Finding Your Fit, Finding Your Kentwood Home Loan
Homes aren't one size fits all structures. The same can be said for home loans in Michigan. Securing the correct fit for your needs may require some comparison shopping! Mr. Cooper can help! Our mission is to transform the homeownership journey into an enjoyable one, starting with the mortgage loan process. We hope you'll keep reading for basic information about selecting a mortgage loan, but also call a Mr. Cooper mortgage expert with questions about your situation.
As you start looking for loans, check your credit and try your best to improve your score. A not-so-great credit score may mean you are presented with a higher interest rate on your loan. On the flip side, a higher credit rating can help you advocate for your best rate with a lender. Your credit strength, finances, and and the timeframe you wish to make your move can all impact the loan type that aligns with your goals. So, what loans can you pick from?
Different Types of Home Loans in Kentwood, MI
You may have options when it comes to Kentwood 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 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.
VA and FHA loans fall into the government loan category. Income and credit 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. How do you know which home loan is the best for you? A professional Mr. Cooper loan officer can help you compare loans and plan your next steps, depending on your stage in the journey.
Begin in Kentwood, MI with a Preapproval Letter
Get a Verified Approval Letter from your lender before you start going to Open Houses in Kentwood to demonstrate that you've done your due diligence. 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 show to sellers you can afford the home they’re selling. Give us a call today to discuss everything from your Verified Approval letter to your credit and loan options. Now could be the perfect time for you to buy a house in Kentwood. 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.