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Get to Know the Home Loan Process in Debary, FL

Are you a first-time Florida homebuyer? Or, maybe you're new to Debary and looking to buy a home in the area. Either way, you might have questions about the home loan process. Get answers from Mr. Cooper.

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Debary, FL: A Home Loan Process That's Unique to You

Living in a house that's yours, all yours — it's a hope that unites us from coast to coast! And it's an endeavor that you can get help with from beginning to end. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Debary, FL. Our mortgage professionals will get to know your particular situation and suggest the right options for your needs.

Our team can even lend a helping hand as you start your house hunt. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed real estate agents who know home sales inside and out. 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 Debary, 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'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. What's more, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. These facts apply to the home loan preparation process everywhere, not just in Debary, FL.

The Debary home market is a competitive one, and you'll want to take action quickly — even more so if you're on a tight timeline. We've been there, too! Here is a summary of the essential steps when applying for a mortgage in Debary

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 plan on sticking around for a long time, you might consider a fixed-rate loan. Your interest rate doesn't change with a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Debary. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that deadline, 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, submit your Debary lender's home loan application. The process varies from lender to lender. Generally, however, 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, 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 your loan estimate doesn't mean you've been approved or denied for a mortgage in Debary. It's an approximate calculation, and you can seek out multiple estimates to find the absolute best option for you.

Partner with Mr. Cooper to complete the Debary mortgage process 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! Not all lenders offer Verified Approval letters as Mr. Cooper does.

Just ask! It's normal to have questions about the home loan process. The FTC urges home shoppers to inquire 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 Debary, FL

You're in control now! Review your mortgage offers and select 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 understand 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 Florida. Consider it a more formal version of your previous 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 Debary, FL

After your mortgage is approved, it's go-time for buying your Debary house! 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 your location, you might have to bring in a Debary closing attorney to be there when you sign your loan docs. 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*.

Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've completed the mortgage process in Debary, and it's time to roll out the welcome mat. Your Debary house is now your home! And if this all sounds too simple to be true, give Mr. Cooper a call. We do our best to make the home loan process in Debary a super easy one.

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