The idea of buying a home can intimidate people and leave them feeling uncertain. To give home buyers a road map of the process and help them feel more confident, Premium Mortgage Corporation, a respected team of mortgage brokers with offices in Rochester, Albany, Buffalo, and Syracuse, NY, and Barre, VT, offers a quick step-by-step guide to buying a house. They specialize in helping clients select the most appropriate mortgage at affordable home loan rates.
7 Steps to Buying a Home
1. Get prequalified
The first step is to meet with a loan officer to get prequalified for a loan. Give income, savings, and other financial information to your loan officer, who will review it and tell you how much you can afford to spend. Preapproval is the next step; simply provide W-2 forms or proof of income, permit a credit check, and account numbers so the lender can verify your creditworthiness.
2. Find a good agent
A good real estate agent is an indispensable partner during this process. They will help you find a home that meets your needs and fits your budget.
3. Shop for homes
Your real estate agent can provide a list of homes you might like. Visit several to see what is available in your price range. Take photos or video to remember important details. When you find a home you like, make an offer. You may have to go through several rounds of negotiations.
4. Schedule a home inspection
When you and the seller agree on a price, schedule a home inspection to discover any hidden problems or repair issues. If the inspector finds problems, it gives you leverage to adjust terms. Most lenders require a home inspection, anyway.
5. Choose a loan
Work with your loan officer to choose a loan package (payoff period, interest rate, down payment, and any additional points paid up front) that fits your needs.
6. Appraise the home
The lenders will hire an appraiser to assess the home’s value. This determines in part how much the bank will give you to purchase the home. It also lets all parties know you are paying a fair amount.
7. Attend closing
At the closing, you sign all the paperwork, get assurance that the property’s title is clear (i.e. the seller is the rightful owner), and transfer funds. Once the closing is complete, you are a new homeowner!
About Premium Mortgage
Headquartered in Rochester, New York, Premium Mortgage Corporation serves residential real estate markets across upstate New York, Florida, Vermont, Massachusetts, Connecticut, Pennsylvania and Ohio. Since opening in 1999, the company has grown to over 100 employees and attributes its success to matching mortgage financing to individual clients’ needs, while also giving excellent customer service to real estate agents in the community. For ongoing mortgage news, please visit: www.premiummortgage.com and follow Premium on Facebook, Twitter, and Instagram.