On Your Way Toward a New Home Loan in Bloomington, MN
A home isn't a one size fits all kind of thing. Neither are home loans in Bloomington. Finding the right fit for you may require some comparison shopping! That’s where Mr. Cooper can help. Our aim is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the mortgage loan process. We hope you'll keep reading for general details about picking your Bloomington home loan, but also call a Mr. Cooper professional with any mortgage questions you might have.
As you begin searching for home loans, double 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 flip side, a strong credit score can help you negotiate your best rate with a potential lender. Your credit score, finances, and 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?
What Types of Loans Are There in Bloomington, MN?
You may have options when it comes to Bloomington 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 loan could be a great route 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 fall into the government loan category. Credit and income requirements are often 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. Which one of these home loans is a good fit for you? A trained loan officer can help you understand your options and next steps, depending on where you are on your journey.
Begin in Bloomington, MN with a Preapproval Letter
Secure a Verified Approval Letter from the lender before you begin looking for houses in Bloomington to demonstrate that you've done your due diligence. 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 to sellers you can afford the home they’re selling. Contact a Mr. Cooper mortgage professional today to chat about everything from your potential loan options, credit score, and your Verified Approval letter. It could be the perfect season for you to buy a new house in Bloomington. 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.