Get Started on Your Covington Home Loan Journey
A home isn't a one size fits all kind of thing. Neither are home loans in Covington. Finding the right fit for you requires some loan-to-loan comparisons! That’s where Mr. Cooper can help. Our aim is to turn the homeownership journey into something that's less difficult and more enjoyable, beginning with the mortgage loan process. We hope you'll keep reading for general information about selecting a mortgage loan, but also contact a Mr. Cooper professional with any mortgage questions you might have.
Check your credit before you start applying for loans and work to get it in tip-top shape. A not-so-great credit score might mean you are presented with a higher interest rate on your loan. On the other hand, a high credit score can help you advocate for your best rate with a lender. Your credit strength, financial state, and the timeframe you're looking to move can all affect the type of loan that matches your needs. So, what loans can you pick from?
Different Types of Home Loans in Covington, GA
You may have options when it comes to Covington 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 loan could be a great route 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 and VA loans fall into the government loan category. Credit and income requirements tend to have different 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 trained loan officer can help you get to know your options and what comes next, depending on where you are on your journey.
Get a Preapproval Letter Before You Shop in Covington, GA
Secure a Verified Approval Letter from the lender before you begin looking for houses in Covington to indicate 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. The letter can also carry more weight with the real estate agent and seller because they’re know you can afford the home. Give us a call today to chat about everything from your potential loan options, credit score, and your Verified Approval letter. It could be the perfect season for you to buy a new house in Covington. 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.