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Get to Know the Home Loan Process in Oro Valley, AZ

Are you a first-time Arizona homebuyer? Or, maybe you're new to Oro Valley 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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Oro Valley, AZ Mortgage and Home Loan Process

Being a homeowner — it's an ambition that we all share! And it's something that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Oro Valley, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation to identify 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 Oro Valley home loan. can even help out when you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network 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. Here, you can search for a home in Oro Valley, monitor neighborhood trends, and set up Home Alerts so you don’t miss your dream home. And guess what? If you choose to buy a house with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).

But we're getting ahead of ourselves. You want more information about moving to Arizona and going through the mortgage process in Oro Valley! At a basic level, why do people get home loans? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. In addition, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. These facts apply to the home loan preparation process everywhere, not just in Oro Valley, AZ.

Houses in Oro Valley seem to move off the market just as fast as they come on, and you will likely want to act fast — especially if you're on a tight timeline. We understand! 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. Are you just passing through Oro Valley on your way to your forever home? Or will you be planting some deep roots in Oro Valley? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate doesn't change with a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Oro Valley. 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.

Then, follow your Oro Valley lender's loan application process. The process can vary a bit between lenders. Still, in general, you'll need to provide the following information: pay stubs, Social Security numbers, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, banking details, and the amount of money you're looking to borrow.

Next up? A loan estimate from your lender! You'll receive your estimated monthly payment, interest rate, and closing costs. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in Oro Valley. It's a bit of preview, and you can request multiple estimates to find the best loan for you.

Go through the mortgage process in Oro Valley 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 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 your lender! The more questions you ask The FTC advises that you should also ask each lender 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 Oro Valley, AZ

You're in control now! Review your mortgage offers and choose the offer that's good 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 Oro Valley or elsewhere. Consider it a more formal version of your previous estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

At Your Mortgage Closing in Oro Valley, AZ

Once your home loan is approved by the lender, it's go-time for buying your Oro Valley house! At this stage of the home loan process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on where you live, you could be required to work with a Oro Valley closing attorney. They'll book 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*.

You're in the home stretch once you've signed the documents! You've reached the end of the home loan process in Oro Valley, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Oro Valley. Do the steps seem too simple? Contact Mr. Cooper today. We're on a mission to make the mortgage process in Oro Valley super straightforward.

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