On Your Way Toward a New Home Loan in Narragansett, RI
Homes aren't one size fits all structures. The same can be said for home loans in Rhode Island. Finding the right fit for you may require some comparison shopping! That's where Mr. Cooper comes in. Our aim is to keep the dream of homeownership alive starting with the mortgage loan process. We hope you'll keep reading for general details about picking your Narragansett home loan, but also call a Mr. Cooper professional with any mortgage questions you might have.
Check your credit before you start applying for loans and work to get it in tip-top shape. A less-than-stellar credit score might mean you end up with a higher interest rate on your home loan. On the flip side, a high credit score can help you negotiate your best rate with a potential lender. Your credit score, financial situation, and the timing in which you'd like to make your move can all impact the type of loan that matches your needs. So, what loans can you pick from?
What Types of Loans Are There in Narragansett, RI?
Narragansett 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 classified as government loans. Income and credit requirements tend to have laid-back 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 loan officer can help you compare loans and plan your next steps, depending on your position in the process.
Begin in Narragansett, RI with a Preapproval Letter
Secure a Verified Approval Letter from the lender before you begin looking for houses in Narragansett to indicate that you really do intend to buy. 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 speed up to sellers you can buy the home they’re selling. Contact a Mr. Cooper mortgage professional today to discuss everything from your credit, possible loan options and your Verified Approval letter. It could be the perfect season for you to buy a new house in Narragansett. 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.