On Your Way Toward a New Home Loan in Wildwood, MO
A home isn't a one size fits all kind of thing. Wildwood home loans aren’t either. Finding the right fit for you requires some loan-to-loan comparisons! Mr. Cooper can help! Our aim is to transform the homeownership journey into an enjoyable one, beginning with the mortgage loan process. We encourage you to continue reading for routine details about picking your Wildwood 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 not-so-great credit score might mean you end up with a higher interest rate on your home loan. On the other hand, a high credit score can help you secure a better rate with your potential lender. Your credit history, financial situation, and the timeframe you wish to make your move can all be a factor in the type of home loan that fits your needs. So, what loans can you pick from?
What Types of Loans Are There in Wildwood, MO?
Wildwood 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 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 fall into the government loan category. Credit and salary/wage requirements are often 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 one of these home loans is a good fit for you? A professional loan officer can help you understand your options and next steps, depending on where you are on your journey.
Get a Preapproval Letter Before You Shop in Wildwood, MO
Talk to your lender about a Verified Approval Letter. Get one before you begin looking for houses in Wildwood to show 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 seller’s you’re serious about the home they’re selling. Give us a call now to talk about all things loan-related! We'll walk through 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 Wildwood. 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.