On Your Way Toward a New Home Loan in Mayfield Heights, OH
Houses aren't one size fits all. The same can be said for home loans in Ohio. Getting the best fit for you requires some loan-to-loan comparisons! Mr. Cooper can help! Our mission is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the mortgage loan process. We encourage you to read on for basic information about selecting a mortgage loan, but also call a Mr. Cooper mortgage professional for any questions you may have.
Check your credit before you start applying for loans and work to get it in tip-top shape. A not-so-great credit score may mean you'll have a higher interest rate on your mortgage loan. On the other hand, a high credit score can help you advocate for your best rate with a lender. Your credit strength, financial situation, and the timeline you'd like to make your move can all influence the type of home loan that fits your needs. So, what loans can you pick from?
Different Types of Home Loans in Mayfield Heights, OH
There are several different types of home loans available to Mayfield Heights home buyers: conventional loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), VA loans, FHA loans, and FHA streamline loans. A conventional loan may be the perfect option for you if you're ready to make a down payment of at least 3% (depending on your situation), your credit is healthy, and your income and employment history are stable.
FHA and VA loans are both types of government loans. Credit and salary/wage requirements tend to have different 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 get to know your options and what comes next, depending on your stage in the journey.
Get a Preapproval Letter Before You Shop in Mayfield Heights, OH
Secure a Verified Approval Letter from the lender before you begin looking for houses in Mayfield Heights to demonstrate 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 with the real estate agent and seller because they know you can afford the home. Call the mortgage team at Mr. Cooper today to chat about everything from your Verified Approval letter to your credit and loan options. It could be the perfect season for you to buy a new house in Mayfield Heights. 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.