Finding Your Fit, Finding Your Dearborn Home Loan
A home isn't a one size fits all kind of thing. Dearborn home loans aren’t either. Getting the best fit for you takes some shopping around! Mr. Cooper can help! Our goal is to keep the dream of homeownership alive starting with the mortgage loan process. We hope you'll keep reading for basic information about selecting a mortgage loan, but also reach out to Mr. Cooper mortgage professional for any questions you may have.
As you start looking for loans, check your credit and work to get it in tip-top shape. A less-than-stellar credit score might mean you'll have a higher interest rate on your mortgage loan. On the other hand, a higher credit rating can help you secure a better rate with your potential lender. Your credit history, finances, and 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 Dearborn, MI
Dearborn home buyers have more than one type of home loan to choose from. There are: conventional loans, FHA loans, FHA streamline loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), and high balance conforming loans. A conventional loans might be a good choice 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 loans and VA loans are both types of government loans. Credit and salary/wage requirements are usually a little more 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 understand your options and next steps, depending on your position in the process.
Begin in Dearborn, MI with a Preapproval Letter
Talk to your lender about a Verified Approval Letter. Get one before you start shopping for homes in Dearborn to show 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. It can also show with the real estate agent and seller because they’re know you can afford the home. Give us a call today to discuss everything from your Verified Approval letter to your credit and loan options. Now is a great time for buying a home in Dearborn. What are you waiting for? 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.