On Your Way Toward a New Home Loan in West Valley City, UT
Homes aren't one size fits all structures. Neither are home loans in West Valley City. Securing the correct fit for your needs requires some loan-to-loan comparisons! That's where Mr. Cooper comes in. Our goal is to keep the dream of homeownership alive beginning with the mortgage loan process. We encourage you to continue reading for routine details about picking your West Valley City home loan, but also reach out to Mr. Cooper professional with any mortgage questions you might have.
As you start looking for loans, check your credit and work to get it in tip-top shape. A poor credit rating 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 secure a better rate with your potential lender. Your credit strength, 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's out there to choose from?
What Types of Loans Are There in West Valley City, UT?
There are several different types of home loans available to West Valley City 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 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 and FHA loans fall into the government loan category. Credit and income requirements tend to have different than conventional loans. Also, active-duty service members, veterans and surviving spouses 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.
Start with a Preapproval Letter in West Valley City, UT
Secure a Verified Approval Letter from the lender before you begin looking for houses in West Valley City to show that you really do intend to buy. A Verified Approval Letter shows that your lender has looked at all of your finances and communicated about how much you can buy. The letter can also carry more weight to sellers you can afford the home they’re selling. Call the mortgage team at Mr. Cooper today to discuss everything from your credit, possible loan options and your Verified Approval letter. Now is a great time for buying a home in West Valley City. What are you waiting for? 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.