On Your Way Toward a New Home Loan in South Lyon, MI
A home isn't a one size fits all kind of thing. Neither are home loans in South Lyon. Getting the best fit for you may require some comparison shopping! That’s where Mr. Cooper can help. Our mission is to transform the homeownership journey into an enjoyable one, starting with the loan process. We encourage you to read on for routine information about finding a home loan, but also reach out to Mr. Cooper mortgage professional for any questions you may have.
As you begin searching for home loans, double check your credit and work to get it in tip-top shape. A low credit score could mean you'll have a higher interest rate on your mortgage loan. On the other hand, a high credit score can help you negotiate your best rate with a potential lender. Your credit score, financial state, and the timing in which you'd like to make your move can all influence the type of home loan that fits your needs. So, what options are out there for you?
Different Types of Home Loans in South Lyon, MI
South Lyon 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 loan may be the perfect option 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 and VA loans are both classified as government loans. Credit and salary/wage requirements are often different than conventional loans. Also, veterans, surviving spouses and active-duty service members may be eligible to apply for VA new home loans. Which one of these home loans is a good fit for you? A trained loan officer can help you compare loans and plan your next steps, depending on your position in the process.
Get a Preapproval Letter Before You Shop in South Lyon, MI
Talk to your lender about a Verified Approval Letter. Get one before you begin looking for houses in South Lyon to show 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 speed up seller’s you’re serious about the home they’re selling. 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. It could be the perfect season for you to buy a new house in South Lyon. 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.