Getting the Home Loan in Prior Lake, MN That's Best for You
A home isn't a one size fits all kind of thing. Neither are home loans in Prior Lake. Securing the correct fit for your needs may require some comparison shopping! Mr. Cooper can help! Our aim is to keep the dream of homeownership alive starting with the loan process. We encourage you to read on for introductory information about selecting a mortgage loan, but also reach out to Mr. Cooper mortgage professional for any questions you may have.
As you start looking for loans, check your credit and try your best to get it in tip-top shape. A low credit score could mean you are presented with a higher interest rate on your loan. On the other hand, a strong credit score can help you advocate for your best rate with a lender. Your credit history, financial situation, and the timeline you're looking to move can all be a factor in the type of home loan that fits your needs. So, what's out there to choose from?
What Types of Loans Are There in Prior Lake, MN?
There are several different types of home loans available to Prior Lake home buyers: conventional loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), VA loans, FHA loans, and FHA streamline loans. A conventional loans might be a good choice 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.
VA loans and FHA loans are both types of government loans. Income and credit requirements tend to have different criteria 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. How do you know which home loan is the best for you? A loan officer can help you compare loans and plan your next steps, depending on where you are on your journey.
Start with a Preapproval Letter in Prior Lake, MN
Get a Verified Approval Letter from your lender before you start going to Open Houses in Prior Lake to show that you've done your due diligence. A Verified Approval Letter is evidence that the lender has reviewed your finances and has given you an estimate of how much you can buy. It can also show with the real estate agent and seller because they know you can afford the home. Give us a call now to talk about all things loan-related! We'll walk through everything from your Verified Approval letter to your credit and loan options. Now is a great time for buying a home in Prior Lake. What are you waiting for? 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.