Get Started on Your Lafayette Home Loan Journey
Homes aren't one size fits all structures. Lafayette home loans aren’t either. Getting the best fit for you may require some comparison shopping! Mr. Cooper can help! Our aim is to keep the dream of homeownership alive starting 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.
As you start looking for loans, check your credit and try your best to get it in tip-top shape. A poor credit rating may mean you end up with a higher interest rate on your home loan. On the other hand, a strong credit score can help you advocate for your best rate with a lender. Your credit score, financial situation, and the timing in which you'd like to make your 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 Lafayette, IN?
Lafayette 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 laid-back than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. Which home loan is right for you? A professional Mr. Cooper loan officer can help you compare loans and plan your next steps, depending on your position in the process.
Begin in Lafayette, IN with a Preapproval Letter
Secure a Verified Approval Letter from the lender before you start shopping for homes in Lafayette to indicate that you're serious about buying a home. A Verified Approval Letter shows that your lender has looked at all of your finances and communicated about 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. Contact a Mr. Cooper mortgage professional today to chat about everything from your potential loan options, credit score, and your Verified Approval letter. Now is a great time for buying a home in Lafayette. What are you waiting for? 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.