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

3 Common Myths About Home Buying & Mortgage Rates November 29, 2016

Amherst, Erie
3 Common Myths About Home Buying & Mortgage Rates, Amherst, New York

Buying a home can be frustrating and intimidating, especially if you're relying on advice from friends and family members who purchased their homes years ago. Premium Mortgage Corporation, with offices in Syracuse, Buffalo, Rochester, and Barre, VT, recommends turning to a professional instead if you want the home of the dreams and affordable mortgage rates.

If you're in the market for a home, you might have heard a few of the following myths:

Find a Home First

Some people might tell you to find the home you're looking for first. After all, how else will you know you're really serious until you find a property you love? Unfortunately, you might get your heart set on something, only to find that you don't qualify or someone else can make a higher offer. Your best bet is to apply for pre-qualification instead.

Go For a Longer-Term Loan

mortgage ratesWhile the monthly payments for a 30-year loan may be lower, you'll almost certainly wind up paying more for your home in the long run. Another option is to go for a 15-year fixed-rate loan if you can afford the monthly payments. Everyone’s situation is different. Talking with a professional loan originator will help determine the term that’s best for your unique circumstances.

You Need to Put 20% Down

Of course, the more you can put down on your home, the better. But sometimes a 20% down payment is simply impossible, especially if you live in a hot market with steadily climbing property values. Fortunately, some lenders will offer mortgages with as little as 3.5-5% down, and there are even a few products that require no down payment!

For over a decade, the loan officers at Premium Mortgage Corporation have helped people throughout the area achieve their dreams of home ownership. Visit their website to find your nearest office and apply for a loan, or call (844) 793-0177  to discuss mortgage rates with an experienced officer today.

 

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
NY Mortgage Broker Explains How to Drop Private Mortgage Insurance, Amherst, New York
When you purchased your home, your mortgage broker likely explained that you would either need to place a 20% down payment on the loan, obtain private mortgage insurance (PMI), or pa...read more
Home Loan Rejected? Mortgage Provider Lists 3 Ways to Help Get Approved, Amherst, New York
Nearly 40% of mortgage loan applications completed in 2015 were turned down, according to a Consumer Financial Protection Bureau report. Reasons for the rejections ran the gamut from...read more
Mortgage Loan Specialists Share 4 Project Ideas That Increase Property Value, Amherst, New York
To get the highest selling price possible, many homeowners plan extensive renovations before putting their house on the market. But not every project guarantees an equal payoff....read more
Mortgage Loan Experts Explain What You Should Know Before Buying a Foreclosure, Amherst, New York
For buyers searching for affordable real estate, a foreclosed home can present an incredible opportunity, as most lenders are only looking to recover the balance of the outstanding m...read more
Ask a Mortgage Broker: 3 Tips for Negotiating a Great Deal, Amherst, New York
The homebuying process is riddled with ups and downs. While some stages are exciting, others seem daunting. Although negotiating is one of the more challenging aspects of a...read more