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Get to Know the Mortgage Process in Montgomery, AL

Whether you're buying your first home in Montgomery 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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The Right Way to Start Your Montgomery, AL Mortgage Process

Being a homeowner — it's a hope that unifies all kinds of people! And it's a process that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Montgomery, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation to identify the right options for your needs.

Our mortgage professionals can even help you out as you kick off the search for a home. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-respected real estate agents who assist with home buying and selling.. And if you'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. It's the site to visit if you need to find a Montgomery 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 too deep into the weeds. You want more information about moving to Alabama and going through the mortgage process in Montgomery! Why do people need home loans to begin with? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. In addition, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. Considering these facts is part of the home loan preparation process in Montgomery and beyond.

The Montgomery home market is a competitive one, and you'll want to take action quickly — particularly if you're on a tight timeline. We know what that's like! 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. Is this a soon-to-be investment property? Or will you be planting some deep roots in Montgomery? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. Your interest rate doesn't change with a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Montgomery. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.

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

From there, your lender will provide you with a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Keep in mind that the loan estimate isn't your final Montgomery mortgage. It's an estimate, and you can request multiple estimates to find the best loan for you.

Work with Mr. Cooper when going through the mortgage process in Montgomery and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can afford to borrow! This letter shows home sellers and realtors you are a serious buyer. Not every lender offers Verified Approval letters as Mr. Cooper does.

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

The Final Step for a Home Mortgage in Montgomery, AL

The choice is up to you! Analyze your mortgage offers and pick the one that's best 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 pros and cons of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. It's a standard part of the home loan process, whether you live in Montgomery or elsewhere. The Disclosure is more formal documentation of your first estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

Close on a Home in Montgomery, AL

After your mortgage is approved, it's time to close on the home you want in Montgomery! During this step of the mortgage process, your broker and closing attorney are brought in to confirm closing costs. Depending on where you live, you may also be required to work with a closing attorney in Montgomery who will schedule a 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 completed the mortgage process in Montgomery, and it's time to roll out the welcome mat. Your Montgomery house is now your home! 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 Montgomery a super easy one.

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