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Get to Know the Home Loan Process in Sherrelwood, CO

Whether you're buying your first home in Sherrelwood or your seventh on the other side of Colorado, you have a friend in the home loan process. Mr. Cooper is the nation's fourth-largest mortgage servicer and can help you every step of the way.

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Sherrelwood, CO: A Home Loan Process That's Unique to You

Being a homeowner — it's a goal that we all share! And it's an endeavor that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Sherrelwood, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and suggest the best loan options and terms for your circumstances.

Our crew can even help you out 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 know home sales inside and out. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. On the MLS site, you can compare Sherrelwood homes, check your home’s value, and set up Home Alerts to find your dream home. And guess what? If you choose to buy a house 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're interested in the home loan process in Colorado. 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. In addition, 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 Sherrelwood, CO.

The Sherrelwood home market is a competitive one, and you'll want to take action quickly — especially if you're on a tight timeline. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Sherrelwood

Begin by considering how long you'll be at your new home. Do you plan on living in it for a few years and then renting it out? Or is this where you'll be raising your family? 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're planning on being in and out fast, then you might want to go the adjustable-rate route for your Sherrelwood mortgage. Adjustable-rate loans have a fixed rate for some time. When that period is over, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

Next, submit your Sherrelwood lender's home loan application. 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, purchase contract, credit check authorization, the address of the property you'd like to buy, the amount you want to borrow, and your banking info.

Next up? A loan estimate from your lender! You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that a loan estimate isn't the same thing as a mortgage. It's an estimate, and you can request multiple estimates to find the best loan for you.

Work with Mr. Cooper when going through the mortgage process in Sherrelwood 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 shows home sellers and realtors you are a serious buyer. 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.

The Final Step for a Home Mortgage in Sherrelwood, CO

You're in control now! Compare your mortgage offers and select 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 evaluate the benefits and drawbacks of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Colorado. The Disclosure is more formal documentation of your first estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

At Your Mortgage Closing in Sherrelwood, CO

Once your home loan is approved by the lender, it's time to close on your dream house in Sherrelwood! During this step of the mortgage process, your closing attorney and broker are brought in to confirm closing costs. Depending on where you live, you could be required to work with a Sherrelwood closing attorney. They'll book time with you to sign your loan documents. 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 reached the end of the home loan process in Sherrelwood, and it's time to roll out the welcome mat. Your Sherrelwood house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Sherrelwood a super easy one.

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