Getting the Home Loan in Bristol, RI That's Best for You
A home isn't a one size fits all kind of thing. Bristol home loans aren’t either. Securing the correct fit for your needs takes some shopping around! Mr. Cooper can help! Our mission is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the mortgage loan process. We encourage you to read on for basic information about finding a home loan, but also reach out to Mr. Cooper professional with any mortgage questions you might have.
Check your credit before you start applying for loans and try your best to get it in tip-top shape. A not-so-great credit score may mean you end up with a higher interest rate on your home loan. On the flip side, a strong credit score can help you advocate for your best rate with a lender. Your credit history, financial state, and the timing in which you're looking to move can all impact the type of loan that matches your needs. So, what options are out there for you?
What Types of Loans Are There in Bristol, RI?
You may have options when it comes to Bristol home loans: 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.
VA loans and FHA loans are both types of government loans. Credit and income requirements are often different criteria than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. Which home loan is right for you? A professional Mr. Cooper loan officer can help you understand your options and next steps, depending on where you are on your journey.
Start with a Preapproval Letter in Bristol, RI
Secure a Verified Approval Letter from the lender before you start going to Open Houses in Bristol to demonstrate that you've done your due diligence. 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 show with the real estate agent and seller because they know you can buy the home. Call the mortgage team at Mr. Cooper today to chat about everything from your Verified Approval letter to your credit and loan options. Now could be the perfect time for you to buy a house in Bristol. 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.