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 loan consultants 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.
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
Equal Housing Lender
Licensed Mortgage Banker NYSDFS