On Your Way Toward a New Home Loan in Troy, MI
Houses aren't one size fits all. The same can be said for home loans in Michigan. Finding the right fit for you may require some comparison shopping! That’s where Mr. Cooper can help. Our mission is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the loan process. We encourage you to continue reading for general information about finding a home loan, but also call a Mr. Cooper mortgage expert with questions about your situation.
As you begin searching for home loans, double check your credit and try your best to improve your score. A low credit score may mean you'll have a higher interest rate on your mortgage loan. On the flip side, a strong credit score can help you advocate for your best rate with a lender. Your credit score, financial situation, and the timeline you'd like to make your move can all affect the loan type that aligns with your goals. So, what's out there to choose from?
What Types of Loans Are There in Troy, MI?
You may have options when it comes to Troy home loans: 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.
FHA loans and VA loans are both classified as government loans. Income and credit requirements tend to have laid-back 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 professional loan officer can help you get to know your options and what comes next, depending on your position in the process.
Start with a Preapproval Letter in Troy, MI
Secure a Verified Approval Letter from the lender before you start shopping for homes in Troy to indicate that you've done your due diligence. 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 to sellers you can afford 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. Now could be the perfect time for you to buy a house in Troy. 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.