Amherst, New York
2150 Wehrle Drive, Suite 200
Amherst, NY 14221
716-633-0501

Mortgage Brokers Offer 3 Tips to Help You Prepare for a Home Purchase February 22, 2016

Amherst, Erie
Mortgage Brokers Offer 3 Tips to Help You Prepare for a Home Purchase, Amherst, New York

If you plan on buying a home within the next year, there are certain things you need to do to make sure the process goes smoothly and favorably. The mortgage brokers at Premium Mortgage Corporation, a mortgage loan company with offices in Rochester, Syracuse, Buffalo and Vermont, say that adequate preparation can save you both headaches and money. 

They offer the following tips:

  • Bolster Your Credit Score: If you plan on applying for a mortgage loan when you purchase your home, take the time to scrutinize your credit report a few months before the actual application. This will give you time to address discrepancies and to take steps to improve your credit score so you can get the most favorable rate on your mortgage loan.
  • Determine How Much Home You Can Afford: Most conventional loans dictate that home expenses shouldn't exceed 28% of your gross monthly income. Before you sign the mortgage papers, calculate how much of a mortgage payment you think you'll be able to afford. Bank this amount each month. If doing so causes financial strain, it indicates you may need to choose a less expensive home when the time comes to actually commit to a mortgage.
  • Contact A Loan Officer: A loan officer can give a complete picture of what's required to get a good deal on your loan and can introduce you to loan products best suited for your situation. You'll need to share all your financial information, so prepare to hand over proof of current income, bank statements, and tax returns.

loan officer

In business for over a decade, Premium Mortgage Corporation is a leader in mortgage lending. Serving Rochester, Buffalo, Syracuse and Vermont, the company's team of specialists can offer insight that will simplify your home-buying process. Learn more by getting in touch with the company via the contact information listed below, or visit Premium Mortgage Corporation online.

Corporate Contact information:
2541 Monroe Avenue, Rochester, NY 14618
1-844-793-0177
NMLS# 3254
Equal Housing Lender
Licensed Mortgage Banker NYSDFS

Other Announcements, Events and Deals from Premium Mortgage Corporation
What You Need to Know About Qualifying for a Mortgage Loan if You’re Self-Employed, Amherst, New York
There are many advantages to being self-employed, but when it comes to qualifying for a mortgage loan, you’ll find lenders don’t typically view this work status favorably. However, a...read more
3 Tips on Hosting the Holidays While Selling Your Home, Amherst, New York
While the holidays are stressful, selling your home is even more so. When these two events are combined, you could be looking at quite the challenge, which is why the mortgage loan p...read more
Mortgage Loan Experts Explain Important Aspects You Should Know About Home Sale Contingencies, Amherst, New York
Home sale contingencies play a role in many real estate transactions. A buyer may include a contingency clause in their offer to purchase a property if they also have a home on the m...read more
NY Mortgage Banker Explains the Pros & Cons of House Hunting in Fall & Winter, Amherst, New York
When it comes to house hunting, looking for properties in the fall and winter months can have benefits as well as drawbacks. In this case, the respected mortgage bankers at Prem...read more
What Is Escrow? Home Loan Providers Explain, Amherst, New York
When their home loan providers mention escrow, many home buyers panic: It’s a term they’ve heard but don’t quite understand. The professionals at Premium Mortgage Corporation, w...read more