Finding Your Fit, Finding Your Auburn Home Loan
A home isn't a one size fits all kind of thing. Neither are home loans in Auburn. Finding the right fit for you requires some loan-to-loan comparisons! That’s where Mr. Cooper can help. Our mission is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the loan process. We hope you'll keep reading for general details about picking your Auburn home loan, but also contact a Mr. Cooper mortgage expert with questions about your situation.
As you start looking for loans, check your credit and work to get it in tip-top shape. A poor credit rating might mean you are presented with a higher interest rate on your loan. On the flip side, a higher credit rating can help you secure a better rate with your potential lender. Your credit strength, financial situation, and the timeline you're looking to move can all impact the type of home loan that fits your needs. So, what loans can you pick from?
What Types of Loans Are There in Auburn, IN?
There are several different types of home loans available to Auburn home buyers: conventional loans, FHA loans, FHA streamline loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), and high balance conforming loans. A conventional loan could be a great route 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.
FHA and VA loans are both classified as government loans. Income and credit requirements are usually a little more 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 home loan is right for you? A professional loan officer can help you compare loans and plan your next steps, depending on where you are on your journey.
Get a Preapproval Letter Before You Shop in Auburn, IN
Get a Verified Approval Letter from your lender before you begin looking for houses in Auburn to indicate that you're a serious buyer. 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 speed up to sellers you can afford the home they’re selling. Give us a call today to discuss 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 Auburn. 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.