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Get to Know the Home Loan Process in El Mirage, AZ

Are you a first-time Arizona homebuyer? Or, maybe you're new to El Mirage and looking to buy a home in the area. Either way, you might have questions about the home loan process. Get answers from Mr. Cooper.

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El Mirage, AZ: A Home Loan Process That's Unique to You

Buying a house — it's a mission that unifies all kinds of people! And it's an endeavor that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in El Mirage, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and recommend the best loan options and terms for your circumstances.

Our crew can even help you out as you begin your hunt for a new house. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-leading real estate agents who assist with home buying and selling.. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. It's the site to visit if you need to find a El Mirage home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. And get this — if you buy a home with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).

But we're getting too deep into the weeds. You want more information about moving to Arizona and going through the mortgage process in El Mirage! 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, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. Considering these facts is part of the home loan preparation process in El Mirage and beyond.

Houses in El Mirage seem to move off the market just as fast as they come on, and you will likely want to act fast — especially if you found a house you can't live without. We understand! Follow these important steps in the Arizona home 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 enjoying your golden years in this house? 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 El Mirage. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that date, 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.

Then, complete your AZ lender's loan application process. Every lender has a somewhat different process. Usually, though, you'll need to provide the following information: income sources, pay stubs, Social Security numbers, credit check authorization, the address of the home you'd like to buy, purchase contract, banking information, and the amount you'd like to borrow.

From there, your lender will provide you with a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in El Mirage. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.

Work with Mr. Cooper when going through the mortgage process in El Mirage and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. 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.

Ask your lender! The more questions you ask The FTC advises that you should also ask each lender 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 El Mirage, AZ

You're in control now! Compare your mortgage offers and choose 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 even help you weigh the drawbacks and advantages 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 El Mirage or elsewhere. The Disclosure is more formal documentation of your first estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

Closing on a House in El Mirage, AZ

Once your home loan is approved by the lender, it's go-time for buying your El Mirage house! During this step of the mortgage process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your location, you may also be required to work with a closing attorney in El Mirage 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*.

Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've arrived. You finished the home loan process in El Mirage, and it's time to roll out the welcome mat. You're the proud owner of a house (or apartment or condo or townhome!) in El Mirage. Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in El Mirage super straightforward.

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