On Your Way Toward a New Home Loan in Farmington Hills, 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 continue reading for introductory information about finding a home loan, but also reach out to Mr. Cooper professional with any mortgage questions you might have.
As you start looking for loans, check your credit and try your best to improve your score. A low credit score might mean you are presented with a higher interest rate on your loan. On the flip side, a high credit score can help you negotiate your best rate with a potential lender. Your credit history, financial state, and the timeframe you're looking to move can all affect the type of home loan that fits your needs. So, what's out there to choose from?
Different Types of Home Loans in Farmington Hills, MI
Farmington Hills 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 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.
VA and FHA loans are both types of government loans. Credit and income requirements are often laid-back 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 professional loan officer can help you get to know your options and what comes next, depending on where you are on your journey.
Start with a Preapproval Letter in Farmington Hills, MI
Secure a Verified Approval Letter from the lender before you begin looking for houses in Farmington Hills to demonstrate that you really do intend to buy. 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 to sellers you can afford the home they’re selling. Contact a Mr. Cooper mortgage professional now to talk about all things loan-related! We'll walk through everything from your Verified Approval letter to your credit and loan options. Now is a great time for buying a home in Farmington Hills. 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.