Getting the Home Loan in Westerly, RI That's Best for You
A home isn't a one size fits all kind of thing. The same can be said for home loans in Rhode Island. Getting the best fit for you may require some comparison shopping! That’s where Mr. Cooper can help. Our mission is to turn the homeownership journey into something that's less difficult and more enjoyable, beginning with the mortgage loan process. We encourage you to read on for basic information about finding a 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 try your best to get it in tip-top shape. A not-so-great credit score may mean you'll have a higher interest rate on your mortgage loan. On the other hand, a strong credit score can help you negotiate your best rate with a potential lender. Your credit strength, financial state, and the timeframe you wish to make your move can all influence the loan type that aligns with your goals. So, what options are out there for you?
Different Types of Home Loans in Westerly, RI
There are several different types of home loans available to Westerly 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 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.
FHA loans and VA loans are both classified as government loans. Credit and income requirements tend to have different criteria than conventional loans. Also, veterans, surviving spouses and active-duty service members may be eligible to apply for VA new home loans. How do you know which home loan is the best for you? A professional Mr. Cooper loan officer can help you get to know your options and what comes next, depending on where you are on your journey.
Begin in Westerly, RI with a Preapproval Letter
Secure a Verified Approval Letter from the lender before you start shopping for homes in Westerly to demonstrate that you're serious about buying a home. A Verified Approval Letter is evidence that the lender has reviewed your finances and has given you an estimate of how much you can buy. It can also show to sellers you can buy the home they’re selling. 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. It could be the perfect season for you to buy a new house in Westerly. 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.