Getting the Home Loan in New London, CT That's Best for You
Houses aren't one size fits all. The same can be said for home loans in Connecticut. Getting the best fit for you requires some loan-to-loan comparisons! Mr. Cooper can help! 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 professional with any mortgage questions you might have.
Check your credit before you start applying for loans and try your best to improve your score. A poor credit rating might mean you are presented with a higher interest rate on your loan. On the other hand, a high credit score can help you negotiate your best rate with a potential lender. Your credit strength, financial situation, and the timeline you wish to make your move can all impact the type of home loan that fits your needs. So, what's out there to choose from?
What Types of Loans Are There in New London, CT?
There are several different types of home loans available to New London home buyers: conventional loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), VA loans, FHA loans, and FHA streamline 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.
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. Which one of these home loans is a good fit for you? A loan officer can help you understand your options and next steps, depending on your stage in the journey.
Start with a Preapproval Letter in New London, CT
Talk to your lender about a Verified Approval Letter. Get one before you start going to Open Houses in New London to demonstrate 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 show to sellers you can afford the home they’re selling. Contact a Mr. Cooper mortgage professional today to chat about 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 New London. 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.