Getting the Home Loan in Franklin, IN That's Best for You
Homes aren't one size fits all structures. Neither are home loans in Franklin. Getting the best fit for you 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 read on for routine information about selecting a mortgage loan, but also contact a Mr. Cooper mortgage professional for any questions you may have.
As you begin searching for home loans, double check your credit and work to get it in tip-top shape. A less-than-stellar credit score could mean you end up with a higher interest rate on your home loan. On the flip side, a strong credit score can help you negotiate your best rate with a potential lender. Your credit strength, finances, and and the timeframe you're looking to move can all affect the loan type that aligns with your goals. So, what's out there to choose from?
What Home Loan Options Do I Have in Franklin, IN?
Franklin home buyers have more than one type of home loan to choose from. There are: 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 types of government loans. Credit and income requirements are usually a little more different than conventional loans. Also, veterans, surviving spouses and active-duty service members may be eligible to apply for VA new home loans. Which one of these home loans is a good fit for you? A professional Mr. Cooper loan officer can help you understand your options and next steps, depending on your stage in the journey.
Get a Preapproval Letter Before You Shop in Franklin, IN
Get a Verified Approval Letter from your lender before you start going to Open Houses in Franklin 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 speed up with the real estate agent and seller because they’re know you can afford the home. Call the mortgage team at Mr. Cooper today to discuss everything from your credit, possible loan options and your Verified Approval letter. Now could be the perfect time for you to buy a house in Franklin. 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.