On Your Way Toward a New Home Loan in Marion, IA
Homes aren't one size fits all structures. Neither are home loans in Marion. Getting the best fit for you may require some comparison shopping! That's where Mr. Cooper comes in. Our mission is to keep the dream of homeownership alive starting with the mortgage loan process. We hope you'll keep reading for general 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 poor credit rating may mean you'll have a higher interest rate on your mortgage loan. On the other hand, a high credit score can help you secure a better rate with your potential lender. Your credit score, financial situation, and the timing in which you're looking to move can all impact the type of loan that matches your needs. So, what options are out there for you?
What Types of Loans Are There in Marion, IA?
You may have options when it comes to Marion home loans: 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 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 loans 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 loan officer can help you understand your options and next steps, depending on your position in the process.
Get a Preapproval Letter Before You Shop in Marion, IA
Get a Verified Approval Letter from your lender before you begin looking for houses in Marion 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. It can also show to sellers you can afford the home they’re selling. 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 Marion. Get started with the help you need!
- 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.