On Your Way Toward a New Home Loan in Springfield, OH
A home isn't a one size fits all kind of thing. Neither are home loans in Springfield. Securing the correct fit for your needs may require some comparison shopping! That's where Mr. Cooper comes in. Our aim is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the loan process. We encourage you to continue reading for routine information about finding a home loan, but also contact a Mr. Cooper professional with any mortgage questions you might have.
As you start looking for loans, check your credit and try your best to improve your score. A not-so-great credit score might mean you end up with a higher interest rate on your home loan. On the flip side, a high credit score can help you advocate for your best rate with a lender. Your credit history, finances, and and the timeframe you wish 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 Springfield, OH
Springfield home buyers have more than one type of home loan to choose from. There are: 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 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.
VA loans and FHA loans are both classified as government loans. Credit and salary/wage requirements are usually a little more 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 professional 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 Springfield, OH
Secure a Verified Approval Letter from the lender before you start shopping for homes in Springfield to indicate that you're serious about buying a home. 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. It can also speed up seller’s you’re serious about the home they’re selling. Contact a Mr. Cooper mortgage professional 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 Springfield. 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.