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Get to Know the Home Loan Process in Van Buren, AR

Are you a first-time Arkansas homebuyer? Or, maybe you're new to Van Buren 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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The Right Way to Start Your Van Buren, AR Mortgage Process

Owning a home — it's a hope that we all share! And it's something that you can get assistance with along the way. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Van Buren, AR. Our mortgage professionals can help you work through your unique situation and recommend the best options for you at every turn.

Our crew 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 industry-leading real estate agents who can assist with the buying and selling process. 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 Van Buren, 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 Arkansas and going through the mortgage process in Van Buren! Why might a person need a home loan in the first place? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. Plus, 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 Van Buren, AR.

The Van Buren real estate scene is a busy one, and you will likely want to act fast — especially if you've found your dream home. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Van Buren

Start by thinking about how long you'll be in your new home. Are you just passing through Van Buren 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 doesn't change with a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Van Buren. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, the rate can go up or down at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

Next, submit your Van Buren lender's home loan application. Every lender has a somewhat different process. Still, in general, you'll need to provide the following information: Social Security numbers, pay stubs, income sources, 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 be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Van Buren. It's an approximate calculation, and you can get multiple loan estimates to compare and select the right loan for you.

Partner with Mr. Cooper to complete the Van Buren mortgage process and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can borrow! This letter carries weight with realtors and home sellers because it shows you are serious and can buy a home. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.

Ask your lender! The more questions you ask The FTC recommends home buyers to ask 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 Van Buren, AR

The choice is up to you! Review your mortgage offers and pick the offer that's good 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 benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. It's a standard part of the home loan process, whether you live in Van Buren or elsewhere. A Closing Disclosure is a more formal write-up of your initial estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

Close on a Home in Van Buren, AR

Once your home loan is approved by the lender, it's time to close on your dream house in Van Buren! At this stage of the home loan process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on your state, you might have to bring in a Van Buren closing attorney to be there when you sign your loan docs. Don't worry about missing your closing date, either. 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 arrived. You finished the home loan process in Van Buren, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Van Buren. Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Van Buren a super easy one.

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