On Your Way Toward a New Home Loan in Lake Oswego, OR
A home isn't a one size fits all kind of thing. Neither are home loans in Lake Oswego. Getting the best fit for you may require some comparison shopping! That's where Mr. Cooper comes in. Our goal is to keep the dream of homeownership alive beginning with the mortgage loan process. We encourage you to read on for routine details about picking your Lake Oswego home loan, but also reach out to Mr. Cooper professional with any mortgage questions you might have.
As you start looking for loans, check your credit 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 flip side, a higher credit rating can help you secure a better rate with your potential lender. Your credit strength, finances, and and the timing in which you're looking to move can all impact the loan type that aligns with your goals. So, what options are out there for you?
Different Types of Home Loans in Lake Oswego, OR
Lake Oswego 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 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 and FHA loans fall into the government loan category. Credit and income requirements are often different criteria than conventional loans. And if you're a veteran, active-duty service member or surviving spouse, you may be eligible to apply for a VA new home loan. Which one of these home loans is a good fit for you? A trained loan officer can help you compare loans and plan your next steps, depending on your stage in the journey.
Start with a Preapproval Letter in Lake Oswego, OR
Secure a Verified Approval Letter from the lender before you start shopping for homes in Lake Oswego to demonstrate 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. Give us a call today to chat about everything from your potential loan options, credit score, and your Verified Approval letter. It could be the perfect season for you to buy a new house in Lake Oswego. 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.