Finding Your Fit, Finding Your Boston Home Loan
Homes aren't one size fits all structures. The same can be said for home loans in Massachusetts. Getting the best fit for you may require some comparison shopping! That’s where Mr. Cooper can help. Our mission is to transform the homeownership journey into an enjoyable one, beginning with the mortgage loan process. We encourage you to read on for routine 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 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 history, financial situation, and the timeline you'd like to make your move can all influence the type of home loan that fits your needs. So, what loans can you pick from?
What Types of Loans Are There in Boston, MA?
Boston 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 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.
VA loans and FHA loans fall into the government loan category. Credit and income requirements tend to have 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 one of these home loans is a good fit for you? A trained loan officer can help you understand your options and next steps, depending on your stage in the journey.
Begin in Boston, MA with a Preapproval Letter
Talk to your lender about a Verified Approval Letter. Get one before you start shopping for homes in Boston 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. The letter can also carry more weight with the real estate agent and seller because they know you can afford the home. Call the mortgage team at Mr. Cooper today to chat about everything from your potential loan options, credit score, and your Verified Approval letter. Now could be the perfect time for you to buy a house in Boston. 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.