On Your Way Toward a New Home Loan in Russellville, AR
Homes aren't one size fits all structures. Neither are home loans in Russellville. Getting the best fit for you may require some comparison shopping! That's where Mr. Cooper comes in. Our mission is to keep the dream of homeownership alive starting with the loan process. We encourage you to read on 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 work to get it in tip-top shape. A less-than-stellar credit score may mean you are presented with a higher interest rate on your 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 timing in which you wish to make your move can all affect the loan type that aligns with your goals. So, what's out there to choose from?
What Types of Loans Are There in Russellville, AR?
You may have options when it comes to Russellville 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 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 fall into the government loan category. Credit and salary/wage 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. How do you know which home loan is the best 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.
Begin in Russellville, AR with a Preapproval Letter
Secure a Verified Approval Letter from the lender before you start shopping for homes in Russellville to demonstrate that you're a serious buyer. 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 show to sellers you can afford the home they’re selling. Give us a call now to talk about all things loan-related! We'll walk through everything from your potential loan options, credit score, and your Verified Approval letter. Now could be the perfect time for you to buy a house in Russellville. See how we can help you navigate your next home-buying experience!
- 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.