Finding Your Fit, Finding Your Lancaster Home Loan
A home isn't a one size fits all kind of thing. Neither are home loans in Lancaster. Securing the correct fit for your needs requires some loan-to-loan comparisons! That’s where Mr. Cooper can help. Our goal is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the loan process. We encourage you to read on for general information about finding a home loan, but also call a Mr. Cooper professional with any mortgage questions you might have.
As you begin searching for home loans, double check your credit and try your best to improve your score. A not-so-great credit score could mean you are presented with a higher interest rate on your loan. On the flip side, a strong credit score can help you negotiate your best rate with a potential lender. Your credit score, financial situation, and the timeframe you'd like to make your move can all influence the type of loan that matches your needs. So, what's out there to choose from?
Different Types of Home Loans in Lancaster, OH
You may have options when it comes to Lancaster home loans: conventional loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), VA loans, FHA loans, and FHA streamline loans. 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.
VA loans and FHA loans are both types of government loans. Income and credit requirements are often different criteria 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 loan officer can help you compare loans and plan your next steps, depending on your position in the process.
Get a Preapproval Letter Before You Shop in Lancaster, OH
Secure a Verified Approval Letter from the lender before you begin looking for houses in Lancaster to indicate that you really do intend to buy. 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. The letter can also carry more weight to sellers you can afford the home they’re selling. Give us a call today to discuss everything from your credit, possible loan options and your Verified Approval letter. Now is a great time for buying a home in Lancaster. What are you waiting for? See how we can help you navigate your next home-buying experience!