Getting the Home Loan in Elk Plain, WA That's Best for You
Houses aren't one size fits all. Neither are home loans in Elk Plain. Securing the correct fit for your needs requires some loan-to-loan comparisons! Mr. Cooper can help! Our aim is to keep the dream of homeownership alive starting with the mortgage loan process. We hope you'll keep reading for general information about selecting a mortgage loan, but also reach out to Mr. Cooper mortgage professional for any questions you may have.
Check your credit before you start applying for loans and try your best to get it in tip-top shape. A less-than-stellar credit score could mean you'll have a higher interest rate on your mortgage loan. On the flip side, a high credit score can help you secure a better rate with your potential lender. Your credit history, finances, and and the timing in which you'd like to make your move can all be a factor in the type of loan that matches your needs. So, what options are out there for you?
What Home Loan Options Do I Have in Elk Plain, WA?
Elk Plain 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 you're ready to make a down payment of at least 3% (depending on your situation), your credit is healthy, and your income and employment history are stable.
VA and FHA loans fall into the government loan category. Credit and income requirements are often different than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. How do you know which home loan is the best for you? A professional loan officer can help you compare loans and plan your next steps, depending on where you are on your journey.
Begin in Elk Plain, WA with a Preapproval Letter
Talk to your lender about a Verified Approval Letter. Get one before you begin looking for houses in Elk Plain to demonstrate that you're a serious buyer. 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. Give us a call today to chat about 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 Elk Plain. See how we can help you navigate your next home-buying experience!
- 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.