Alabaster, AL: A Home Loan Process That's Unique to You
Living in a house that's yours, all yours — it's a hope that unites us from coast to coast! And it's something that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Alabaster, keep reading. Then call Mr. Cooper to take your next step. Our trained mortgage professionals will work alongside you and suggest the best options for you at every turn.
From your initial Alabaster loan search to prequalification to closing, we're here to help you make your move in Alabama! can even help you out as you start your house hunt. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed real estate agents who know home sales inside and out. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. It's the site to visit if you need to find a Alabaster home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. But the savings don't stop there. Purchase a house with a Mr. Cooper mortgage and we'll pay for your actual move (up to 50 miles).
But we're getting ahead of ourselves. You're interested in the home loan process in Alabama. At a basic level, why do people get home loans? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. In addition, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. Considering these facts is part of the home loan preparation process in Alabaster and beyond.
Houses in Alabaster seem to move off the market just as fast as they come on, and you'll want to take action quickly — even more so if you found a house you can't live without. We know what that's like! Here are a few of the most important steps in the AL mortgage loan process.
First, ask yourself: How long do you plan on living in this house? Is this a soon-to-be investment property? Or is this where you'll be raising your family? If you're going to be in the house for years and years, look into a fixed-rate loan. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Alabaster. Adjustable-rate loans have a fixed rate for some time. When that period is over, the rate can adjust at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.
Next, submit your Alabaster lender's home loan application. The process varies from lender to lender. Still, in general, you'll need to give the following info: Social Security numbers, pay stubs, income sources, purchase contract, credit check authorization, the address of the property you'd like to buy, the amount you want to borrow, and your banking info.
Next up? A loan estimate from your lender! You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: a loan estimate isn't the same thing as a mortgage. It's a bit of preview, and you can seek out multiple estimates to find the absolute best option for you.
Go through the mortgage process in Alabaster with Mr. Cooper and we'll review your information and provide you with a Verified Approval letter, which is a very accurate estimate of what you could afford. This letter carries weight with realtors and home sellers because it shows you are serious and can afford a home. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.
Just ask! It's normal to have questions about the home loan process. The FTC advises that you should also ask each lender about additional fees, the loan's annual percentage rate, any special programs, and whether the quoted rate is the lowest for the week or day.
Seal the Deal with a Home Mortgage in Alabaster, AL
You're in control now! Analyze your mortgage offers and pick the one that's best for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can even help you weigh the pros and cons of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Alabama. A Closing Disclosure is a more formal write-up of your initial estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.
Close on a Home in Alabaster, AL
Once your home loan is approved by the lender, it's go-time for buying your Alabaster house! At this stage of the home loan process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on your location, you could be required to work with a Alabaster closing attorney. They'll book time with you to sign your loan documents. Even if paperwork takes longer than expected, you don't have to stress over your closing date being delayed. We guarantee we’ll close your loan on time, or your first month’s mortgage payment (principal + interest) is on us*.
You're in the home stretch once you've signed the documents! You've reached the end of the home loan process in Alabaster, and it's time to get your keys. Your Alabaster house is now your home! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Alabaster super straightforward.