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Get to Know the Mortgage Process in Fairhope, AL

Whether you're buying your first home in Fairhope or your seventh on the other side of Alabama, you have a friend in the home loan process. Mr. Cooper is the nation's fourth-largest mortgage servicer and can help you every step of the way.

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Fairhope, AL Mortgage and Home Loan Process

Being a homeowner — it's a hope that unifies all kinds of people! And it's an endeavor that you can get help with from start to finish. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Fairhope, AL. Our mortgage professionals will get to know your particular situation and recommend the best options for you at every turn.

Our crew can even help you out as you kick off the search for a home. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-leading real estate agents who can assist with the buying and selling process. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. On the MLS site, you can compare Fairhope homes, check your home’s value, and set up Home Alerts to find your dream home. 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 too deep into the weeds. You're here to learn more about moving in Alabama and the overall mortgage process. Why might a person need a home loan in the first place? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. 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 Fairhope and beyond.

Houses in Fairhope seem to move off the market just as fast as they come on, and you probably want to move fast — particularly if you're on a tight timeline. We've been there, too! Here are a few of the most important steps in the AL mortgage loan process.

Start by thinking about how long you'll be in your new home. Are you just passing through Fairhope on your way to your forever home? Or will you be planting some deep roots in Fairhope? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. Your interest rate stays the same when you have a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Fairhope. Adjustable-rate loans have a fixed rate for some time. After that deadline, the rate can go up or down at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

After, submit your Fairhope lender's home loan application. Every lender has a somewhat different process. Still, in general, you'll need to provide the following information: income sources, pay stubs, Social Security numbers, the address of the house you'd like to buy, purchase contract, credit check authorization, banking information, and the amount you'd like to borrow.

From there, your lender will provide you with a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in Fairhope. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.

Go through the mortgage process in Fairhope with Mr. Cooper and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter shows home sellers and realtors you are a serious buyer. Not all lenders offer Verified Approval letters as Mr. Cooper does.

Ask your lender! The more questions you ask The FTC urges home shoppers to inquire about the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.

Seal the Deal with a Home Mortgage in Fairhope, AL

You're in control now! Review your mortgage offers and choose the option that's right for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can help you evaluate the benefits and drawbacks of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Alabama. Consider it a more formal version of your previous 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 Fairhope, AL

Once your home loan is approved, it's go-time for buying your Fairhope house! During this step of the mortgage process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your location, you might have to bring in a Fairhope closing attorney to be there when you sign your loan docs. 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*.

Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've reached the end of the home loan process in Fairhope, and it's time to roll out the welcome mat. You are a homeowner in Fairhope! And if this all sounds too simple to be true, give Mr. Cooper a call. We do our best to make the home loan process in Fairhope a super easy one.

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