Getting the Home Loan in Felton, DE That's Best for You
A home isn't a one size fits all kind of thing. The same can be said for home loans in Delaware. Securing the correct fit for your needs may require some comparison shopping! That's where Mr. Cooper comes in. Our goal is to transform the homeownership journey into an enjoyable one, beginning with the mortgage loan process. We hope you'll keep reading for introductory information about finding a home loan, but also contact a 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 poor credit rating might mean you'll have a higher interest rate on your mortgage loan. On the other hand, a strong credit score can help you negotiate your best rate with a potential lender. Your credit score, finances, and and the timeline you're looking to move can all affect the type of loan that matches your needs. So, what options are out there for you?
Different Types of Home Loans in Felton, DE
You may have options when it comes to Felton home loans: 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 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 are both classified as government loans. Income and credit requirements are usually a little more 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 home loan is right for you? A professional 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 Felton, DE
Talk to your lender about a Verified Approval Letter. Get one before you start going to Open Houses in Felton to demonstrate that you really do intend to buy. A Verified Approval Letter shows that your lender has looked at all of your finances and communicated about how much you can buy. It can also show to sellers you can afford the home they’re selling. Give us a call now to talk about all things loan-related! We'll walk through everything from your credit, possible loan options and your Verified Approval letter. It could be the perfect season for you to buy a new house in Felton. 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.