Get Started on Your Cambridge Home Loan Journey
Houses aren't one size fits all. The same can be said for home loans in Massachusetts. Getting the best fit for you may require some comparison shopping! Mr. Cooper can help! Our aim is to keep the dream of homeownership alive starting with the loan process. We hope you'll keep reading for basic details about picking your Cambridge home loan, but also call a Mr. Cooper mortgage expert with questions about your situation.
As you start looking for loans, check your credit and try your best to get it in tip-top shape. A low 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 secure a better rate with your potential lender. Your credit score, finances, and and the timeframe you wish to make your move can all affect the type of loan that matches your needs. So, what options are out there for you?
What Types of Loans Are There in Cambridge, MA?
You may have options when it comes to Cambridge home loans: conventional loans, FHA streamline loans, FHA loans, high balance conforming loans, VA loans, and VA Interest Rate Reduction Loans (VA IRRRL). 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.
FHA and VA loans are both types of government loans. Credit and income requirements are often different criteria 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 loan officer can help you compare loans and plan your next steps, depending on your position in the process.
Get a Preapproval Letter Before You Shop in Cambridge, MA
Talk to your lender about a Verified Approval Letter. Get one before you begin looking for houses in Cambridge to show that you really do intend to buy. 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. It can also speed up with the real estate agent and seller because they’re 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 Cambridge. 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.