If you are considering buying a home, you may think you need to start by knowing what you want in a home. While this is a good thing to know, the first thing you really need to do is understand how much you can afford. Before you investigate the Open House section in the newspaper, there are a few things you need to think about. Luckily, Premium Mortgage Corporation of Buffalo, Rochester, Syracuse, NY and Barre, VT is here to help you understand the process.
Here are the factors to consider before you apply for a mortgage loan to know how much you need:
- Evaluate Your Current Finances: The first thing you should do is take a look at your finances. Think about your financial goals and needs to help you understand what a comfortable monthly payment is.
- Know If You Are Qualified: The next thing you should do is look at your credit score as well as your debt to income ratio. These will affect your approval and the rate you will pay for the loan.
- Utilize A Mortgage Calculator: This can help you to play with the numbers and get an idea of how much to put down on the mortgage loan so you can keep the payments within your budget.
- Know The Mortgage Options: There are different mortgage types out there. Keep in mind that you can lower your payments with a longer loan, though you will pay a higher interest rate to do so. A loan officer can help you understand which type of loan is right for you.
Getting an understanding of where you are financially and what you can afford to pay will help you know where you stand when you start looking at houses. To find out more about securing a mortgage loan in upstate New York call Premium Mortgage Corporation in Rochester at 585-241-0000, in Amherst at 716-633-0501, or in Liverpool at (315) 457-0926. You can also visit their website to try their mortgage calculator.
Corporate Contact information:
2541 Monroe Avenue, Rochester, NY 14618
Equal Housing Lender
Licensed Mortgage Banker NYSDFS