Get Started on Your Crofton Home Loan Journey
Houses aren't one size fits all. Neither are home loans in Crofton. Securing the correct fit for your needs takes some shopping around! That’s where Mr. Cooper can help. Our goal is to keep the dream of homeownership alive beginning with the mortgage loan process. We encourage you to continue reading for basic information about selecting a mortgage loan, but also call a Mr. Cooper mortgage expert with questions about your situation.
As you start looking for loans, check your credit and try your best to improve your score. A low credit score could mean you are presented with a higher interest rate on your loan. On the flip side, a strong credit score can help you secure a better rate with your potential lender. Your credit score, financial situation, and the timeline you wish to make your move can all influence the type of loan that matches your needs. So, what's out there to choose from?
What Types of Loans Are There in Crofton, MD?
Crofton home buyers have more than one type of home loan to choose from. There are: 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 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. Credit and income requirements are often laid-back 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 professional Mr. Cooper loan officer can help you get to know your options and what comes next, depending on where you are on your journey.
Get a Preapproval Letter Before You Shop in Crofton, MD
Get a Verified Approval Letter from your lender before you start shopping for homes in Crofton to indicate that you're a serious buyer. 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 seller’s you’re serious about the home they’re selling. Call the mortgage team at Mr. Cooper today to discuss everything from your credit, possible loan options and your Verified Approval letter. Now is a great time for buying a home in Crofton. What are you waiting for? See how we can help you navigate your next home-buying experience!
- 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.