Finding Your Fit, Finding Your Windham Home Loan
Homes aren't one size fits all structures. The same can be said for home loans in Maine. Finding the right fit for you may require some comparison shopping! Mr. Cooper can help! Our mission is to transform the homeownership journey into an enjoyable one, beginning with the mortgage loan process. We encourage you to read on for introductory information about selecting a mortgage loan, but also reach out to Mr. Cooper mortgage professional for any questions you may have.
Check your credit before you start applying for loans and try your best to improve your score. A poor credit rating might mean you end up with a higher interest rate on your home loan. On the other hand, a high credit score can help you negotiate your best rate with a potential lender. Your credit history, finances, and and the timeframe 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 Windham, ME?
You may have options when it comes to Windham home loans: conventional loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), VA loans, FHA loans, and FHA streamline loans. A conventional loans might be a good choice for you if you're ready to make a down payment of at least 3% (depending on your situation), your credit is healthy, and your income and employment history are stable.
VA and FHA loans are both types of government loans. Credit and salary/wage requirements tend to have different criteria 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 one of these home loans is a good fit for you? A loan officer can help you compare loans and plan your next steps, depending on your stage in the journey.
Get a Preapproval Letter Before You Shop in Windham, ME
Talk to your lender about a Verified Approval Letter. Get one before you begin looking for houses in Windham 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 show 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 Windham. What are you waiting for? 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.