Shopping for a new home can be a mix of excitement and anxiety. You want to find your dream home without busting your monthly budget. Asking the right questions first is a good way to help provide peace of mind. Premium Mortgage Corporation believes an educated client can make informed decisions. At their New York offices in Buffalo, Rochester, and Syracuse, as well as their Vermont office in Barre, the team of home loan providers takes the time to answer all questions, including the following common ones.
FAQ Answered by Home Loan Providers
Do I Need a Down Payment?
Depending on the mortgage program, borrowers can apply with little to no money down. Ideally, most lenders like to see a 20% down payment, but there is plenty of room to negotiate here. Experienced home loan providers will gladly share which programs don't require a down payment.
How Do I Choose the Best Mortgage?
To get the answer to this question, lenders will look at several factors such as the applicant's income, employment record, and credit history. Most borrowers want a mortgage they can afford without sacrificing the type of home they desire. A professional mortgage banker will explore a number of available loan options to determine which one is best for the client.
Will I Be Able to Afford the Monthly Payments?
This is one of the most common questions home loan providers are asked. The monthly payment is generally determined by the loan's total amount, interest rate, and the term. Fixed-rate loans generally range from 15 to 30 years and adjustable-rate loans can vary from five to eight years. There are a number of mortgage calculators available to help you figure out what your monthly payments will likely be.
Buying a home should never be a maze of confusion. As the region's leading home loan provider, Premium Mortgage Corporation is 100% committed to helping clients navigate through the entire process. If you have questions about financing, closing, or other mortgage matters, call (585) 241-0000 and a friendly representative will gladly assist. Visit the website for detailed information on loan options as well as helpful resources.
Corporate Contact Information:
2541 Monroe Avenue
Rochester, NY 14618
NMLS #3254 Equal Housing Lender
Licensed Mortgage Banker NYSDFS