On Your Way Toward a New Home Loan in Rawlings, MD
A home isn't a one size fits all kind of thing. Rawlings home loans aren’t either. Finding the right fit for you takes some shopping around! That's where Mr. Cooper comes in. Our aim is to turn the homeownership journey into something that's less difficult and more enjoyable, beginning with the mortgage loan process. We encourage you to read on for basic information about finding a home loan, but also call a Mr. Cooper professional with any mortgage questions you might have.
As you begin searching for home loans, double check your credit and try your best to improve your score. A poor credit rating may mean you'll have a higher interest rate on your mortgage loan. On the other hand, a high credit score can help you negotiate your best rate with a potential lender. Your credit strength, financial situation, and the timeframe you wish to make your move can all impact the type of home loan that fits your needs. So, what options are out there for you?
Different Types of Home Loans in Rawlings, MD
Rawlings 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 loans might be a good choice 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 are both types of government loans. Income and credit requirements tend to have different than conventional loans. Also, veterans, surviving spouses and active-duty service members may be eligible to apply for VA new home loans. Which home loan is right for you? A loan officer can help you compare loans and plan your next steps, depending on your stage in the journey.
Begin in Rawlings, MD with a Preapproval Letter
Secure a Verified Approval Letter from the lender before you start shopping for homes in Rawlings to demonstrate that you really do intend to buy. 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. 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 potential loan options, credit score, and your Verified Approval letter. Now is a great time for buying a home in Rawlings. What are you waiting for? 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.