The Right Way to Start Your Parker, CO Mortgage Process
Living in a house that's yours, all yours — it's a goal that we all share! And it's something that you can get help with from start to finish. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Parker, CO. Our mortgage professionals can help you work through your unique situation to identify the best loan options and terms for your circumstances.
Our team can even help you out as you begin your hunt for a new house. 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're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. Here, you can search for a home in Parker, 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).
But we're getting ahead of ourselves. You want more information about moving to Colorado and going through the mortgage process in Parker! Why might a person need a home loan in the first place? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. 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 Parker, CO.
Houses in Parker seem to move off the market just as fast as they come on, and you probably want to move fast — especially if you've found your dream home. We get it! 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? Do you plan on living in it for a few years and then renting it out? Or will you be planting some deep roots in Parker? If you're going to be in the house for years and years, look into a fixed-rate loan. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Parker mortgage. Adjustable-rate loans have a fixed rate for some time. After that date, the rate can go up or down at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.
After, follow your Parker lender's loan application process. The process can vary a bit between lenders. 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, banking information, and the amount you'd like 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 Parker mortgage. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.
Work with Mr. Cooper when going through the mortgage process in Parker 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 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 advises that you should also ask each lender 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 Parker, CO
You're in control now! Review your mortgage offers and choose 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. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Colorado. 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.
Close on a Home in Parker, CO
Once your home loan is approved by the lender, it's time to close on the home you want in Parker! At this point in the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on your location, you might have to bring in a Parker 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 arrived. You finished the home loan process in Parker, and it's time to get your keys. Your Parker house is now your home! Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Parker a super easy one.