Lake Havasu City, AZ: A Home Loan Process That's Unique to You
Owning a home — it's a goal that unifies all kinds of people! And it's an endeavor that you can get help with from beginning to end. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Lake Havasu City, AZ. Our mortgage professionals will get to know your particular situation and recommend the best options for you at every turn.
We're here to help make your Arizona move an easy one, starting with the first time you search for a Lake Havasu City home loan. can even help you out as you start your house hunt. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed 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 Lake Havasu City homes, check your home’s value, and set up Home Alerts to find your dream home. And get this — if you buy a home with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).
Before we get too far down the rabbit hole… You're here to learn more about moving in Arizona and the overall mortgage process. 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 some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. These facts apply to the home loan preparation process everywhere, not just in Lake Havasu City, AZ.
The Lake Havasu City real estate scene is a busy one, and you will likely want to act fast — even more so if you're on a tight timeline. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Lake Havasu City
First, ask yourself: How long do you plan on living in this house? Are you just passing through Lake Havasu City on your way to your forever home? Or will you be planting some deep roots in Lake Havasu City? 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 Lake Havasu City. 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. 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. The process varies from lender to lender. Usually, though, you'll have to provide the following details: Social Security numbers, pay stubs, income sources, 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.
Next up? A loan estimate from your lender! The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Keep in mind that a loan estimate isn't the same thing as a mortgage. It's a bit of preview, and you can seek out multiple estimates to find the absolute best option for you.
Go through the mortgage process in Lake Havasu City with Mr. Cooper 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 shows home sellers and realtors you are a serious buyer. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.
Just ask! It's normal to have questions about 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 Lake Havasu City, AZ
You're in control now! Compare your mortgage offers and choose 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 evaluate 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 Lake Havasu City 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.
At Your Mortgage Closing in Lake Havasu City, AZ
After your mortgage is approved, it's time to close on your dream house in Lake Havasu City! At this stage of the home loan process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on where you live, you could be required to work with a Lake Havasu City closing attorney. They'll book 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 reached the end of the home loan process in Lake Havasu City, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Lake Havasu City. Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Lake Havasu City mortgage process an easy one.