Get Started on Your Franklin Square Home Loan Journey
Houses aren't one size fits all. Franklin Square home loans aren’t either. Securing the correct fit for your needs takes some shopping around! 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 routine details about picking your Franklin Square home loan, but also reach out to 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 low credit score might mean you are presented with a higher interest rate on your loan. On the other hand, a high credit score can help you secure a better rate with your potential lender. Your credit score, finances, and and the timing in which you'd like 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?
Different Types of Home Loans in Franklin Square, NY
There are several different types of home loans available to Franklin Square home buyers: conventional loans, FHA streamline loans, FHA loans, high balance conforming loans, VA loans, and VA Interest Rate Reduction Loans (VA IRRRL). 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.
FHA and VA loans are both classified as government loans. Income and credit requirements are often 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 get to know your options and what comes next, depending on your position in the process.
Begin in Franklin Square, NY with a Preapproval Letter
Secure a Verified Approval Letter from the lender before you start shopping for homes in Franklin Square to demonstrate that you're a serious buyer. 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. Call the mortgage team at Mr. Cooper now to talk about all things loan-related! We'll walk through everything from your potential loan options, credit score, and your Verified Approval letter. It could be the perfect season for you to buy a new house in Franklin Square. 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.