Buying a home is an incredibly complex process, especially applying for and securing a mortgage loan. Preparing ahead of time can help prevent common problems that might cause your deal to fall through, so the loan consultants at Premium Mortgage Corporation, with offices in Rochester, Syracuse, Buffalo, and Barre, recommend taking the following steps before you fill out your application.
- Boost Your Credit Score: Your FICO score is one of the most important factors determining whether you get approved or what your rate will be, so check your report early. Report any errors to the credit reporting agencies and pay down any outstanding credit card debt.
- Protect Your Score: Don't close accounts after paying them off and avoid having too many inquiries; make any large purchases until after you've secured financing. Though these actions may seem small, they can have a major cumulative effect on your credit score.
- Separate Your Down Payment: Keeping your down payment funds in a separate bank account will help streamline the paperwork process and avoid delays due to bank regulations. If you have no deposits into the account in the 60 days before closing, you won't have to explain transactions on your account history.
The expert loan consultants at Premium Mortgage Corporation work with a variety of mortgage loan providers, giving them access to an extensive network of products to choose from. They'll help navigate you through the entire process, ensuring that you get the best loan possible at the best rate. Visit their website to learn more, or just call (585) 241-0000 to speak with a loan expert today.
Corporate Contact information:
2541 Monroe Avenue, Rochester, NY 14618
Equal Housing Lender
Licensed Mortgage Banker NYSDFS