Buying a home is a complex process that depends on professional insight and accurate information. Unfortunately, buyers are surrounded by pervasive myths and misunderstandings on almost every aspect of the industry, from negotiating a sale to securing the best mortgage rates.
A Down Payment Is The Only Up-Front Expense
Buying a home involves a long list of costs and fees, which may amount to thousands of dollars. For instance, you may be liable for the closing costs — which could be as much as 2-5% of the purchase price — as well as the home appraisal, processing, underwriting, and variety of additional expenses.
You Need Excellent Credit
While this may be the case for securing a traditional loan, FHA loan programs, for example, offer homebuyers with less-than-perfect credit a chance to invest in their futures and allow you to start with a much lower down payment. Also note, your credit score is can be improved over time with the proper steps taken.
You May Skip The Inspection
In short, while it’s not mandatory, we never recommend for a buyer to waive the home inspection. Purchasing problems you don't know how about could wind up costing you thousands of dollars to fix, easily offsetting the few hundred dollars you save waiving the inspection.
Whether you're a first-time homebuyer or an experienced investor, Premium Mortgage Corporation is committed to helping you secure the financing you need. To learn more about their services and current mortgage rates, call (877) 690-7240 or visit their website to find your nearest location and apply for a loan. You can also connect on Facebook and Twitter.
Corporate Contact Information:
2541 Monroe Avenue, Rochester, NY 14618
Equal Housing Lender
Licensed Mortgage Banker NYSDFS