Finding Your Fit, Finding Your Auburn Home Loan
Homes aren't one size fits all structures. Neither are home loans in Auburn. Getting the best fit for you may require some comparison shopping! Mr. Cooper can help! Our aim is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the loan process. We encourage you to continue reading for routine information about selecting a mortgage loan, but also contact a Mr. Cooper mortgage professional for any questions you may have.
As you start looking for loans, check your credit and try your best to improve your score. A not-so-great credit score might mean you'll have a higher interest rate on your mortgage loan. On the other hand, a high credit score can help you secure a better rate with your potential lender. Your credit score, financial situation, and the timeframe you're looking to move can all impact the type of home loan that fits your needs. So, what options are out there for you?
Different Types of Home Loans in Auburn, AL
There are several different types of home loans available to Auburn home buyers: conventional loans, FHA streamline loans, FHA loans, high balance conforming loans, VA loans, and VA Interest Rate Reduction Loans (VA IRRRL). A conventional loans might be a good choice for you if you're ready to make a down payment of at least 3% (depending on your situation), your credit is healthy, and your income and employment history are stable.
FHA loans and VA loans are both classified as government loans. Credit and income requirements tend to have different than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. Which home loan is right for you? A professional Mr. Cooper loan officer can help you get to know your options and what comes next, depending on your stage in the journey.
Start with a Preapproval Letter in Auburn, AL
Secure a Verified Approval Letter from the lender before you start shopping for homes in Auburn to demonstrate that you're serious about buying a home. A Verified Approval Letter is evidence that the lender has reviewed your finances and has given you an estimate of how much you can buy. It can also speed up with the real estate agent and seller because they know you can afford the home. Call the mortgage team at Mr. Cooper today to chat about everything from your potential loan options, credit score, and your Verified Approval letter. It could be the perfect season for you to buy a new house in Auburn. Get started with the help you need!
- This is not a commitment to lend. All loans are subject to credit and property approval. This offer is nontransferable and may not be combined with any other mortgage offer. Advertised offer is subject to change. If a personal code is present on the advertised offer, you must provide such code to claim the offer. We may gather information about you including, but not limited to, credit bureau information, information for verification of income, information for appraisal and verification of property being used for collateral. We also verify your identity. Income, assets, and debt must meet eligibility requirements as established by Government and/or Lender guidelines.