There's so much you have to know when choosing a home loan provider—points, payoff dates, variable vs. fixed mortgage rates—it can leave your head spinning. To make it easy on you, the loan consultants at Premium Mortgage Corporation, want you to have the information you need about what happens after you apply for a mortgage loan.
The application form asks for information on your income, assets, and existing debt, as well as a full description of the property you intend to buy. Next, you will have to complete the following steps:
- Documentation: You must submit pay stubs, proof of monthly expenses, and documents pertaining to any liabilities. You must also supply personal information, such as your date of birth, Social Security number, W-2 forms, and bank and employment records.
- Application Fee: Many—but not all—lenders require you to pay an application fee to cover costs of processing. This amount varies from lender to lender.
- Lending Disclosure: All home loan providers must give you a summary of all costs you will incur with the loan, the cost of credit per year (APR), information on the costs and past interest performance of an adjustable rate mortgage (ARM) if applicable, and an explanation that you are entitled to a copy of the property appraisal.
- Reports & Appraisals: The lender will order a credit report on you, as well as an appraisal of the property.
- Determination: Finally, based on investor guidelines, the lender will determine if they will offer you a mortgage loan, and at what terms.
- Closing: You sign the papers at a title company; the property title transfers, and you become a homeowner.
For more information on mortgages, mortgage rates, and more, contact the home loan providers at Premium Mortgage Corporation They will be happy to walk you through the process.
Corporate Contact information:
2541 Monroe Avenue, Rochester, NY 14618
1 (877) 690-7240
Equal Housing Lender
Licensed Mortgage Banker NYSDFS