This financial planning option has been used by many adults in mid-life to use the equity value in their home for other family expenses. Reverse mortgages are becoming more common and are typically used by early or mid "older adults" to cover short-term extraordinary expenses.

However recent changes in federal law have made older adults more concerned about covering the cost of nursing home care should they need it. It is likely that many middle income resisdents will find it harder to qualify for Medicaid support for nursing home care. As a result many older adults will begin looking into reverse mortgages to cover the costs of long-term care insurance policy. The specific circumstances a home owner must conisider get complicated fast. It is well worth consulting elder care lawyers, financial planners, and bank officers with special expertise before deciding on a reverse mortgage.