On Your Way Toward a New Home Loan in Alexandria, MN
Homes aren't one size fits all structures. The same can be said for home loans in Minnesota. Getting the best fit for you may require some comparison shopping! 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 basic information about selecting a mortgage loan, but also call a 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 poor credit rating may mean you'll have a higher interest rate on your mortgage loan. On the other hand, a high credit score can help you secure a better rate with your potential lender. Your credit history, financial situation, and the timeline you wish to make your move can all impact the type of loan that matches your needs. So, what loans can you pick from?
Different Types of Home Loans in Alexandria, MN
Alexandria home buyers have more than one type of home loan to choose from. There are: conventional loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), VA loans, FHA loans, and FHA streamline loans. A conventional loan could be a great route for you if you're ready to make a down payment of at least 3% (depending on your situation), your credit is healthy, and your income and employment history are stable.
FHA loans and VA loans are both types of government loans. Income and credit requirements are usually a little more different 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 stage in the journey.
Begin in Alexandria, MN with a Preapproval Letter
Get a Verified Approval Letter from your lender before you start shopping for homes in Alexandria to indicate that you really do intend to buy. 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. It can also show seller’s you’re serious about the home they’re selling. Call the mortgage team at Mr. Cooper today to chat about 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 Alexandria. Call now to get the super-smart help you want!
- 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.