Centennial, CO Mortgage and Home Loan Process
Being a homeowner — it's an ambition that unifies all kinds of people! And it's an endeavor that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Centennial, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and recommend the right options for your needs.
From immersing yourself in the culture of Centennial's neighborhoods to closing on the home you've always wanted, we're here to ease your transition in Colorado. 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-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. On the MLS site, you can compare Centennial homes, check your home’s value, and set up Home Alerts to find your dream home. 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 want more information about moving to Colorado and going through the mortgage process in Centennial! At a basic level, why do people get home loans? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. 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 Centennial, CO.
The Centennial home market is a competitive one, and you will likely want to act fast — even more so if you've found your dream home. We understand! Here are a few of the most important steps in the CO mortgage 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 Centennial? If you plan on sticking around for a long time, you might consider a fixed-rate loan. 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 Centennial. Adjustable-rate loans have a fixed rate for some time. After that date, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.
Next, follow your Centennial lender's loan application process. The process can vary a bit between lenders. Generally, however, you'll need to provide the following information: pay stubs, Social Security numbers, 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.
Your lender will then give you a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that the loan estimate isn't your final Centennial mortgage. It's a bit of preview, and you can get multiple loan estimates to compare and select the right loan for you.
Go through the mortgage process in Centennial with Mr. Cooper 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 every lender offers Verified Approval letters as Mr. Cooper does.
Just ask! It's normal to have questions about the home loan process. 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.
Seal the Deal with a Home Mortgage in Centennial, CO
The choice is up to you! 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. Following your selection, your lender may approve your loan and send over a Closing Disclosure. It's a standard part of the home loan process, whether you live in Centennial or elsewhere. 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.
Closing on a House in Centennial, CO
Once your home loan is approved, it's time to close on the home you want in Centennial! During this step of the mortgage process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your location, you might have to bring in a Centennial 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*.
Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've arrived. You finished the home loan process in Centennial, and it's time to get your keys. Your Centennial house is now your home! Does that all sound too easy? Call Mr. Cooper. We strive to make the Centennial mortgage process an easy one.