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Find the Arcata, CA Home Loan That's Best for You

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On Your Way Toward a New Home Loan in Arcata, CA

A home isn't a one size fits all kind of thing. The same can be said for home loans in California. Finding the right fit for you may require some comparison shopping! That's where Mr. Cooper comes in. Our aim is to transform the homeownership journey into an enjoyable one, starting with the loan process. We encourage you to continue reading for routine details about picking your Arcata home loan, but also reach out to Mr. Cooper mortgage professional for any questions you may have.

Check your credit before you start applying for loans and try your best to improve your score. A poor credit rating may mean you end up with a higher interest rate on your home loan. On the other hand, a strong credit score can help you negotiate your best rate with a potential lender. Your credit history, finances, and and the timeline you'd like to make your move can all influence the loan type that aligns with your goals. So, what's out there to choose from?

Different Types of Home Loans in Arcata, CA

Arcata home buyers have more than one type of home loan to choose from. There are: conventional loans, FHA loans, FHA streamline loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), and high balance conforming loans. A conventional loan may be the perfect option 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 fall into the government loan category. Credit and salary/wage requirements are often different criteria than conventional loans. Also, veterans, surviving spouses and active-duty service members may be eligible to apply for VA new home loans. Which one of these home loans is a good fit for you? A professional Mr. Cooper loan officer can help you understand your options and next steps, depending on your position in the process.

Get a Preapproval Letter Before You Shop in Arcata, CA

Secure a Verified Approval Letter from the lender before you start going to Open Houses in Arcata to demonstrate that you really do intend to buy. 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 now to talk about all things loan-related! We'll walk through everything from your Verified Approval letter to your credit and loan options. It could be the perfect season for you to buy a new house in Arcata. Get started with the help you need!

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