On Your Way Toward a New Home Loan in Ithaca, NY
Homes aren't one size fits all structures. Neither are home loans in Ithaca. Securing the correct fit for your needs requires some loan-to-loan comparisons! That’s where Mr. Cooper can help. Our goal is to keep the dream of homeownership alive starting with the mortgage loan process. We encourage you to continue reading for general details about picking your Ithaca 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 get it in tip-top shape. A poor credit rating may mean you'll have a higher interest rate on your mortgage loan. On the other hand, a high credit score can help you secure a better rate with your potential lender. Your credit history, finances, and and the timing in which you'd like to make your move can all impact the type of loan that matches your needs. So, what options are out there for you?
Different Types of Home Loans in Ithaca, NY
Ithaca home buyers have more than one type of home loan to choose from. There are: conventional loans, FHA streamline loans, FHA loans, high balance conforming loans, VA loans, and VA Interest Rate Reduction Loans (VA IRRRL). A conventional loan may be the perfect option for you if your credit is healthy, your income and employment history are stable, and you're ready to make a down payment of as little as 3% depending on your situation.
FHA and VA loans are both classified as government loans. Credit and salary/wage requirements tend to have laid-back 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 trained loan officer can help you understand your options and next steps, depending on your stage in the journey.
Get a Preapproval Letter Before You Shop in Ithaca, NY
Get a Verified Approval Letter from your lender before you start shopping for homes in Ithaca to demonstrate that you've done your due diligence. 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 with the real estate agent and seller because they know you can afford the home. Give us a call now to talk about all things loan-related! We'll walk through everything from your credit, possible loan options and your Verified Approval letter. Now is a great time for buying a home in Ithaca. What are you waiting for? Get started with the help you need!
- 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.