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Get to Know the Home Loan Process in Tucson, AZ

Is there any way to make the Tucson mortgage process easier? You bet! Partner with Mr. Cooper and learn more about the steps to getting a home loan in Tucson, AZ.

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

Living in a house that's yours, all yours — it's an ambition that unifies all kinds of people! And it's a process that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Tucson, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation and recommend the right options for your needs.

Our mortgage professionals can even lend a helping hand as you kick off the search for a home. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-respected 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. It's the site to visit if you need to find a Tucson home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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 ahead of ourselves. You want more information about moving to Arizona and going through the mortgage process in Tucson! 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. Plus, 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 Tucson, AZ.

The Tucson real estate scene is a busy one, and you will likely want to act fast — especially if you found a house you can't live without. We've been there, too! Follow these important steps in the Arizona home loan process.

First, ask yourself: How long do you plan on living in this house? Is this a soon-to-be investment property? Or will you be planting some deep roots in Tucson? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Tucson mortgage. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that deadline, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

Next, submit your Tucson lender's home loan application. The process can vary a bit between lenders. Still, in general, you'll need to provide the following information: income sources, pay stubs, Social Security numbers, the address of the house you'd like to buy, purchase contract, credit check authorization, banking details, and the amount of money you're looking 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. Keep in mind that the loan estimate isn't your final Tucson mortgage. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.

Work with Mr. Cooper when going through the mortgage process in Tucson 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.

Ask your lender! The more questions you ask The FTC advises that you should also ask each lender 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.

Make Your Move with a Home Loan in Tucson, AZ

The choice is up to you! Review your mortgage offers and select 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 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.

At Your Mortgage Closing in Tucson, AZ

Once your home loan is approved by the lender, it's time to close on the home you want in Tucson! 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 Tucson 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*.

You're in the home stretch once you've signed the documents! You've reached the end of the home loan process in Tucson, and it's time to celebrate. You are a homeowner in Tucson! Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Tucson a super easy one.

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Buying a house in Tucson? Mr. Cooper makes it easier.

Mr. Cooper works to save buyers money at every stage of their journey, from real estate commissions to closing costs.