On Your Way Toward a New Home Loan in Oakland, CA
Houses aren't one size fits all. The same can be said for home loans in California. Securing the correct fit for your needs takes some shopping around! That’s where Mr. Cooper can help. Our aim is to keep the dream of homeownership alive starting with the loan process. We encourage you to read on for introductory information about selecting a mortgage loan, but also call a Mr. Cooper professional with any mortgage questions you might have.
Check your credit before you start applying for loans and work to get it in tip-top shape. A poor credit rating could mean you'll have a higher interest rate on your mortgage loan. On the flip side, a strong credit score can help you advocate for your best rate with a lender. Your credit strength, finances, and and the timeline you're looking to move can all influence the type of loan that matches your needs. So, what loans can you pick from?
What Home Loan Options Do I Have in Oakland, CA?
There are several different types of home loans available to Oakland home buyers: conventional loans, FHA streamline loans, FHA loans, high balance conforming loans, VA loans, and VA Interest Rate Reduction Loans (VA IRRRL). 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 and VA loans are both classified as government loans. Credit and income requirements are usually a little more different 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 get to know your options and what comes next, depending on where you are on your journey.
Get a Preapproval Letter Before You Shop in Oakland, CA
Get a Verified Approval Letter from your lender before you begin looking for houses in Oakland to indicate 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. The letter can also carry more weight seller’s you’re serious about the home they’re selling. Call the mortgage team at Mr. Cooper today to chat about 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 Oakland. 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.