On Your Way Toward a New Home Loan in Columbia, MD
Houses aren't one size fits all. The same can be said for home loans in Maryland. Getting the best fit for you may require some comparison shopping! That’s where Mr. Cooper can help. Our mission is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the loan process. We encourage you to read on for routine information about finding a home loan, but also call a Mr. Cooper mortgage expert with questions about your situation.
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 are presented with a higher interest rate on your loan. On the flip side, a high credit score can help you negotiate your best rate with a potential lender. Your credit score, financial state, and the timeframe you're looking to move can all be a factor in the type of loan that matches your needs. So, what loans can you pick from?
Different Types of Home Loans in Columbia, MD
There are several different types of home loans available to Columbia home buyers: conventional loans, FHA streamline loans, FHA loans, high balance conforming loans, VA loans, and VA Interest Rate Reduction Loans (VA IRRRL). 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.
VA loans and FHA loans fall into the government loan category. Credit and income requirements tend to have different 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 home loan is right for you? A trained loan officer can help you get to know your options and what comes next, depending on where you are on your journey.
Begin in Columbia, MD with a Preapproval Letter
Secure a Verified Approval Letter from the lender before you begin looking for houses in Columbia to show that you really do intend to buy. 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. The letter can also carry more weight seller’s you’re serious about the home they’re selling. Contact a Mr. Cooper mortgage professional today to chat about everything from your potential loan options, credit score, and your Verified Approval letter. Now could be the perfect time for you to buy a house in Columbia. 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.