Get Started on Your Rochester Hills Home Loan Journey
Houses aren't one size fits all. Neither are home loans in Rochester Hills. Securing the correct fit for your needs requires some loan-to-loan comparisons! That’s where Mr. Cooper can help. Our mission is to keep the dream of homeownership alive beginning with the mortgage loan process. We encourage you to continue reading for general information about finding a home loan, but also contact a Mr. Cooper mortgage expert with questions about your situation.
As you start looking for loans, check your credit and try your best to get it in tip-top shape. A poor credit rating may mean you are presented with a higher interest rate on your loan. On the flip side, a higher credit rating can help you secure a better rate with your potential lender. Your credit history, financial situation, and the timing in which you'd like to make your move can all impact the type of loan that matches your needs. So, what loans can you pick from?
Different Types of Home Loans in Rochester Hills, MI
You may have options when it comes to Rochester Hills 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.
VA and FHA loans are both classified as government loans. Credit and income requirements tend to have laid-back 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 get to know your options and what comes next, depending on your stage in the journey.
Get a Preapproval Letter Before You Shop in Rochester Hills, MI
Secure a Verified Approval Letter from the lender before you start shopping for homes in Rochester Hills to show 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. 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 today to chat about 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 Rochester Hills. 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.