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Apply for a Home Loan in St. Paul, MN

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On Your Way Toward a New Home Loan in St. Paul, MN

Houses aren't one size fits all. Neither are home loans in St. Paul. Securing the correct fit for your needs 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, beginning with the mortgage loan process. We encourage you to read on for introductory details about picking your St. Paul home loan, but also reach out to Mr. Cooper mortgage expert with questions about your situation.

Check your credit before you start applying for loans and try your best to improve your score. A low credit score might mean you end up with a higher interest rate on your home loan. On the flip side, a high credit score can help you advocate for your best rate with a lender. Your credit history, financial situation, and the timeframe you're looking to move can all affect the type of home loan that fits your needs. So, what loans can you pick from?

What Types of Loans Are There in St. Paul, MN?

There are several different types of home loans available to St. Paul 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.

VA and FHA loans are both classified as government loans. Credit and salary/wage requirements tend to have laid-back than conventional loans. Also, veterans, surviving spouses and active-duty service members may be eligible to apply for VA new home loans. Which one of these home loans is a good fit for you? A professional loan officer can help you get to know your options and what comes next, depending on where you are on your journey.

Start with a Preapproval Letter in St. Paul, MN

Secure a Verified Approval Letter from the lender before you begin looking for houses in St. Paul to show 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. It can also show to sellers you can afford the home they’re selling. Give us a call today to chat about everything from your Verified Approval letter to your credit and loan options. Now could be the perfect time for you to buy a house in St. Paul. Call now to get the super-smart help you want!

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