Get Started on Your Moorhead Home Loan Journey
A home isn't a one size fits all kind of thing. Moorhead home loans aren’t either. Getting the best fit for you requires some loan-to-loan comparisons! 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 read on for basic information about selecting a mortgage loan, but also reach out to Mr. Cooper mortgage professional for any questions you may have.
As you begin searching for home loans, double check your credit and work to get it in tip-top shape. A poor credit rating may mean you end up with a higher interest rate on your home loan. On the flip side, a strong credit score can help you advocate for your best rate with a lender. Your credit history, financial state, and the timeframe you wish to make your move can all impact the type of home loan that fits your needs. So, what's out there to choose from?
What Types of Loans Are There in Moorhead, MN?
You may have options when it comes to Moorhead home loans: conventional loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), VA loans, FHA loans, and FHA streamline loans. A conventional loan may be the perfect option for you if your credit is healthy, your income and employment history are stable, and you're ready to make a down payment of as little as 3% depending on your situation.
FHA and VA loans are both types of government loans. Credit and salary/wage requirements are usually a little more 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 compare loans and plan your next steps, depending on your stage in the journey.
Begin in Moorhead, MN with a Preapproval Letter
Talk to your lender about a Verified Approval Letter. Get one before you start going to Open Houses in Moorhead to demonstrate that you really do intend to buy. A Verified Approval Letter shows that your lender has looked at all of your finances and communicated about how much you can buy. The letter can also carry more weight seller’s you’re serious about the home they’re selling. Give us a call 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. It could be the perfect season for you to buy a new house in Moorhead. 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.