Get Started on Your Oakville Home Loan Journey
A home isn't a one size fits all kind of thing. The same can be said for home loans in Missouri. Securing the correct fit for your needs may require some comparison shopping! Mr. Cooper can help! Our mission is to keep the dream of homeownership alive starting with the loan process. We encourage you to continue reading for basic information about finding a home 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 improve your score. A poor credit rating may mean you are presented with a higher interest rate on your loan. On the other hand, a high credit score can help you negotiate your best rate with a potential lender. Your credit score, financial situation, and the timeframe you wish to make your move can all influence the type of loan that matches your needs. So, what loans can you pick from?
Different Types of Home Loans in Oakville, MO
Oakville 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 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.
FHA loans and VA loans are both classified as government loans. Credit and salary/wage requirements are usually a little more different criteria 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 trained loan officer can help you compare loans and plan your next steps, depending on your stage in the journey.
Begin in Oakville, MO with a Preapproval Letter
Secure a Verified Approval Letter from the lender before you start going to Open Houses in Oakville to demonstrate that you've done your due diligence. A Verified Approval Letter is proof that your finances have been reviewed by the lender, and you have an estimate of how much you can buy. It can also show with the real estate agent and seller because they know you can buy the home. Call the mortgage team at Mr. Cooper today to chat about 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 Oakville. 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.