Get Started on Your Pikesville Home Loan Journey
Houses aren't one size fits all. Neither are home loans in Pikesville. Finding the right fit for you takes some shopping around! That’s where Mr. Cooper can help. Our aim is to transform the homeownership journey into an enjoyable one, beginning with the mortgage loan process. We encourage you to continue reading for introductory information about selecting a mortgage 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 try your best to get it in tip-top shape. A not-so-great credit score might mean you are presented with a higher interest rate on your loan. On the flip side, a high credit score can help you advocate for your best rate with a lender. Your credit score, financial state, and the timeframe you'd like to make your move can all influence the type of home loan that fits your needs. So, what's out there to choose from?
Different Types of Home Loans in Pikesville, MD
Pikesville 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 loans might be a good choice 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 and VA loans are both classified as government loans. Credit and salary/wage requirements tend to have different criteria than conventional loans. Also, veterans, surviving spouses and active-duty service members 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 understand your options and next steps, depending on your stage in the journey.
Get a Preapproval Letter Before You Shop in Pikesville, MD
Get a Verified Approval Letter from your lender before you start going to Open Houses in Pikesville to indicate that you're serious about buying a home. 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. The letter can also carry more weight seller’s you’re serious about the home they’re selling. Give us a call today to discuss everything from your Verified Approval letter to your credit and loan options. It could be the perfect season for you to buy a new house in Pikesville. 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.