Getting the Home Loan in Patterson, NY That's Best for You
Homes aren't one size fits all structures. The same can be said for home loans in New York. Getting the best fit for you may require some comparison shopping! Mr. Cooper can help! Our mission is to keep the dream of homeownership alive starting with the mortgage loan process. We encourage you to read on for introductory information about selecting a mortgage 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 end up with a higher interest rate on your home loan. On the flip side, a high credit score can help you negotiate your best rate with a potential lender. Your credit strength, finances, and and the timing in which you'd like to make your move can all affect the type of loan that matches your needs. So, what options are out there for you?
Different Types of Home Loans in Patterson, NY
There are several different types of home loans available to Patterson 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 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 and VA loans are both types of government loans. Income and credit requirements are usually a little more laid-back than conventional loans. Also, veterans, surviving spouses and active-duty service members may be eligible to apply for VA new home loans. Which home loan is right for you? A trained 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 Patterson, NY
Talk to your lender about a Verified Approval Letter. Get one before you start going to Open Houses in Patterson to indicate 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. The letter can also carry more weight to sellers you can afford the home they’re selling. 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 Patterson. 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.