On Your Way Toward a New Home Loan in Ferndale, MD
A home isn't a one size fits all kind of thing. Neither are home loans in Ferndale. Securing the correct fit for your needs takes some shopping around! That's where Mr. Cooper comes in. Our aim is to keep the dream of homeownership alive starting with the loan process. We encourage you to continue reading for introductory details about picking your Ferndale home loan, but also reach out to 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 not-so-great 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 negotiate your best rate with a potential lender. Your credit strength, financial state, and the timeframe you wish to make your move can all influence the type of loan that matches your needs. So, what loans can you pick from?
What Home Loan Options Do I Have in Ferndale, MD?
There are several different types of home loans available to Ferndale 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 loan may be the perfect option 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 fall into the government loan category. Credit and salary/wage 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. How do you know which home loan is the best 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.
Start with a Preapproval Letter in Ferndale, MD
Secure a Verified Approval Letter from the lender before you start shopping for homes in Ferndale to indicate that you're serious about buying a home. 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 to sellers you can afford 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. Now is a great time for buying a home in Ferndale. What are you waiting for? Call now to get the super-smart help you want!
- 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.