On Your Way Toward a New Home Loan in Covington, WA
A home isn't a one size fits all kind of thing. The same can be said for home loans in Washington. Getting the best fit for you takes some shopping around! Mr. Cooper can help! Our goal is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the loan process. We hope you'll keep reading for routine information about finding a home loan, but also call 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 poor credit rating 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 wish 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?
What Types of Loans Are There in Covington, WA?
Covington home buyers have more than one type of home loan to choose from. There are: 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 are both classified as government loans. Income and credit requirements are often 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 trained loan officer can help you understand your options and next steps, depending on where you are on your journey.
Start with a Preapproval Letter in Covington, WA
Secure a Verified Approval Letter from the lender before you start shopping for homes in Covington to show that you're a serious buyer. 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 seller’s you’re serious about the home they’re selling. Contact a Mr. Cooper mortgage professional today to discuss everything from your Verified Approval letter to your credit and loan options. It could be the perfect season for you to buy a new house in Covington. Get started with the help you need!
- 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.