On Your Way Toward a New Home Loan in Ferndale, WA
A home isn't a one size fits all kind of thing. Ferndale home loans aren’t either. Securing the correct fit for your needs requires some loan-to-loan comparisons! That’s where Mr. Cooper can help. Our mission is to keep the dream of homeownership alive starting with the mortgage loan process. We hope you'll keep reading for general details about picking your Ferndale home loan, but also contact a Mr. Cooper professional with any mortgage questions you might have.
As you begin searching for home loans, double check your credit and try your best to improve your score. A less-than-stellar credit score could mean you are presented with a higher interest rate on your loan. On the other hand, a high credit score can help you advocate for your best rate with a lender. Your credit score, finances, and and the timeframe you'd like to make your move can all affect the type of home loan that fits your needs. So, what options are out there for you?
Different Types of Home Loans in Ferndale, WA
Ferndale 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 loans might be a good choice 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 loans and FHA loans are both classified as government loans. Credit and salary/wage requirements tend to have different than conventional loans. Also, veterans, surviving spouses and active-duty service members 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 get to know your options and what comes next, depending on your stage in the journey.
Start with a Preapproval Letter in Ferndale, WA
Secure a Verified Approval Letter from the lender before you begin looking for houses in Ferndale to show 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. Call the mortgage team at Mr. Cooper 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 Ferndale. 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.