On Your Way Toward a New Home Loan in East Lansing, MI
Homes aren't one size fits all structures. The same can be said for home loans in Michigan. Getting the best fit for you takes some shopping around! That's where Mr. Cooper comes in. Our goal is to transform the homeownership journey into an enjoyable one, starting with the mortgage loan process. We encourage you to read on for routine information about selecting a mortgage loan, but also contact a Mr. Cooper mortgage expert with questions about your situation.
Check your credit before you start applying for loans and try your best to improve your score. A low credit score may mean you'll have a higher interest rate on your mortgage loan. On the other hand, a higher credit rating can help you negotiate your best rate with a potential lender. Your credit score, financial state, and the timeline you'd like to make your move can all influence the type of home loan that fits your needs. So, what loans can you pick from?
What Types of Loans Are There in East Lansing, MI?
East Lansing 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 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 classified as government loans. Credit and income requirements are often different than conventional loans. Also, veterans, surviving spouses and active-duty service members may be eligible to apply for VA new home loans. Which home loan is right for you? A trained loan officer can help you understand your options and next steps, depending on your stage in the journey.
Start with a Preapproval Letter in East Lansing, MI
Secure a Verified Approval Letter from the lender before you start shopping for homes in East Lansing to demonstrate that you're a serious buyer. 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 know you can afford the home. Give us a call 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 East Lansing. Call now to get the super-smart help you want!
- 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.