The Right Way to Start Your Lafayette, CO Mortgage Process
Buying a house — it's an ambition that we all share! And it's something that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Lafayette, keep reading. Then call Mr. Cooper to take your next step. Our trained mortgage professionals will work alongside you and recommend the right options for your needs.
Our mortgage professionals can even lend a helping hand as you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of well-known, licensed 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. Here, you can search for a home in Lafayette, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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 ahead of ourselves. You want more information about moving to Colorado and going through the mortgage process in Lafayette! Why might a person need a home loan in the first place? 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, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. These facts apply to the home loan preparation process everywhere, not just in Lafayette, CO.
The Lafayette real estate scene is a busy one, and you probably want to move fast — even more so if you're on a tight timeline. We understand! Here are a few of the most important steps in the CO mortgage loan process.
Begin by considering how long you'll be at your new home. Are you just passing through Lafayette on your way to your forever home? Or will you be enjoying your golden years in this house? 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 plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Lafayette. Adjustable-rate loans have a fixed rate for some time. After that deadline, 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.
Then, follow your Lafayette lender's loan application process. The process varies from lender to lender. Generally, however, 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.
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. A quick note: the loan estimate isn't your final Lafayette mortgage. It's a bit of preview, and you can seek out multiple estimates to find the absolute best option for you.
Work with Mr. Cooper when going through the mortgage process in Lafayette and we'll review your information and provide you with a Verified Approval letter, which is a very accurate estimate of what you could afford. 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.
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.
The Final Step for a Home Mortgage in Lafayette, CO
You're in control now! Review your mortgage offers and select the one that's best for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can even help you weigh the drawbacks and advantages of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. It's a standard part of the home loan process, whether you live in Lafayette 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 Lafayette, CO
Once your home loan is approved by the lender, it's time to close on the home you want in Lafayette! 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 where you live, you could be required to work with a Lafayette closing attorney. They'll book time with you to sign your loan documents. 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*.
It's practically time to move in and unpack your boxes once you sign on the dotted line! You've reached the end of the home loan process in Lafayette, and it's time to get your keys. Your Lafayette house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Lafayette mortgage process an easy one.