On Your Way Toward a New Home Loan in Rochester, MI
Houses aren't one size fits all. Rochester home loans aren’t either. Securing the correct fit for your needs may require some comparison shopping! That’s where Mr. Cooper can help. Our goal is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the loan process. We encourage you to read on for routine details about picking your Rochester home loan, but also contact a Mr. Cooper mortgage expert with questions about your situation.
Check your credit before you start applying for loans and try your best to get it in tip-top shape. A poor credit rating might mean you end up with a higher interest rate on your home loan. On the flip side, a strong credit score can help you secure a better rate with your potential lender. Your credit score, finances, and and the timing in which you'd like to make your move can all affect the type of home loan that fits your needs. So, what's out there to choose from?
Different Types of Home Loans in Rochester, MI
Rochester 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 income requirements tend to have 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 loan officer can help you compare loans and plan your next steps, depending on your stage in the journey.
Start with a Preapproval Letter in Rochester, MI
Talk to your lender about a Verified Approval Letter. Get one before you begin looking for houses in Rochester to show that you're a serious buyer. A Verified Approval Letter is evidence that the lender has reviewed your finances and has given you an estimate of how much you can buy. It can also show with the real estate agent and seller because they’re know you can afford the home. Give us a call today to discuss 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 Rochester. 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.