Getting the Home Loan in Lake Forest Park, WA That's Best for You
Houses aren't one size fits all. The same can be said for home loans in Washington. Securing the correct fit for your needs takes some shopping around! That's where Mr. Cooper comes in. Our mission is to transform the homeownership journey into an enjoyable one, starting with the loan process. We encourage you to read on for basic details about picking your Lake Forest Park home loan, but also call a Mr. Cooper mortgage professional for any questions you may have.
As you start looking for loans, check your credit and try your best to get it in tip-top shape. A not-so-great 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 negotiate your best rate with a potential lender. Your credit strength, financial situation, and the timeframe you'd like 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 Lake Forest Park, WA?
You may have options when it comes to Lake Forest Park 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.
VA loans 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 get to know your options and what comes next, depending on your position in the process.
Get a Preapproval Letter Before You Shop in Lake Forest Park, WA
Get a Verified Approval Letter from your lender before you start shopping for homes in Lake Forest Park to indicate 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. The letter can also carry more weight to sellers you can buy 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. It could be the perfect season for you to buy a new house in Lake Forest Park. 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.