Buying your first home is an exciting experience and a major investment that can significantly impact your life for years to come. However, it's also an incredibly complex process that presents significant pitfalls for unwary borrowers, so Rochester's mortgage loan experts at Premium Mortgage Corporation advise you to avoid these common mistakes:
- Selecting The Wrong Loan: Lenders offer a variety of mortgage products for people from all walks of life, but choosing the wrong one for your financial situation can quickly turn your dream home into a nightmare. The mortgage loan officers at Premium Mortgage Corporation will help you sort through the choices and select the option that has the best mortgage rates and terms for you.
- Spending Too Much: Lenders use complex calculations to determine your mortgage eligibility, numbers which may not reflect your actual budget. Remember that just because you're approved for a certain amount of financing, that doesn't mean you should spend that much on your home.
- Waiving The Inspection: To sweeten their offer, many first-time buyers skip the home inspection, which saves the seller money. In the long term, however, this could wind up costing you a fortune if expensive defects emerge later.
- Taking The First Offer: Shopping around for a mortgage may seem difficult, but it can pay off in the long run. Premium Mortgage Corporation works with a variety of lenders, so they have a broad selection of products to choose from. In essence, they'll shop around for you to get the best deal.
Visit Premium Mortgage Corporation online now to learn more about their mortgage loan services, or just call (585) 241-0000 to talk to a loan officer today.
Corporate Contact information:
2541 Monroe Avenue, Rochester, NY 14618
NMLS# 3254Equal Housing Lender
Licensed Mortgage Banker NYSDFS