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Find the Phillipsburg, NJ Home Loan That's Best for You

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On Your Way Toward a New Home Loan in Phillipsburg, NJ

Houses aren't one size fits all. Phillipsburg home loans aren’t either. Finding the right fit for you may require some comparison shopping! That’s where Mr. Cooper can help. Our goal 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 basic details about picking your Phillipsburg home loan, but also contact a Mr. Cooper mortgage professional for any questions you may have.

Check your credit before you start applying for loans and try your best to improve your score. A not-so-great credit score could mean you'll have a higher interest rate on your mortgage loan. On the flip side, a higher credit rating can help you advocate for your best rate with a lender. Your credit history, financial state, and the timing in which you're looking to move can all influence the type of home loan that fits your needs. So, what options are out there for you?

Different Types of Home Loans in Phillipsburg, NJ

There are several different types of home loans available to Phillipsburg home buyers: 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.

FHA loans and VA loans are both classified as government loans. Credit and salary/wage requirements are often different than conventional loans. Also, veterans, surviving spouses and active-duty service members may be eligible to apply for VA new home loans. How do you know which home loan is the best for you? A trained loan officer can help you compare loans and plan your next steps, depending on your position in the process.

Begin in Phillipsburg, NJ with a Preapproval Letter

Talk to your lender about a Verified Approval Letter. Get one before you begin looking for houses in Phillipsburg to demonstrate that you really do intend to buy. 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. Give us a call today to discuss everything from your Verified Approval letter to your credit and loan options. Now is a great time for buying a home in Phillipsburg. What are you waiting for? Get started with the help you need!

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