Finding Your Fit, Finding Your Portland Home Loan
Houses aren't one size fits all. Neither are home loans in Portland. Securing the correct fit for your needs may require some comparison shopping! That’s where Mr. Cooper can help. Our aim is to transform the homeownership journey into an enjoyable one, starting with the loan process. We encourage you to continue reading for general information about finding a home loan, but also contact a Mr. Cooper professional with any mortgage questions you might have.
Check your credit before you start applying for loans and try your best to improve your score. A poor credit rating may mean you'll have a higher interest rate on your mortgage loan. On the other hand, a strong credit score can help you secure a better rate with your potential lender. Your credit history, financial situation, and the timeframe you're looking to move can all influence the loan type that aligns with your goals. So, what loans can you pick from?
Different Types of Home Loans in Portland, MI
Portland 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 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.
FHA loans and VA loans are both types of government loans. Credit and salary/wage requirements tend to have different 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 compare loans and plan your next steps, depending on where you are on your journey.
Begin in Portland, MI with a Preapproval Letter
Secure a Verified Approval Letter from the lender before you start going to Open Houses in Portland to demonstrate that you're a serious buyer. A Verified Approval Letter shows that your lender has looked at all of your finances and communicated about how much you can buy. It can also show to sellers you can afford the home they’re selling. Call the mortgage team at Mr. Cooper today to discuss everything from your Verified Approval letter to your credit and loan options. It could be the perfect season for you to buy a new house in Portland. 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.