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Get to Know the Mortgage Process in Pheonix, AZ

Whether you're buying your first home in Pheonix or your seventh on the other side of Arizona, you have a friend in the home loan process. Mr. Cooper is the nation's fourth-largest mortgage servicer and can help you every step of the way.

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Pheonix, AZ Mortgage and Home Loan Process

Buying a house — it's a mission that unites us from coast to coast! And it's something that you can get help with from beginning to end. If you're curious about the process of getting a mortgage in Pheonix, 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.

From your initial Pheonix loan search to prequalification to closing, we're here to help you make your move in Arizona! can even lend a helping hand as you kick off the search for a home. They can connect you to Mr. Cooper® Agent Assurance, a network 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. Here, you can search for a home in Pheonix, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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).

Before we get too far down the rabbit hole… You want more information about moving to Arizona and going through the mortgage process in Pheonix! Why do people need home loans to begin with? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. What's more, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. These facts apply to the home loan preparation process everywhere, not just in Pheonix, AZ.

The Pheonix home market is a competitive one, and you'll want to take action quickly — especially if you found a house you can't live without. We understand! Here is a summary of the essential steps when applying for a mortgage in Pheonix

Begin by considering how long you'll be at your new home. Is this a soon-to-be investment property? Or will you be planting some deep roots in Pheonix? 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 Pheonix. Adjustable-rate loans have a fixed rate for some 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, complete your AZ lender's loan application process. The process varies from lender to lender. Generally, however, 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 information, and the amount you'd like to borrow.

From there, your lender will provide you with a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. A quick note: a loan estimate isn't the same thing as a mortgage. It's a bit of preview, and you can request multiple estimates to find the best loan for you.

Partner with Mr. Cooper to complete the Pheonix mortgage process 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. Not all lenders offer Verified Approval letters as Mr. Cooper does.

Just ask! It's normal to have questions about the home loan process. The FTC urges home shoppers to inquire about additional fees, the loan's annual percentage rate, any special programs, and whether the quoted rate is the lowest for the week or day.

The Final Step for a Home Mortgage in Pheonix, AZ

The ball is in your court at this point! Review your mortgage offers and pick the one that's best for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can even help you weigh the drawbacks and advantages of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Arizona. A Closing Disclosure is a more formal write-up of your initial estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

At Your Mortgage Closing in Pheonix, AZ

After your mortgage is approved, it's go-time for buying your Pheonix house! During this step of the mortgage process, your broker and closing attorney are brought in to confirm closing costs. Depending on your state, you may also be required to work with a closing attorney in Pheonix 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 completed the mortgage process in Pheonix, and it's time to celebrate. Your Pheonix house is now your home! Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Pheonix a super easy one.

Mr. Cooper Reviews from Real Customers in Pheonix, AZ

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