Get Started on Your Bethesda Home Loan Journey
A home isn't a one size fits all kind of thing. Bethesda home loans aren’t either. Securing the correct fit for your needs requires some loan-to-loan comparisons! Mr. Cooper can help! Our aim is to transform the homeownership journey into an enjoyable one, starting with the mortgage loan process. We hope you'll keep reading for basic information about selecting a mortgage 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 improve your score. A less-than-stellar credit score may mean you end up with a higher interest rate on your home loan. On the other hand, a higher credit rating can help you negotiate your best rate with a potential lender. Your credit score, financial situation, and the timing in which you're looking to move can all affect the type of home loan that fits your needs. So, what's out there to choose from?
What Types of Loans Are There in Bethesda, MD?
There are several different types of home loans available to Bethesda home buyers: conventional loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), VA loans, FHA loans, and FHA streamline 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 loans and VA loans are both types of government loans. Credit and income requirements are often 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 get to know your options and what comes next, depending on your position in the process.
Start with a Preapproval Letter in Bethesda, MD
Get a Verified Approval Letter from your lender before you start shopping for homes in Bethesda to demonstrate that you've done your due diligence. 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. The letter can also carry more weight seller’s you’re serious about the home they’re selling. Give us a call now to talk about all things loan-related! We'll walk through everything from your Verified Approval letter to your credit and loan options. It could be the perfect season for you to buy a new house in Bethesda. 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.