Getting the Home Loan in Tupelo, MS That's Best for You
Houses aren't one size fits all. Neither are home loans in Tupelo. Getting the best fit for you may require some comparison shopping! Mr. Cooper can help! Our aim is to transform the homeownership journey into an enjoyable one, starting with the mortgage loan process. We hope you'll keep reading for general information about selecting a mortgage loan, but also contact a Mr. Cooper professional with any mortgage questions you might have.
Check your credit before you start applying for loans and try your best to get it in tip-top shape. A less-than-stellar credit score may mean you end up with a higher interest rate on your home loan. On the flip side, a high credit score can help you negotiate your best rate with a potential lender. Your credit score, finances, and and the timeline you wish to make your move can all impact the loan type that aligns with your goals. So, what loans can you pick from?
Different Types of Home Loans in Tupelo, MS
Tupelo 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 loans might be a good choice for you if your income and employment history are stable, your credit is healthy, and you're going to make a down payment of at least 3% depending on your situation.
VA and FHA loans fall into the government loan category. Credit and salary/wage requirements are usually a little more different than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. How do you know which home loan is the best for you? A professional Mr. Cooper loan officer can help you get to know your options and what comes next, depending on your position in the process.
Get a Preapproval Letter Before You Shop in Tupelo, MS
Talk to your lender about a Verified Approval Letter. Get one before you start going to Open Houses in Tupelo to show that you're a serious buyer. A Verified Approval Letter shows that your lender has looked at all of your finances and communicated about how much you can buy. It can also show seller’s you’re serious about the home they’re selling. Contact a Mr. Cooper mortgage professional today to discuss everything from your Verified Approval letter to your credit and loan options. It could be the perfect season for you to buy a new house in Tupelo. 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.