The Right Way to Start Your Davenport, FL Mortgage Process
Living in a house that's yours, all yours — it's an aspiration that we all share! And it's something that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Davenport, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation to identify the best loan options and terms for your circumstances.
Our mortgage professionals can even help out when 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.. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. Here, you can search for a home in Davenport, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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).
Before we get too far down the rabbit hole… You want more information about moving to Florida and going through the mortgage process in Davenport! Why do people need home loans to begin with? 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 Davenport, FL.
The Davenport home market is a competitive one, and you probably want to move fast — especially if you're on a tight timeline. We understand! Follow these important steps in the Florida home loan process.
First, ask yourself: How long do you plan on living in this house? Are you just passing through Davenport on your way to your forever home? Or will you be planting some deep roots in Davenport? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. 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 Davenport. On adjustable-rate loans, the interest rate is fixed for a set amount of 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.
Then, complete your FL lender's loan application process. Every lender has a somewhat different process. Still, in general, you'll have to provide the following details: 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. A quick note: the loan estimate isn't your final Davenport 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 Davenport and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can afford to borrow! 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.
Make Your Move with a Home Loan in Davenport, FL
The choice is up to you! 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 even help you weigh the pros and cons of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. It's a standard part of the home loan process, whether you live in Davenport or elsewhere. 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.
At Your Mortgage Closing in Davenport, FL
Once your home loan is approved by the lender, it's time to close on the home you want in Davenport! At this stage of the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on where you live, you might have to bring in a Davenport 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*.
It's practically time to move in and unpack your boxes once you sign on the dotted line! You've completed the mortgage process in Davenport, and it's time to roll out the welcome mat. Your Davenport 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 Davenport a super easy one.