Finding Your Fit, Finding Your Durham Home Loan
Houses aren't one size fits all. The same can be said for home loans in North Carolina. Finding the right fit for you takes some shopping around! That’s where Mr. Cooper can help. Our mission is to turn the homeownership journey into something that's less difficult and more enjoyable, beginning with the mortgage loan process. We hope you'll keep reading for general information about finding a home loan, but also call a Mr. Cooper mortgage professional for any questions you may have.
As you begin searching for home loans, double check your credit and try your best to get it in tip-top shape. A low credit score could mean you end up with a higher interest rate on your home loan. On the other hand, a high credit score can help you negotiate your best rate with a potential lender. Your credit score, financial state, and the timeline you wish to make your move can all affect the type of loan that matches your needs. So, what's out there to choose from?
What Types of Loans Are There in Durham, NC?
Durham 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 could be a great route 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. 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 home loan is right for you? A trained loan officer can help you understand your options and next steps, depending on your position in the process.
Begin in Durham, NC with a Preapproval Letter
Get a Verified Approval Letter from your lender before you begin looking for houses in Durham to indicate that you're serious about buying a home. 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 seller’s you’re serious about the home they’re selling. Give us a call today to chat about everything from your credit, possible loan options and your Verified Approval letter. Now could be the perfect time for you to buy a house in Durham. Call now to get the super-smart help you want!
- 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.