On Your Way Toward a New Home Loan in Okemos, MI
Houses aren't one size fits all. The same can be said for home loans in Michigan. Securing the correct fit for your needs takes some shopping around! Mr. Cooper can help! Our mission is to keep the dream of homeownership alive starting with the loan process. We encourage you to continue reading for basic information about selecting a mortgage loan, but also call a Mr. Cooper mortgage expert with questions about your situation.
As you begin searching for home loans, double check your credit and try your best to improve your score. A low credit score could mean you are presented with a higher interest rate on your loan. On the other hand, a high credit score can help you secure a better rate with your potential lender. Your credit strength, financial situation, and the timeline you wish to make your move can all be a factor in the loan type that aligns with your goals. So, what's out there to choose from?
Different Types of Home Loans in Okemos, MI
You may have options when it comes to Okemos 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 may be the perfect option 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 are both classified as government loans. Credit and salary/wage requirements are usually a little more different 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. How do you know which home loan is the best for you? A professional loan officer can help you compare loans and plan your next steps, depending on your position in the process.
Begin in Okemos, MI with a Preapproval Letter
Get a Verified Approval Letter from your lender before you begin looking for houses in Okemos to show that you're a serious buyer. 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. The letter can also carry more weight with the real estate agent and seller because they know you can afford the home. Give us a call today to chat about everything from your credit, possible loan options and your Verified Approval letter. It could be the perfect season for you to buy a new house in Okemos. 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.