Gilbert, AZ Mortgage and Home Loan Process
Being a homeowner — it's a wish that unifies all kinds of people! And it's an endeavor that you can get help with from beginning to end. If you're curious about the process of getting a mortgage in Gilbert, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals will get to know your particular situation to identify the best options for you at every turn.
Our mortgage professionals can even help out when you start your house hunt. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-leading real estate agents who know home sales inside and out. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. On the MLS site, you can compare Gilbert 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 want more information about moving to Arizona and going through the mortgage process in Gilbert! 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. Plus, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. This information applies whether you're going through the home loan preparation process in Gilbert or anywhere else. How to Apply for a Home Loan in Gilbert, AZ Steps to Complete the Mortgage Process in Gilbert, AZ How to Apply for a Mortgage in Gilbert, AZ
Houses in Gilbert seem to move off the market just as fast as they come on, and you will likely want to act fast — particularly if you've found your dream home. We get it! Here are a few of the most important steps in the AZ mortgage loan process.
Begin by considering how long you'll be at your new home. Is this a soon-to-be investment property? Or is this where you'll be raising your family? If you plan on sticking around for a long time, you might consider a fixed-rate loan. 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 Gilbert. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that date, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
Next, follow your Gilbert lender's loan application process. The process varies from lender to lender. Still, in general, 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.
Your lender will then give you 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 Gilbert mortgage. It's a bit of preview, and you can get multiple loan estimates to compare and select the right loan for you.
Work with Mr. Cooper when going through the mortgage process in Gilbert 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 carries weight with realtors and home sellers because it shows you are serious and can afford a home. 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.
The Final Step for a Home Mortgage in Gilbert, AZ
The ball is in your court at this point! Analyze 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 pros and cons of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Arizona. 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.
Closing on a House in Gilbert, AZ
After your mortgage is approved, it's time to close on the home you want in Gilbert! 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 Gilbert 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*.
It's practically time to move in and unpack your boxes once you sign on the dotted line! You've reached the end of the home loan process in Gilbert, and it's time to celebrate. Your Gilbert house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We're on a mission to make the mortgage process in Gilbert super straightforward.