Finding Your Fit, Finding Your Foley Home Loan
A home isn't a one size fits all kind of thing. The same can be said for home loans in Alabama. Finding the right fit for you requires some loan-to-loan comparisons! Mr. Cooper can help! Our mission is to transform the homeownership journey into an enjoyable one, beginning with the mortgage loan process. We hope you'll keep reading for basic information about selecting a mortgage loan, but also reach out to Mr. Cooper mortgage expert with questions about your situation.
Check your credit before you start applying for loans and try your best to get it in tip-top shape. A low credit score could mean you'll have a higher interest rate on your mortgage loan. On the flip side, a higher credit rating can help you secure a better rate with your potential lender. Your credit history, finances, and and the timeline you'd like to make your move can all be a factor in the type of loan that matches your needs. So, what options are out there for you?
What Types of Loans Are There in Foley, AL?
You may have options when it comes to Foley home loans: conventional loans, FHA loans, FHA streamline loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), and high balance conforming loans. A conventional loans might be a good choice for you if your income and employment history are stable, your credit is healthy, and you're going to make a down payment of at least 3% depending on your situation.
VA and FHA loans are both types of government loans. Credit and income requirements are usually a little more laid-back than conventional loans. And if you're a veteran, active-duty service member or surviving spouse, you may be eligible to apply for a VA new home loan. How do you know which home loan is the best for you? A loan officer can help you compare loans and plan your next steps, depending on your stage in the journey.
Begin in Foley, AL with a Preapproval Letter
Secure a Verified Approval Letter from the lender before you begin looking for houses in Foley to show that you've done your due diligence. 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. The letter can also carry more weight seller’s you’re serious about the home they’re selling. Give us a call today to discuss everything from your Verified Approval letter to your credit and loan options. Now could be the perfect time for you to buy a house in Foley. Call now to get the super-smart help you want!
- 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.