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Process for Getting a Mortgage in Troy , AL

Is there any way to make the Troy mortgage process easier? You bet! Partner with Mr. Cooper and learn more about the steps to getting a home loan in Troy, AL.

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Troy, AL: A Home Loan Process That's Unique to You

Buying a house — it's a goal that we all share! And it's an endeavor that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Troy, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation and recommend the best loan options and terms for your circumstances.

Our team can even help you out as you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-respected real estate agents who can assist with the buying and selling process. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. On the MLS site, you can compare Troy 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 ahead of ourselves. You want more information about moving to Alabama and going through the mortgage process in Troy! 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. 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 Troy and beyond.

The Troy home market is a competitive one, and you will likely want to act fast — especially if you found a house you can't live without. We've been there, too! Follow these important steps in the Alabama home loan process.

Start by thinking about how long you'll be in 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? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. 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 Troy. Adjustable-rate loans have a fixed rate for some time. When that period is over, the rate can go up or down at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

After, complete your AL lender's loan application process. The process varies from lender to lender. Generally, however, you'll have to provide the following details: Social Security numbers, pay stubs, income sources, the address of the house you'd like to buy, purchase contract, credit check authorization, banking details, and the amount of money you're looking to borrow.

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. Remember that a loan estimate isn't the same thing as a mortgage. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.

Partner with Mr. Cooper to complete the Troy mortgage process 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 means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! Not every lender offers Verified Approval letters as Mr. Cooper does.

Ask questions during the home loan process! The FTC recommends home buyers to ask about the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.

Make Your Move with a Home Loan in Troy, AL

The ball is in your court at this point! Analyze your mortgage offers and pick the option that's right 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 drawbacks and advantages 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. The Disclosure is more formal documentation of your first estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.

At Your Mortgage Closing in Troy, AL

Once your home loan is approved, it's go-time for buying your Troy house! During this step of the mortgage process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on your location, you may also be required to work with a closing attorney in Troy who will schedule a time with you to sign your loan documents. You never have to worry about your closing date flying by and leaving you in a pinch. We guarantee we’ll close your loan on time, or your first month’s mortgage payment (principal + interest) is on us*.

It's practically time to move in and unpack your boxes once you sign on the dotted line! You've arrived. You finished the home loan process in Troy, and it's time to celebrate. You are a homeowner in Troy! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Troy mortgage process an easy one.

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