Finding Your Fit, Finding Your Merritt Island Home Loan
A home isn't a one size fits all kind of thing. Neither are home loans in Merritt Island. Securing the correct fit for your needs requires some loan-to-loan comparisons! That’s where Mr. Cooper can help. Our goal is to transform the homeownership journey into an enjoyable one, starting with the mortgage loan process. We encourage you to continue reading for introductory information about finding a home loan, but also call 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 get it in tip-top shape. A low credit score could mean you are presented with a higher interest rate on your loan. On the other hand, a strong credit score 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 influence the type of loan that matches your needs. So, what's out there to choose from?
What Home Loan Options Do I Have in Merritt Island, FL?
There are several different types of home loans available to Merritt Island 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 your income and employment history are stable, your credit is healthy, and you're going to make a down payment of at least 3% depending on your situation.
FHA and VA loans fall into the government loan category. Income and credit requirements tend to have different than conventional loans. Also, veterans, surviving spouses and active-duty service members may be eligible to apply for VA new home loans. How do you know which home loan is the best for you? A professional Mr. Cooper loan officer can help you understand your options and next steps, depending on where you are on your journey.
Begin in Merritt Island, FL with a Preapproval Letter
Secure a Verified Approval Letter from the lender before you begin looking for houses in Merritt Island to demonstrate that you've done your due diligence. 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 today to discuss 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 Merritt Island. 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.