Getting the Home Loan in Savage, MN That's Best for You
Homes aren't one size fits all structures. Neither are home loans in Savage. Securing the correct fit for your needs requires some loan-to-loan comparisons! That's where Mr. Cooper comes in. Our aim is to transform the homeownership journey into an enjoyable one, starting with the loan process. We hope you'll keep reading for introductory information about finding a home loan, but also contact a Mr. Cooper mortgage professional for any questions you may have.
As you start looking for loans, check your credit and try your best to improve your score. A less-than-stellar credit score may mean you are presented with a higher interest rate on your loan. On the other hand, a higher credit rating can help you secure a better rate with your potential lender. Your credit history, financial situation, and the timing in which 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?
Different Types of Home Loans in Savage, MN
There are several different types of home loans available to Savage home buyers: 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 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 and VA loans fall into the government loan category. Credit and salary/wage requirements are often different than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. Which one of these home loans is a good fit for you? A loan officer can help you compare loans and plan your next steps, depending on your stage in the journey.
Get a Preapproval Letter Before You Shop in Savage, MN
Talk to your lender about a Verified Approval Letter. Get one before you begin looking for houses in Savage to demonstrate that you really do intend to buy. 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. The letter can also carry more weight with the real estate agent and seller because they know you can afford the home. Contact a Mr. Cooper mortgage professional today to discuss everything from your credit, possible loan options and your Verified Approval letter. It could be the perfect season for you to buy a new house in Savage. 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.