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Get to Know the Mortgage Process in Merritt Island, FL

Whether you're buying your first home in Merritt Island or your seventh on the other side of Florida, 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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Merritt Island, FL: A Home Loan Process That's Unique to You

Owning a home — it's a goal that unites us from coast to coast! And it's a process 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 Merritt Island, FL. Our mortgage professionals can help you work through your unique situation and recommend the best options for you at every turn.

From your initial Merritt Island loan search to prequalification to closing, we're here to help you make your move in Florida! 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 industry-leading real estate agents who can assist with the buying and selling process. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. On the MLS site, you can compare Merritt Island 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 here to learn more about moving in Florida and the overall mortgage process. 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. Plus, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. This information applies whether you're going through the home loan preparation process in Merritt Island or anywhere else.   How to Apply for a Home Loan in Merritt Island, FL   Steps to Complete the Mortgage Process in Merritt Island, FL How to Apply for a Mortgage in Merritt Island, FL

The Merritt Island home market is a competitive one, and you will likely want to act fast — especially if you've found your dream home. We get it! 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? Is this a soon-to-be investment property? Or will you be enjoying your golden years in this house? 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 plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Merritt Island. Adjustable-rate loans have a fixed rate for some time. After that date, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.

After, follow your Merritt Island lender's loan application process. The process can vary a bit between lenders. Usually, though, you'll have to provide the following details: Social Security numbers, pay stubs, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, banking details, and the amount of money you're looking to borrow.

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. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in Merritt Island. It's an approximate calculation, and you can seek out multiple estimates to find the absolute best option for you.

Work with Mr. Cooper when going through the mortgage process in Merritt Island 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. 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 advises that you should also ask each lender 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 Merritt Island, FL

The choice is up to you! Analyze 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 even help you weigh the benefits and drawbacks of each. After you notify the lender about your choice, they may approve your loan and send you 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 could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

At Your Mortgage Closing in Merritt Island, FL

Once your home loan is approved by the lender, it's time to close on the home you want in Merritt Island! At this point in the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on your location, you might have to bring in a Merritt Island 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*.

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 Merritt Island, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Merritt Island. 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 Merritt Island a super easy one.

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