Getting the Home Loan in Scottsdale, AZ That's Best for You
Homes aren't one size fits all structures. The same can be said for home loans in Arizona. Securing the correct fit for your needs requires some loan-to-loan comparisons! Mr. Cooper can help! Our mission is to turn the homeownership journey into something that's less difficult and more enjoyable, beginning with the mortgage loan process. We encourage you to continue reading for general details about picking your Scottsdale home loan, but also call a Mr. Cooper mortgage professional for any questions you may have.
As you start looking for loans, check your credit and work to get it in tip-top shape. A low credit score may mean you'll have a higher interest rate on your mortgage loan. On the other hand, a strong credit score can help you negotiate your best rate with a potential lender. Your credit score, financial situation, and the timing in which you wish to make your 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 Scottsdale, AZ
You may have options when it comes to Scottsdale home loans: conventional loans, FHA streamline loans, FHA loans, high balance conforming loans, VA loans, and VA Interest Rate Reduction Loans (VA IRRRL). A conventional loan could be a great route 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 tend to have different criteria than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. How do you know which home loan is the best for you? A trained loan officer can help you compare loans and plan your next steps, depending on your stage in the journey.
Start with a Preapproval Letter in Scottsdale, AZ
Talk to your lender about a Verified Approval Letter. Get one before you start shopping for homes in Scottsdale to show that you're serious about buying a home. A Verified Approval Letter is proof that your finances have been reviewed by the lender, and you have an estimate of how much you can buy. It can also speed up seller’s you’re serious about the home they’re selling. Call the mortgage team at Mr. Cooper today to discuss 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 Scottsdale. 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.