On Your Way Toward a New Home Loan in Auburn, MA
Homes aren't one size fits all structures. The same can be said for home loans in Massachusetts. Getting the best fit for you takes some shopping around! That's where Mr. Cooper comes in. Our mission is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the loan process. We hope you'll keep reading for introductory information about selecting a mortgage loan, but also call a Mr. Cooper mortgage expert with questions about your situation.
As you start looking for loans, check your credit and work to get it in tip-top shape. A low credit score could mean you'll have a higher interest rate on your mortgage loan. On the flip side, a strong credit score can help you secure a better rate with your potential lender. Your credit history, financial situation, and the timeline you'd like to make your move can all impact the type of home loan that fits your needs. So, what's out there to choose from?
Different Types of Home Loans in Auburn, MA
There are several different types of home loans available to Auburn home buyers: 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 and VA loans are both classified as government loans. Credit and income 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. 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 position in the process.
Begin in Auburn, MA with a Preapproval Letter
Talk to your lender about a Verified Approval Letter. Get one before you begin looking for houses in Auburn to show that you're a serious buyer. 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. It can also show with the real estate agent and seller because they’re know you can afford the home. Give us a call now to talk about all things loan-related! We'll walk through everything from your Verified Approval letter to your credit and loan options. Now is a great time for buying a home in Auburn. What are you waiting for? 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.