Arcadia, FL Mortgage and Home Loan Process
Buying a house — it's a dream that unifies all kinds of people! And it's something that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Arcadia, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and suggest the best loan options and terms for your circumstances.
Our team 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. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. On the MLS site, you can compare Arcadia homes, check your home’s value, and set up Home Alerts to find 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're interested in the home loan process in Florida. Why do people need home loans to begin with? 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. Considering these facts is part of the home loan preparation process in Arcadia and beyond.
The Arcadia home market is a competitive one, and you will likely want to act fast — particularly if you found a house you can't live without. We understand! Here are a few of the most important steps in the FL 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 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 this home is going to be a quick stopover, look at an adjustable-rate mortgage in Arcadia. 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. Let your mortgage professional help you select the best loan program for your needs during prequalification.
After, follow your Arcadia lender's loan application process. The process varies from lender to lender. Generally, however, you'll need to give the following info: Social Security numbers, pay stubs, 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.
From there, your lender will provide you with a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in Arcadia. 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 Arcadia 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 shows home sellers and realtors you are a serious buyer. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.
Ask questions during the home loan process! The FTC recommends home buyers to ask about any special programs, additional fees, the loan's annual percentage rate (APR), and whether the quoted rate is the lowest for that week or day.
The Final Step for a Home Mortgage in Arcadia, FL
You're in control now! Analyze your mortgage offers and pick the offer that's good 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. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Florida. The Disclosure is more formal documentation of your first 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 Arcadia, FL
After your mortgage is approved, it's time to close on the home you want in Arcadia! At this point in the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your state, you could be required to work with a Arcadia 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*.
You're in the home stretch once you've signed the documents! You've completed the mortgage process in Arcadia, and it's time to roll out the welcome mat. You are a homeowner in Arcadia! And if this all sounds too simple to be true, give Mr. Cooper a call. We're on a mission to make the mortgage process in Arcadia super straightforward.