Buying a home can be frustrating and intimidating, especially if you're relying on advice from friends and family members who purchased their homes years ago. Premium Mortgage Corporation, with offices in Syracuse, Buffalo, Rochester, and Barre, VT, recommends turning to a professional instead if you want the home of the dreams and affordable mortgage rates.
If you're in the market for a home, you might have heard a few of the following myths:
Find a Home First
Some people might tell you to find the home you're looking for first. After all, how else will you know you're really serious until you find a property you love? Unfortunately, you might get your heart set on something, only to find that you don't qualify or someone else can make a higher offer. Your best bet is to apply for pre-qualification instead.
Go For a Longer-Term Loan
While the monthly payments for a 30-year loan may be lower, you'll almost certainly wind up paying more for your home in the long run. Another option is to go for a 15-year fixed-rate loan if you can afford the monthly payments. Everyone’s situation is different. Talking with a professional loan originator will help determine the term that’s best for your unique circumstances.
You Need to Put 20% Down
Of course, the more you can put down on your home, the better. But sometimes a 20% down payment is simply impossible, especially if you live in a hot market with steadily climbing property values. Fortunately, some lenders will offer mortgages with as little as 3.5-5% down, and there are even a few products that require no down payment!
For over a decade, the loan officers at Premium Mortgage Corporation have helped people throughout the area achieve their dreams of home ownership. Visit their website to find your nearest office and apply for a loan, or call (844) 793-0177 to discuss mortgage rates with an experienced officer today.
Corporate Contact information:
2541 Monroe Avenue, Rochester, NY 14618
Equal Housing Lender
Licensed Mortgage Banker NYSDFS