On Your Way Toward a New Home Loan in Gaithersburg, MD
Homes aren't one size fits all structures. The same can be said for home loans in Maryland. Getting the best fit for you requires some loan-to-loan comparisons! That’s where Mr. Cooper can help. Our aim is to keep the dream of homeownership alive beginning with the mortgage loan process. We encourage you to read on for routine information about finding a home 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 work to get it in tip-top shape. A not-so-great credit score may mean you are presented with a higher interest rate on your loan. On the other hand, a high credit score can help you advocate for your best rate with a lender. Your credit score, finances, and and the timing in which you'd like 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 Gaithersburg, MD?
Gaithersburg 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 loan could be a great route for you if your income and employment history are stable, your credit is healthy, and you're going to make a down payment of at least 3% depending on your situation.
FHA and VA loans are both classified as government loans. Credit and salary/wage requirements are usually a little more 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. How do you know which home loan is the best for you? A loan officer can help you compare loans and plan your next steps, depending on your stage in the journey.
Start with a Preapproval Letter in Gaithersburg, MD
Get a Verified Approval Letter from your lender before you start shopping for homes in Gaithersburg to indicate that you're serious about buying a home. 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 with the real estate agent and seller because they know you can afford the home. Call the mortgage team at Mr. Cooper now to talk about all things loan-related! We'll walk through everything from your potential loan options, credit score, and your Verified Approval letter. It could be the perfect season for you to buy a new house in Gaithersburg. 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.