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

​4 Steps to Take Before Applying For a Mortgage Loan July 28, 2015

Amherst, Erie
​4 Steps to Take Before Applying For a Mortgage Loan, Amherst, New York

Before submitting a home loan application, there are a few steps to take in order to boost getting a stamp of approval. Leading mortgage loan officer, Premium Mortgage Corporation in Rochester, NY, recommends checking off this list prior to submitting an application:

  • Check Your Credit Report: Since an approval or denial is largely based on your credit standing and the amount of steady income you earn, it’s wise to get an official credit report. Sites like AnnualCreditReport.com offer one free yearly statement. Review the statement to determine if any incorrect reports have been filed, and if so, a dispute should be submitted.
  • Establish Credit: One proven way to boost your credit history and portfolio is to open a secured credit card. Speak to your local bank, as most allow you to open an account with as little as $300-$500. When approved, be sure to use the card wisely to establish revolving credit.
  • Gather Diverse Trade Lines: Most loan consultants will review your payment history with different service providers. And most will require up to four trade lines, including credit cards, auto loan, utilities, insurance payments and more.
  • Handle Your Collections: Many home buyers want to know whether debts on their credit report should be paid. The answer is "absolutely." Home loan providers are more inclined to approve applicants whose debts have been paid.

Keep in mind that these factors will also affect you loan rates. Once these checklists have been marked, call Premium Mortgage Corporation to get your loan process started. 

Visit them online, or call your local branch:
Hamburg & Amherst, NY Offices: (716) 633-0501
Rochester, NY Corporate Headquarters: (545) 241-0000
Geneseo, NY Office: (585) 447-9197
Liverpool, NY Office: (315) 457-0926
Barre, VT Office: (802) 476-7000

Corporate Contact information:
2541 Monroe Avenue, Rochester, NY 14618
1 (877) 690-7240
NMLS# 3254 | Equal Housing Lender
Licensed Mortgage Banker NYSDFS

Other Announcements, Events and Deals from Premium Mortgage Corporation
How Your Credit Score Affects Mortgage Loans & Interest Rates, Amherst, New York
Are you interested in buying a home? If so, you should be concerned about your credit score. This number affects many aspects of your life, but when it comes to buying a home, your c...read more
Mortgage Loan Experts Explain What You Should Know About Home Sale Contingencies, Amherst, New York
Purchasing a new house when you already own a home is a delicate proposition. On the one hand, buyers who make a bid too early run the risk of paying two mortgage loans at once, whil...read more
The Pros & Cons of Popular Mortgage Loan Programs, Amherst, New York
One of the most important decisions you'll have to make when buying a home is choosing a mortgage loan. However, the variety of options and complexity of the system can make the proc...read more
Mortgage Loan Rules: Everything You Need to Know About Using Gift Money as a Down Payment, Amherst, New York
One of the most stressful aspects of buying a home is saving up for the down payment that is required for the purchase. In some cases, you may have a family member who wants to help ...read more
Spring Home Sale? 5 Prep Tips From Your Mortgage Loan Partner, Amherst, New York
For many homeowners, spring is a popular time to sell their houses. At Premium Mortgage Corporation, mortgage loan experts who serve Buffalo, Rochester, and Syracuse, NY, a...read more