Finding Your Fit, Finding Your St. Clair Shores Home Loan
A home isn't a one size fits all kind of thing. St. Clair Shores home loans aren’t either. Finding the right fit for you takes some shopping around! That’s where Mr. Cooper can help. Our aim is to keep the dream of homeownership alive starting with the mortgage loan process. We encourage you to read on for general details about picking your St. Clair Shores home loan, but also call a Mr. Cooper professional with any mortgage questions you might have.
As you start looking for loans, 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 higher credit rating can help you negotiate your best rate with a potential lender. Your credit strength, financial situation, and the timing in which you'd like to make your move can all affect the type of loan that matches your needs. So, what's out there to choose from?
What Home Loan Options Do I Have in St. Clair Shores, MI?
St. Clair Shores home buyers have more than one type of home loan to choose from. There are: conventional loans, FHA streamline loans, FHA loans, high balance conforming loans, VA loans, and VA Interest Rate Reduction Loans (VA IRRRL). 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.
VA and FHA loans are both classified as government loans. Credit and salary/wage requirements tend to have laid-back than conventional loans. And if you're a veteran, active-duty service member or surviving spouse, you may be eligible to apply for a VA new home loan. How do you know which home loan is the best for you? A loan officer can help you understand your options and next steps, depending on where you are on your journey.
Get a Preapproval Letter Before You Shop in St. Clair Shores, MI
Secure a Verified Approval Letter from the lender before you start shopping for homes in St. Clair Shores 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 to sellers you can afford the home they’re selling. Contact a Mr. Cooper mortgage professional now to talk about all things loan-related! We'll walk through everything from your potential loan options, credit score, and your Verified Approval letter. Now could be the perfect time for you to buy a house in St. Clair Shores. 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.