On Your Way Toward a New Home Loan in Lebanon, OR
A home isn't a one size fits all kind of thing. Lebanon home loans aren’t either. Finding the right fit for you may require some comparison shopping! That's where Mr. Cooper comes in. Our mission is to transform the homeownership journey into an enjoyable one, beginning with the mortgage loan process. We encourage you to read on for introductory details about picking your Lebanon home loan, but also call a Mr. Cooper mortgage expert with questions about your situation.
As you begin searching for home loans, double check your credit and work to get it in tip-top shape. A low credit score may mean you'll have a higher interest rate on your mortgage loan. On the other hand, a higher credit rating can help you secure a better rate with your potential lender. Your credit history, financial state, and the timeline you're looking to move can all be a factor in the loan type that aligns with your goals. So, what's out there to choose from?
What Types of Loans Are There in Lebanon, OR?
You may have options when it comes to Lebanon home loans: conventional loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), VA loans, FHA loans, and FHA streamline loans. A conventional loans might be a good choice 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.
VA loans and FHA loans are both classified as government loans. Credit and income requirements are usually a little more laid-back 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 home loan is right for you? A 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 Lebanon, OR
Get a Verified Approval Letter from your lender before you begin looking for houses in Lebanon to indicate that you really do intend to buy. A Verified Approval Letter shows that your lender has looked at all of your finances and communicated about 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 now to talk about all things loan-related! We'll walk through 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 Lebanon. 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.