On Your Way Toward a New Home Loan in Pontiac, 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 mission is to keep the dream of homeownership alive starting with the mortgage loan process. We encourage you to continue reading for routine details about picking your Pontiac home loan, but also contact a Mr. Cooper professional with any mortgage questions you might have.
As you begin searching for home loans, double check your credit and try your best to get it in tip-top shape. A not-so-great credit score may mean you end up with a higher interest rate on your home loan. On the flip side, a high credit score can help you secure a better rate with your potential lender. Your credit score, finances, and and the timing in which you wish to make your move can all be a factor in the type of home loan that fits your needs. So, what options are out there for you?
What Home Loan Options Do I Have in Pontiac, MI?
Pontiac home buyers have more than one type of home loan to choose from. There are: conventional loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), VA loans, FHA loans, and FHA streamline loans. A conventional loans might be a good choice for you if your credit is healthy, your income and employment history are stable, and you're ready to make a down payment of as little as 3% depending on your situation.
VA and FHA loans are both classified as government loans. Credit and income requirements tend to have laid-back than conventional loans. Also, active-duty service members, veterans and surviving spouses 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 where you are on your journey.
Get a Preapproval Letter Before You Shop in Pontiac, MI
Secure a Verified Approval Letter from the lender before you start going to Open Houses in Pontiac to demonstrate that you're serious about buying a home. A Verified Approval Letter shows that your lender has looked at all of your finances and communicated about 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. 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 could be the perfect time for you to buy a house in Pontiac. 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.