Get Started on Your Salem Home Loan Journey
Homes aren't one size fits all structures. The same can be said for home loans in Massachusetts. Securing the correct fit for your needs takes some shopping around! Mr. Cooper can help! Our goal is to transform the homeownership journey into an enjoyable one, starting with the loan process. We encourage you to continue reading for introductory information about finding a home loan, but also contact a Mr. Cooper mortgage professional for any questions you may have.
Check your credit before you start applying for loans and try your best to get it in tip-top shape. A less-than-stellar credit score 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 secure a better rate with your potential lender. Your credit strength, financial situation, and the timeframe you'd like to make your move can all influence the type of loan that matches your needs. So, what loans can you pick from?
What Types of Loans Are There in Salem, MA?
You may have options when it comes to Salem 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 loans might be a good choice 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 loans and VA loans fall into the government loan category. Credit and salary/wage requirements are usually a little more different criteria than conventional loans. Also, veterans, surviving spouses and active-duty service members may be eligible to apply for VA new home loans. Which one of these home loans is a good fit for you? A trained loan officer can help you get to know your options and what comes next, depending on your position in the process.
Start with a Preapproval Letter in Salem, MA
Talk to your lender about a Verified Approval Letter. Get one before you begin looking for houses in Salem to indicate that you've done your due diligence. 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 seller’s you’re serious about the home they’re selling. Call the mortgage team at Mr. Cooper today to discuss everything from your credit, possible loan options and your Verified Approval letter. Now could be the perfect time for you to buy a house in Salem. 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.