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Get to Know the Home Loan Process in Lakeland, FL

Is there any way to make the Lakeland mortgage process easier? You bet! Partner with Mr. Cooper and learn more about the steps to getting a home loan in Lakeland, FL.

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

Owning a home — it's a mission that unites us from coast to coast! And it's a process 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 Lakeland, FL. Our trained mortgage professionals will work alongside you and recommend the right options for your needs.

Our mortgage professionals can even lend a helping hand as you kick off the search for a home. They can get you connected to Mr. Cooper® Agent Assurance, an organization of well-known, licensed real estate agents who assist with home buying and selling.. And if you'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. It's the site to visit if you need to find a Lakeland home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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).

Before we get too far down the rabbit hole… You're interested in the home loan process in Florida. 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. 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 Lakeland, FL.

The Lakeland home market is a competitive one, and you probably want to move fast — especially if you're on a tight timeline. We know what that's like! 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 Lakeland on your way to your forever home? Or will you be enjoying your golden years in this house? If you plan on sticking around for a long time, you might consider a fixed-rate loan. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Lakeland. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, the rate can adjust at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

After, follow your Lakeland lender's loan application process. The process can vary a bit between lenders. Generally, however, you'll need to provide the following information: Social Security numbers, pay stubs, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, the amount you want to borrow, and your banking info.

Next up? A loan estimate from your lender! You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Lakeland. It's an approximate calculation, and you can seek out multiple estimates to find the absolute best option for you.

Go through the mortgage process in Lakeland with Mr. Cooper and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter shows home sellers and realtors you are a serious buyer. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.

Just ask! It's normal to have questions about 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.

Make Your Move with a Home Loan in Lakeland, FL

The choice is up to you! Compare your mortgage offers and pick the one that's best for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can help you evaluate the pros and cons 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 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.

Closing on a House in Lakeland, FL

After your mortgage is approved, it's go-time for buying your Lakeland house! At this point in the home loan process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on where you live, you may also be required to work with a closing attorney in Lakeland who will schedule a 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 completed the mortgage process in Lakeland, and it's time to celebrate. You are a homeowner in Lakeland! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Lakeland mortgage process an easy one.

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