The Right Way to Start Your Hot Springs, AR Mortgage Process
Buying a house — it's a goal that unifies all kinds of people! And it's something 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 Hot Springs, AR. Our trained mortgage professionals will work alongside you and recommend the right options for your needs.
Our mortgage professionals 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 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. It's the site to visit if you need to find a Hot Springs home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. And get this — if you buy a home with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).
But we're getting too deep into the weeds. You're here to learn more about moving in Arkansas and the overall mortgage process. 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, 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 Hot Springs, AR.
The Hot Springs home market is a competitive one, and you'll want to take action quickly — even more so if you're on a tight timeline. We've been there, too! Follow these important steps in the Arkansas home loan process.
First, ask yourself: How long do you plan on living in this house? Do you plan on living in it for a few years and then renting it out? Or is this where you'll be raising your family? 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 this home is going to be a quick stopover, look at an adjustable-rate mortgage in Hot Springs. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that deadline, the rate can go up or down at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
After, follow your Hot Springs lender's loan application process. Every lender has a somewhat different process. Generally, however, 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, the amount you want to borrow, and your banking info.
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. Remember that a loan estimate isn't the same thing as a mortgage. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.
Go through the mortgage process in Hot Springs 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 buy. This letter shows home sellers and realtors you are a serious buyer. Not all lenders offer Verified Approval letters as Mr. Cooper does.
Ask your lender! The more questions you ask The FTC urges home shoppers to inquire 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 Hot Springs, AR
You're in control now! Analyze 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 help you understand the benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Arkansas. A Closing Disclosure is a more formal write-up of your initial 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 Hot Springs, AR
After your mortgage is approved, it's time to close on the home you want in Hot Springs! 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 might have to bring in a Hot Springs closing attorney to be there when you sign your loan docs. Even if paperwork takes longer than expected, you don't have to stress over your closing date being delayed. 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 Hot Springs, and it's time to roll out the welcome mat. You're the proud owner of a house (or apartment or condo or townhome!) in Hot Springs. And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the Hot Springs mortgage process an easy one.