On Your Way Toward a New Home Loan in Washington, UT
Houses aren't one size fits all. Neither are home loans in Washington. Finding the right fit for you requires some loan-to-loan comparisons! Mr. Cooper can help! Our goal is to keep the dream of homeownership alive beginning with the mortgage loan process. We encourage you to read on for routine details about picking your Washington home loan, but also contact a Mr. Cooper mortgage professional for any questions you may have.
Check your credit before you start applying for loans and try your best to improve your score. A less-than-stellar credit score might mean you'll have a higher interest rate on your mortgage loan. On the flip side, a high credit score can help you negotiate your best rate with a potential lender. Your credit strength, financial state, 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 options are out there for you?
Different Types of Home Loans in Washington, UT
You may have options when it comes to Washington home loans: conventional loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), VA loans, FHA loans, and FHA streamline 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 and VA loans are both classified as government loans. Credit and income requirements are usually a little more different 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 loan officer can help you get to know your options and what comes next, depending on where you are on your journey.
Get a Preapproval Letter Before You Shop in Washington, UT
Get a Verified Approval Letter from your lender before you begin looking for houses in Washington 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. The letter can also carry more weight 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. It could be the perfect season for you to buy a new house in Washington. 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.