Getting the Home Loan in Marlborough, MA That's Best for You
A home isn't a one size fits all kind of thing. The same can be said for home loans in Massachusetts. Finding the right fit for you may require some comparison shopping! That’s where Mr. Cooper can help. Our aim is to transform the homeownership journey into an enjoyable one, starting with the loan process. We encourage you to read on for introductory information about finding a home loan, but also contact a Mr. Cooper mortgage expert with questions about your situation.
Check your credit before you start applying for loans and work to get it in tip-top shape. A low credit score may mean you are presented with a higher interest rate on your loan. On the other hand, a strong credit score can help you secure a better rate with your potential lender. Your credit strength, financial situation, and the timing in which you wish to make your move can all affect the loan type that aligns with your goals. So, what's out there to choose from?
Different Types of Home Loans in Marlborough, MA
You may have options when it comes to Marlborough 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 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 salary/wage requirements tend to have 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 Marlborough, MA
Secure a Verified Approval Letter from the lender before you start shopping for homes in Marlborough to indicate that you really do intend to buy. 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 speed up with the real estate agent and seller because they know you can afford the home. Give us a call today to discuss everything from your potential loan options, credit score, and your Verified Approval letter. It could be the perfect season for you to buy a new house in Marlborough. 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.