Finding Your Fit, Finding Your Silver Spring Home Loan
Houses aren't one size fits all. The same can be said for home loans in Maryland. Securing the correct fit for your needs may require some comparison shopping! That’s where Mr. Cooper can help. Our mission is to keep the dream of homeownership alive starting with the mortgage loan process. We hope you'll keep reading for general details about picking your Silver Spring home loan, but also contact a Mr. Cooper mortgage professional for any questions you may have.
As you begin searching for home loans, double check your credit and work to get it in tip-top shape. A poor credit rating may mean you end up with a higher interest rate on your home loan. On the other hand, a high credit score can help you secure a better rate with your potential lender. Your credit strength, financial state, and the timeline 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?
What Types of Loans Are There in Silver Spring, MD?
You may have options when it comes to Silver Spring home loans: conventional loans, FHA loans, FHA streamline loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), and high balance conforming loans. A conventional loan may be the perfect option for you if your credit is healthy, your income and employment history are stable, and you're ready to make a down payment of as little as 3% depending on your situation.
VA loans and FHA loans are both types of government loans. Income and credit requirements are often laid-back 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. Which home loan is right for you? A professional Mr. Cooper loan officer can help you compare loans and plan your next steps, depending on your stage in the journey.
Get a Preapproval Letter Before You Shop in Silver Spring, MD
Get a Verified Approval Letter from your lender before you start going to Open Houses in Silver Spring 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. The letter can also carry more weight seller’s you’re serious about 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 is a great time for buying a home in Silver Spring. 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.