On Your Way Toward a New Home Loan in Taylor, MI
Homes aren't one size fits all structures. Neither are home loans in Taylor. Getting the best fit for you may require some comparison shopping! That's where Mr. Cooper comes in. Our aim is to turn the homeownership journey into something that's less difficult and more enjoyable, beginning with the mortgage loan process. We encourage you to continue reading for introductory information about finding a home loan, but also reach out to Mr. Cooper mortgage professional for any questions you may have.
Check your credit before you start applying for loans and try your best to improve your score. A less-than-stellar credit score may mean you'll have a higher interest rate on your mortgage loan. On the other hand, a strong credit score can help you negotiate your best rate with a potential lender. Your credit history, financial situation, and the timing in which you wish to make your move can all be a factor in the loan type that aligns with your goals. So, what loans can you pick from?
Different Types of Home Loans in Taylor, MI
Taylor 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 fall into the government loan category. Income and credit requirements tend to have different 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 loan officer can help you understand your options and next steps, depending on your stage in the journey.
Get a Preapproval Letter Before You Shop in Taylor, MI
Get a Verified Approval Letter from your lender before you start shopping for homes in Taylor to show that you're serious about buying a home. 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’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 Taylor. 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.