The Right Way to Start Your Mountain Home, AR Mortgage Process
Buying a house — it's a hope 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 Mountain Home, AR. Our trained mortgage professionals will work alongside you and suggest the best loan options and terms for your circumstances.
Our mortgage professionals can even help out when 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'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 Mountain Home 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).
Before we get too far down the rabbit hole… You want more information about moving to Arkansas and going through the mortgage process in Mountain Home! Why do people need home loans to begin with? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. 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 Mountain Home, AR.
The Mountain Home real estate scene is a busy one, and you will likely want to act fast — even more so if you've found your dream home. We get it! Here is a summary of the essential steps when applying for a mortgage in Mountain Home
First, ask yourself: How long do you plan on living in this house? Are you just passing through Mountain Home on your way to your forever home? Or will you be enjoying your golden years in this house? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate stays the same when you have a fixed-rate home loan. But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Mountain Home mortgage. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
After, submit your Mountain Home lender's home loan application. The process can vary a bit between lenders. Generally, however, you'll need to provide the following information: Social Security numbers, pay stubs, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, the amount you want to borrow, and your banking info.
Your lender will then give you 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 Mountain Home 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 Mountain Home with Mr. Cooper and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can afford to borrow! This letter means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! 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 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 Mountain Home, AR
You're in control now! Review your mortgage offers and pick the option that's right for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can help you understand the pros and cons of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Arkansas. The Disclosure is more formal documentation of your first estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.
Closing on a House in Mountain Home, AR
After your mortgage is approved, it's time to close on your dream house in Mountain Home! At this point in the home loan process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your state, you might have to bring in a Mountain Home 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 Mountain Home, and it's time to celebrate. Your Mountain Home house is now your home! Does that all sound too easy? Call Mr. Cooper. We strive to make the Mountain Home mortgage process an easy one.