Get Started on Your Norristown Home Loan Journey
Homes aren't one size fits all structures. The same can be said for home loans in Pennsylvania. Finding the right fit for you may require some comparison shopping! That’s where Mr. Cooper can help. Our mission is to transform the homeownership journey into an enjoyable one, beginning with the mortgage loan process. We encourage you to continue reading for introductory details about picking your Norristown home loan, but also contact a Mr. Cooper professional with any mortgage questions you might have.
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 are presented with a higher interest rate on your loan. On the other hand, a strong credit score can help you advocate for your best rate with a lender. Your credit score, financial state, and the timeline you'd like to make your move can all be a factor in the loan type that aligns with your goals. So, what's out there to choose from?
Different Types of Home Loans in Norristown, PA
There are several different types of home loans available to Norristown 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 loan could be a great route 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 types of government loans. Credit and income requirements are often different than conventional loans. Also, veterans, surviving spouses and active-duty service members 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 compare loans and plan your next steps, depending on your stage in the journey.
Start with a Preapproval Letter in Norristown, PA
Talk to your lender about a Verified Approval Letter. Get one before you start shopping for homes in Norristown to show that you've done your due diligence. 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 with the real estate agent and seller because they know you can afford the home. Call the mortgage team at Mr. Cooper now to talk about all things loan-related! We'll walk through everything from your credit, possible loan options and your Verified Approval letter. Now is a great time for buying a home in Norristown. What are you waiting for? 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.