Finding Your Fit, Finding Your Bristol Home Loan
A home isn't a one size fits all kind of thing. Bristol home loans aren’t either. Getting the best fit for you requires some loan-to-loan comparisons! Mr. Cooper can help! Our goal is to keep the dream of homeownership alive beginning with the mortgage loan process. We hope you'll keep reading for basic information about selecting a mortgage loan, but also call a 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 could mean you end up with a higher interest rate on your home loan. On the other hand, a high credit score can help you negotiate your best rate with a potential lender. Your credit score, financial situation, and the timeline you'd like to make your move can all affect the loan type that aligns with your goals. So, what loans can you pick from?
Different Types of Home Loans in Bristol, CT
There are several different types of home loans available to Bristol 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.
VA loans and FHA loans fall into the government loan category. Credit and salary/wage requirements are usually a little more different criteria 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 trained 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 Bristol, CT
Secure a Verified Approval Letter from the lender before you begin looking for houses in Bristol to demonstrate 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. Give us a call 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 Bristol. Call now to get the super-smart help you want!
- 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.