Get Started on Your Mercer Island Home Loan Journey
Homes aren't one size fits all structures. Mercer Island home loans aren’t either. Finding the right fit for you may require some comparison shopping! That's where Mr. Cooper comes in. Our aim is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the mortgage loan process. We encourage you to read on for basic information about finding a home loan, but also contact 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 less-than-stellar credit score could mean you'll have a higher interest rate on your mortgage loan. On the flip side, a strong credit score can help you secure a better rate with your potential lender. Your credit history, financial situation, and the timeframe you'd like to make your move can all affect the loan type that aligns with your goals. So, what options are out there for you?
What Home Loan Options Do I Have in Mercer Island, WA?
There are several different types of home loans available to Mercer Island home buyers: conventional loans, FHA streamline loans, FHA loans, high balance conforming loans, VA loans, and VA Interest Rate Reduction Loans (VA IRRRL). 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 and FHA loans are both classified as government loans. Credit and income requirements are often different criteria than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. Which home loan is right for you? A professional loan officer can help you compare loans and plan your next steps, depending on your stage in the journey.
Begin in Mercer Island, WA with a Preapproval Letter
Talk to your lender about a Verified Approval Letter. Get one before you start going to Open Houses in Mercer Island to show that you're serious about buying a home. 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 seller’s you’re serious about the home they’re selling. Contact a Mr. Cooper mortgage professional today to discuss everything from your credit, possible loan options and your Verified Approval letter. Now could be the perfect time for you to buy a house in Mercer Island. 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.