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

The Mortgage Loan Process Explained by Experienced Loan Consultants February 7, 2016

Amherst, Erie
The Mortgage Loan Process Explained by Experienced Loan Consultants, Amherst, New York

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.
  • Mortgage contractLending 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
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