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Compare Somerset, KY Home Loans

Ready to buy a house in Somerset but stumped on where to start? Start with Mr. Cooper and a little help finding the right home loan for you.

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Getting the Home Loan in Somerset, KY That's Best for You

Houses aren't one size fits all. Somerset home loans aren’t either. Securing the correct fit for your needs may require some comparison shopping! That’s where Mr. Cooper can help. Our aim is to transform the homeownership journey into an enjoyable one, beginning with the mortgage loan process. We hope you'll keep reading for routine information about finding a home loan, but also contact a Mr. Cooper mortgage professional for any questions you may have.

Check your credit before you start applying for loans and work to get it in tip-top shape. A low credit score might mean you'll have a higher interest rate on your mortgage loan. On the flip side, a strong credit score can help you advocate for your best rate with a lender. Your credit history, finances, and and the timing in which you'd like to make your move can all impact the type of loan that matches your needs. So, what loans can you pick from?

Different Types of Home Loans in Somerset, KY

Somerset 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 loans might be a good choice 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 are both classified as 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 home loan is right for you? A professional loan officer can help you understand your options and next steps, depending on your stage in the journey.

Start with a Preapproval Letter in Somerset, KY

Secure a Verified Approval Letter from the lender before you begin looking for houses in Somerset to demonstrate that you're serious about buying a home. 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 to sellers you can afford the home they’re selling. Give us a call today to chat about everything from your Verified Approval letter to your credit and loan options. Now is a great time for buying a home in Somerset. What are you waiting for? Get started with the help you need!

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