Get Started on Your San Rafael Home Loan Journey
Homes aren't one size fits all structures. The same can be said for home loans in California. Securing the correct fit for your needs takes some shopping around! Mr. Cooper can help! Our aim is to transform the homeownership journey into an enjoyable one, starting with the loan process. We hope you'll keep reading for introductory information about finding a home loan, but also reach out to Mr. Cooper mortgage professional for any questions you may have.
As you start looking for loans, check your credit and try your best to improve your score. A not-so-great credit score may mean you end up with a higher interest rate on your home loan. On the other hand, a higher credit rating can help you negotiate your best rate with a potential lender. Your credit strength, financial state, and the timeline you'd like to make your move can all impact the type of loan that matches your needs. So, what loans can you pick from?
What Types of Loans Are There in San Rafael, CA?
San Rafael 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 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.
VA and FHA loans are both classified as government loans. Credit and salary/wage requirements tend to have laid-back 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. Which one of these home loans is a good fit for you? A professional Mr. Cooper loan officer can help you compare loans and plan your next steps, depending on your position in the process.
Get a Preapproval Letter Before You Shop in San Rafael, CA
Get a Verified Approval Letter from your lender before you start shopping for homes in San Rafael to indicate that you're a serious buyer. 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. It can also speed up seller’s you’re serious about the home they’re selling. Call the mortgage team at Mr. Cooper now to talk about all things loan-related! We'll walk through 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 San Rafael. 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.