Car & Home Buying Questions, Answered

These are the questions I hear most often from Long Island buyers — about cars, homes, financing, and fees. Straight answers, no sales pitch.

Do I really need a 20% down payment to buy a home on Long Island?

No. While 20% down avoids private mortgage insurance, plenty of buyers purchase with far less. FHA loans allow as little as 3.5% down, VA loans offer zero down for eligible service members and veterans, and several Long Island down payment assistance programs — through SONYMA, Nassau County, and Suffolk County agencies — can help qualifying first-time buyers with down payment and closing costs. Talk to a lender about which options fit your situation.

What credit score do I need to buy a home?

It depends on the loan type. Conventional loans typically want stronger credit, while FHA loans are more flexible. Rather than guessing, get pre-approved — a lender will tell you exactly where you stand and what you can do to improve your position. Checking your own credit is free and doesn't hurt your score.

How much are closing costs on Long Island?

Closing costs generally run a few percent of the purchase price and include things like title insurance, attorney fees, lender charges, and prepaid taxes and insurance. New York is on the higher end nationally, so budget accordingly — and ask your lender for a Loan Estimate early so there are no surprises.

Should I buy or lease a car?

It depends on how you drive and how long you keep vehicles. Buying builds equity and makes sense if you drive a lot of miles or keep cars long-term. Leasing can mean lower monthly payments and a new car every few years, but comes with mileage limits and you return the car at the end. There's no universally right answer — it's about your situation.

Is it better to get pre-approved before visiting a dealership?

Yes. Getting pre-approved through your bank or credit union tells you your real budget, gives you an interest rate to compare against, and takes financing pressure out of the negotiation. You're never required to finance through the dealership.

What fees should I expect when buying a car in New York?

Common line items include the destination fee (standard on new cars), a dealer documentation fee, New York DMV registration fees, and sales tax. You may also see optional add-ons like VIN etching or protection packages — those are your choice, not requirements. Always ask for an itemized out-the-door price and ask what each fee is before you sign.

Can I negotiate the price of a new car?

Yes. The strongest approach is to get itemized out-the-door prices from multiple dealerships on the same vehicle and let them compete. Negotiate the total price of the car — not the monthly payment. And do as much of it by phone or email as you can; it keeps things calm and gives you everything in writing.

What does New York's Lemon Law cover on used cars?

New York's used car Lemon Law requires dealers to provide written warranties on used cars sold for more than $1,500 or with fewer than 100,000 miles on the odometer. The warranty period depends on the vehicle's mileage. Always get warranty terms in writing, get a vehicle history report, and have an independent mechanic inspect any used car before you buy.

Do I need a real estate attorney to buy a home in New York?

Yes — using a real estate attorney at closing is standard practice in New York. Your attorney reviews the contract, handles the title search, and represents your interests at the closing table. It's one of the key differences between buying in New York and buying in many other states.

How does My Service Rep's free help actually work?

Simple: you book a free 30-minute strategy call with me, Anthony Greco. We talk through your situation — buying a car, buying or selling a home, or both — and I give you straight guidance: what to watch for, what questions to ask, and how to avoid overpaying. No fees, no obligation, no pressure. I make my living at the dealership and in real estate — the advocacy is free because it's the right thing to do.

Book your free strategy call, or reach me anytime: (516) 903-6732 | info@myservicerep.us

My Service Rep is an independent advocacy service — not a licensed motor vehicle dealer and not a real estate brokerage. Real estate services are provided by Anthony Greco, New York Licensed Real Estate Salesperson (DOS #10401390391), affiliated with Blue Diamond Homes LLC. All vehicle transactions occur directly between you and licensed dealerships.