The Home Loan Process

Know Your Mortgage Payment

Based on the home's sale price, the term of the loan, buyer's down payment percentage, and the loan's interest rate, this calculator can help estimate what you'll need to pay out monthly for your new home. This calculator factors in PMI (Private Mortgage Insurance) for loans with less than a 20% down payment, as well as town property taxes and its effect on the total monthly mortgage payment.

Buying a home is a big step! Whether you're buying your first home, your dream home, or your tenth investment property, yours will be a big investment. We know how important this is to you and we have an army of experts to make sure we find the perfect property for your unique circumstances. Finding the perfect property is just one way we can help you with your real estate purchase.

In order to determine the amount of home you can afford a lender will use your debt-to-income ratio to determine the percentage of your pre-tax income you spend on debt. Your debt ratio will include: monthly housing costs, car payments, credit cards, student loans, and any other installment debt. If you take on more debt before buying a home it will have an impact on the amount of the loan that the lender will finance.

Premium Mortgage Corporation

NMLS# 3254

Our Preferred Lender

Superior Teamwork, Superior Results
For years, satisfied homeowners have counted on Premium Mortgage to find them the best mortgages -- from competitive interest rates to the highest-level terms available in the home loan market today.

How do we make it happen? We focus on talent. We hire only the best and the brightest in the real estate industry. Our dynamic loan officers and processors are experts in all types of financing programs, dedicated to staying on top of the latest industry trends and changes to find the mortgage that fits your individual needs, so your financing process will go as smoothly as possible and come to a successful conclusion. While we've been awarded the Rochester Top 100 designation six times, ranked as a top mortgage lender in Buffalo eleven years in a row, three-time #1mortgage lender by the Rochester Business Journal, a Rochester Top Workplace, Buffalo Business First Best Place To Work, and wonRochester's Choice Best Mortgage for 4years in a row, we take pride in the fact that a good portion of our business comes from past clients and referrals from many of New York's top real estate agents.

To learn more and to speak with a Loan Officer right now, call Premium Mortgage toll-free
at 844-793-0177.

Get Pre-Approval

Before you start looking for a home to buy, it’s a good idea to meet with your Loan Officer to get pre-approved for a loan amount. At this stage, the lender gathers information about income, assets and debts of the borrower (you) to determine how much house you may be able to afford. This includes a credit report, W-2 forms, pay stubs, Federal Tax Returns and recent bank statements. There are a variety of different loan programs, so make sure to get pre-qualification for the specific programs that best suit your needs.

We Help You Get The Best Loan

Start The Process

We’ll help you find the best local loan officer to get you competitive rates and the programs that best fit your individual needs. Fill out this form and we’ll connect you with a lender today!

Application & Processing

What happens when a loan goes "live"

When you find property you’re ready to buy, your lender will help you complete a full mortgage loan application, and talk you through the various fees and down payment options. The application is submitted to processing, where the documents are reviewed and appraisals and title examination are ordered. Then the loan is sent to an underwriter, who reviews and approves the entire loan if it meets compliance.

Closing

Signing and Finalizing the deal

Don’t be surprised if you’re asked for additional documentation or clarification throughout the process. Once your loan is approved, don’t forget to set up homeowners insurance. Your documents will be sent to the title company, where you’ll sign for the new home and pay any remaining costs. Then the loan is recorded and you get the keys. Congratulations, happy homeowner!

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