On Your Way Toward a New Home Loan in Oxford, AL
Houses aren't one size fits all. Neither are home loans in Oxford. Securing the correct fit for your needs requires some loan-to-loan comparisons! That's where Mr. Cooper comes in. Our goal is to transform the homeownership journey into an enjoyable one, beginning with the mortgage loan process. We encourage you to continue reading for general information about finding a home loan, but also contact a Mr. Cooper mortgage professional for any questions you may have.
As you begin searching for home loans, double check your credit and try your best to improve your score. A poor credit rating might mean you are presented with a higher interest rate on your loan. On the other hand, a high credit score can help you negotiate your best rate with a potential lender. Your credit score, finances, and and the timeline you wish to make your move can all be a factor in the type of loan that matches your needs. So, what's out there to choose from?
What Types of Loans Are There in Oxford, AL?
There are several different types of home loans available to Oxford home buyers: conventional loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), VA loans, FHA loans, and FHA streamline loans. A conventional loans might be a good choice for you if your credit is healthy, your income and employment history are stable, and you're ready to make a down payment of as little as 3% depending on your situation.
FHA loans and VA loans are both classified as government loans. Credit and salary/wage requirements are often different criteria than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. Which one of these home loans is a good fit for you? A professional loan officer can help you get to know your options and what comes next, depending on your stage in the journey.
Begin in Oxford, AL with a Preapproval Letter
Get a Verified Approval Letter from your lender before you begin looking for houses in Oxford to indicate that you're a serious buyer. A Verified Approval Letter shows that your lender has looked at all of your finances and communicated about how much you can buy. It can also show with the real estate agent and seller because they know you can afford the home. Call the mortgage team at Mr. Cooper 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 Oxford. 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.