On Your Way Toward a New Home Loan in Yankton, SD
A home isn't a one size fits all kind of thing. Yankton home loans aren’t either. Securing the correct fit for your needs takes some shopping around! Mr. Cooper can help! Our goal is to keep the dream of homeownership alive starting with the loan process. We encourage you to continue reading for general information about selecting a mortgage 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 are presented with a higher interest rate on your loan. On the flip side, a higher credit rating can help you negotiate your best rate with a potential lender. Your credit strength, financial situation, 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 Yankton, SD
Yankton 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 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 and VA loans are both types of government loans. Income and credit requirements are usually a little more different than conventional loans. And if you're a veteran, active-duty service member or surviving spouse, you may be eligible to apply for a VA new home loan. Which home loan is right for you? A professional loan officer can help you get to know your options and what comes next, depending on where you are on your journey.
Begin in Yankton, SD with a Preapproval Letter
Secure a Verified Approval Letter from the lender before you start going to Open Houses in Yankton to indicate that you're serious about buying a home. 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 seller’s you’re serious about the home they’re selling. Give us a call today to discuss everything from your potential loan options, credit score, and your Verified Approval letter. Now could be the perfect time for you to buy a house in Yankton. 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.