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Get to Know the Home Loan Process in Phenix City, AL

Whether you're buying your first home in Phenix City 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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Phenix City, AL Mortgage and Home Loan Process

Buying a house — it's a hope that we all share! And it's a process that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Phenix City, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation and suggest the right options for your needs.

Our team can even help out when you begin your hunt for a new house. 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 Phenix City 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 here to learn more about moving in Alabama and the overall mortgage process. Why do people need home loans to begin with? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. What's more, 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 Phenix City and beyond.

The Phenix City home market is a competitive one, and you probably want to move fast — particularly if you're on a tight timeline. We understand! Follow these important steps in the Alabama home loan process.

Begin by considering how long you'll be at your new home. Do you plan on living in it for a few years and then renting it out? 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 this home is going to be a quick stopover, look at an adjustable-rate mortgage in Phenix City. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that deadline, the rate can go up or down at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.

After, submit your Phenix City lender's home loan application. The process can vary a bit between lenders. Usually, though, you'll have to provide the following details: income sources, pay stubs, Social Security numbers, 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. A quick note: the loan estimate isn't your final Phenix City mortgage. It's a bit of preview, and you can seek out multiple estimates to find the absolute best option for you.

Partner with Mr. Cooper to complete the Phenix City mortgage process 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 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.

Seal the Deal with a Home Mortgage in Phenix City, AL

The ball is in your court at this point! Review your mortgage offers and select the offer that's good for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you understand the pros and cons of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Alabama. A Closing Disclosure is a more formal write-up of your initial estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

Close on a Home in Phenix City, AL

Once your home loan is approved by the lender, it's go-time for buying your Phenix City house! At this point in the home loan process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on your state, you may also be required to work with a closing attorney in Phenix City who will schedule a time with you to sign your loan documents. Don't worry about missing your closing date, either. 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 Phenix City, and it's time to get your keys. Your Phenix City house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Phenix City mortgage process an easy one.

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