Getting the Home Loan in Spokane, WA That's Best for You
Homes aren't one size fits all structures. The same can be said for home loans in Washington. Getting the best fit for you requires some loan-to-loan comparisons! Mr. Cooper can help! Our goal is to turn the homeownership journey into something that's less difficult and more enjoyable, beginning with the mortgage loan process. We encourage you to continue reading for routine information about finding a home loan, but also contact a Mr. Cooper mortgage expert with questions about your situation.
As you start looking for loans, check your credit and try your best to improve your score. A poor credit rating could 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 strength, finances, and and the timing in which you're looking to move can all affect the type of home loan that fits your needs. So, what loans can you pick from?
What Types of Loans Are There in Spokane, WA?
Spokane 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.
FHA and VA loans are both types of government loans. Credit and salary/wage requirements tend to have different than conventional loans. And if you're a veteran, active-duty service member or surviving spouse, you may be eligible to apply for a VA new home loan. How do you know which home loan is the best for you? A trained loan officer can help you compare loans and plan your next steps, depending on your stage in the journey.
Begin in Spokane, WA with a Preapproval Letter
Talk to your lender about a Verified Approval Letter. Get one before you start shopping for homes in Spokane to show that you're serious about buying a home. A Verified Approval Letter shows that your lender has looked at all of your finances and communicated about how much you can buy. It can also show seller’s you’re serious about the home they’re selling. Call the mortgage team at Mr. Cooper today to chat about everything from your Verified Approval letter to your credit and loan options. Now could be the perfect time for you to buy a house in Spokane. 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.