Get Started on Your Montgomery Village Home Loan Journey
Houses aren't one size fits all. The same can be said for home loans in Maryland. Getting the best fit for you takes some shopping around! That's where Mr. Cooper comes in. Our goal is to keep the dream of homeownership alive starting with the loan process. We encourage you to continue reading for routine information about selecting a mortgage loan, but also call a Mr. Cooper professional with any mortgage questions you might have.
As you start looking for loans, check your credit and try your best to improve your score. A low credit score might mean you'll have a higher interest rate on your mortgage loan. On the other hand, a strong credit score can help you secure a better rate with your potential lender. Your credit history, financial situation, and the timeline you wish to make your move can all affect the type of loan that matches your needs. So, what options are out there for you?
What Types of Loans Are There in Montgomery Village, MD?
Montgomery Village home buyers have more than one type of home loan to choose from. There are: conventional loans, FHA loans, FHA streamline loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), and high balance conforming 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 loans and VA loans fall into the government loan category. Credit and income requirements are usually a little more different than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. How do you know which home loan is the best for you? A professional Mr. Cooper loan officer can help you get to know your options and what comes next, depending on your stage in the journey.
Get a Preapproval Letter Before You Shop in Montgomery Village, MD
Secure a Verified Approval Letter from the lender before you start going to Open Houses in Montgomery Village to show that you've done your due diligence. 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 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 credit, possible loan options and your Verified Approval letter. Now could be the perfect time for you to buy a house in Montgomery Village. 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.