Finding Your Fit, Finding Your Lanham Home Loan
A home isn't a one size fits all kind of thing. Lanham home loans aren’t either. Finding the right fit for you may require some comparison shopping! That’s where Mr. Cooper can help. Our aim is to keep the dream of homeownership alive starting with the mortgage loan process. We encourage you to read on for general details about picking your Lanham home loan, but also reach out to Mr. Cooper mortgage expert with questions about your situation.
As you begin searching for home loans, double check your credit and try your best to get it in tip-top shape. A less-than-stellar credit score might mean you are presented with a higher interest rate on your loan. On the flip side, a strong credit score can help you advocate for your best rate with a lender. Your credit score, financial state, and the timing in which you're looking to move can all influence the type of home loan that fits your needs. So, what's out there to choose from?
What Types of Loans Are There in Lanham, MD?
You may have options when it comes to Lanham home loans: 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.
FHA loans and VA loans are both classified as government loans. Credit and salary/wage requirements are often different than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. Which one of these home loans is a good fit 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 Lanham, MD
Secure a Verified Approval Letter from the lender before you start shopping for homes in Lanham to demonstrate that you really do intend to buy. 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. It can also speed up 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. It could be the perfect season for you to buy a new house in Lanham. 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.