Get Started on Your Ridgeland Home Loan Journey
Houses aren't one size fits all. The same can be said for home loans in Mississippi. Finding the right fit for you requires some loan-to-loan comparisons! Mr. Cooper can help! Our mission is to keep the dream of homeownership alive starting with the mortgage loan process. We encourage you to continue reading for general 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 get it in tip-top shape. A low credit score might mean you end up with a higher interest rate on your home loan. On the other hand, a strong credit score can help you negotiate your best rate with a potential lender. Your credit history, financial state, and the timeline you'd like 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 Ridgeland, MS?
Ridgeland home buyers have more than one type of home loan to choose from. There are: conventional loans, FHA loans, FHA streamline loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), and high balance conforming loans. A conventional loan may be the perfect option 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 fall into the government loan category. Income and credit requirements tend to have different than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. Which home loan is right for you? A professional Mr. Cooper loan officer can help you compare loans and plan your next steps, depending on your position in the process.
Get a Preapproval Letter Before You Shop in Ridgeland, MS
Get a Verified Approval Letter from your lender before you begin looking for houses in Ridgeland to show that you're serious about buying a home. 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 speed up to sellers you can afford the home they’re selling. Give us a call today to chat about everything from your credit, possible loan options and your Verified Approval letter. Now could be the perfect time for you to buy a house in Ridgeland. 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.