On Your Way Toward a New Home Loan in Pendleton, OR
Homes aren't one size fits all structures. Neither are home loans in Pendleton. Getting the best fit for you may require some comparison shopping! That's where Mr. Cooper comes in. Our goal is to transform the homeownership journey into an enjoyable one, starting with the mortgage loan process. We hope you'll keep reading for routine information about selecting a mortgage 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 try your best to get it in tip-top shape. A less-than-stellar credit score may mean you end up with a higher interest rate on your home loan. On the flip side, a higher credit rating can help you advocate for your best rate with a lender. Your credit history, financial state, and the timing in which you wish to make your move can all impact the type of home loan that fits your needs. So, what options are out there for you?
Different Types of Home Loans in Pendleton, OR
There are several different types of home loans available to Pendleton home buyers: conventional loans, FHA loans, FHA streamline loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), and high balance conforming loans. A conventional loans might be a good choice 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 are both classified as government loans. Credit and income requirements are usually a little more different criteria than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. How do you know which home loan is the best for you? A loan officer can help you get to know your options and what comes next, depending on your stage in the journey.
Start with a Preapproval Letter in Pendleton, OR
Secure a Verified Approval Letter from the lender before you start going to Open Houses in Pendleton to indicate that you're a serious buyer. 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. 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 Verified Approval letter to your credit and loan options. Now is a great time for buying a home in Pendleton. What are you waiting for? 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.