Getting the Home Loan in Lexington, MA That's Best for You
Houses aren't one size fits all. Lexington home loans aren’t either. Securing the correct fit for your needs requires some loan-to-loan comparisons! Mr. Cooper can help! Our aim is to transform the homeownership journey into an enjoyable one, beginning with the mortgage loan process. We encourage you to continue reading for general information about selecting a mortgage loan, but also reach out to Mr. Cooper mortgage professional for any questions you may have.
As you begin searching for home loans, double check your credit and try your best to get it in tip-top shape. A poor credit rating might mean you end up with a higher interest rate on your home loan. On the flip side, a high credit score can help you negotiate your best rate with a potential lender. Your credit score, financial situation, and the timeline you're looking to move can all impact the type of home loan that fits your needs. So, what's out there to choose from?
What Types of Loans Are There in Lexington, MA?
Lexington home buyers have more than one type of home loan to choose from. There are: 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 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 fall into the government loan category. Credit and salary/wage requirements are often different than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. 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 where you are on your journey.
Start with a Preapproval Letter in Lexington, MA
Talk to your lender about a Verified Approval Letter. Get one before you start going to Open Houses in Lexington to show that you really do intend to buy. 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 to sellers you can afford the home they’re selling. Contact a Mr. Cooper mortgage professional today to discuss 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 Lexington. See how we can help you navigate your next home-buying experience!
- 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.