Finding Your Fit, Finding Your Royal Oak Home Loan
Homes aren't one size fits all structures. Neither are home loans in Royal Oak. Securing the correct fit for your needs takes some shopping around! That’s where Mr. Cooper can help. Our goal is to transform the homeownership journey into an enjoyable one, starting with the mortgage loan process. We encourage you to read on for introductory details about picking your Royal Oak home loan, but also reach out to 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 not-so-great credit score may mean you end up with a higher interest rate on your home loan. On the other hand, a high credit score can help you advocate for your best rate with a lender. Your credit history, finances, and and the timeline you wish to make your move can all impact the type of home loan that fits your needs. So, what loans can you pick from?
What Home Loan Options Do I Have in Royal Oak, MI?
There are several different types of home loans available to Royal Oak home buyers: 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.
FHA and VA loans fall into the government loan category. Credit and income requirements are often different criteria 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 get to know your options and what comes next, depending on your stage in the journey.
Get a Preapproval Letter Before You Shop in Royal Oak, MI
Secure a Verified Approval Letter from the lender before you start going to Open Houses in Royal Oak to demonstrate that you're serious about buying a home. 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 know you can afford the home. Give us a call now to talk about all things loan-related! We'll walk through everything from your credit, possible loan options and your Verified Approval letter. Now could be the perfect time for you to buy a house in Royal Oak. 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.