Get Started on Your Shoreview Home Loan Journey
Houses aren't one size fits all. Neither are home loans in Shoreview. Getting the best fit for you takes some shopping around! That's where Mr. Cooper comes in. Our mission is to keep the dream of homeownership alive starting with the mortgage loan process. We encourage you to continue reading for basic information about selecting a mortgage 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 poor credit rating could 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 strength, financial state, and the timeline you'd like to make your move can all affect the type of home loan that fits your needs. So, what's out there to choose from?
Different Types of Home Loans in Shoreview, MN
You may have options when it comes to Shoreview home loans: conventional loans, FHA loans, FHA streamline loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), and high balance conforming loans. A conventional loans might be a good choice 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 fall into the government loan category. Credit and income requirements are often different 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 loan officer can help you get to know your options and what comes next, depending on your stage in the journey.
Start with a Preapproval Letter in Shoreview, MN
Talk to your lender about a Verified Approval Letter. Get one before you start shopping for homes in Shoreview to demonstrate that you're serious about buying a home. 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 with the real estate agent and seller because they know you can afford the home. Give us a call 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 Shoreview. See how we can help you navigate your next home-buying experience!
- 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.