Getting the Home Loan in Washington, PA That's Best for You
Houses aren't one size fits all. Washington home loans aren’t either. Finding the right fit for you takes some shopping around! That's where Mr. Cooper comes in. Our goal is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the loan process. We encourage you to read on for introductory information about selecting a mortgage 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 try your best to get it in tip-top shape. A poor credit rating could mean you'll have a higher interest rate on your mortgage loan. On the other hand, a higher credit rating can help you negotiate your best rate with a potential lender. Your credit history, financial situation, and the timeframe you wish to make your move can all influence the type of loan that matches your needs. So, what options are out there for you?
Different Types of Home Loans in Washington, PA
Washington home buyers have more than one type of home loan to choose from. There are: conventional loans, FHA streamline loans, FHA loans, high balance conforming loans, VA loans, and VA Interest Rate Reduction Loans (VA IRRRL). 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.
FHA loans and VA loans are both types of government loans. Credit and salary/wage requirements tend to have 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 understand your options and next steps, depending on your stage in the journey.
Get a Preapproval Letter Before You Shop in Washington, PA
Get a Verified Approval Letter from your lender before you begin looking for houses in Washington to indicate that you're serious about buying a home. A Verified Approval Letter shows that your lender has looked at all of your finances and communicated about how much you can buy. It can also speed up to sellers you can afford the home they’re selling. Call the mortgage team at Mr. Cooper today to discuss everything from your credit, possible loan options and your Verified Approval letter. Now could be the perfect time for you to buy a house in Washington. See how we can help you navigate your next home-buying experience!