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Get to Know the Mortgage Process in East Point, GA

Are you a first-time Georgia homebuyer? Or, maybe you're new to East Point 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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East Point, GA Mortgage and Home Loan Process

Buying a house — 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 East Point, GA. Our mortgage professionals can help you work through your unique situation and suggest the right options for your needs.

From your initial East Point loan search to prequalification to closing, we're here to help you make your move in Georgia! can even help you out as you begin your hunt for a new house. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-leading 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. It's the site to visit if you need to find a East Point 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 here to learn more about moving in Georgia and the overall mortgage process. Why might a person need a home loan in the first place? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. Plus, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. These facts apply to the home loan preparation process everywhere, not just in East Point, GA.

The East Point home market is a competitive one, and you'll want to take action quickly — even more so if you found a house you can't live without. We know what that's like! Here are a few of the most important steps in the GA mortgage loan process.

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? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. Your interest rate stays the same when you have a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in East Point. Adjustable-rate loans have a fixed rate for some time. When that period is over, 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.

Then, complete your GA lender's loan application process. The process varies from lender to lender. Generally, however, you'll need to provide the following information: income sources, pay stubs, Social Security numbers, purchase contract, credit check authorization, the address of the property you'd like to buy, banking information, and the amount you'd like to borrow.

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 a loan estimate isn't the same thing as a mortgage. 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 East Point 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 carries weight with realtors and home sellers because it shows you are serious and can afford a home. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.

Ask questions during 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.

Seal the Deal with a Home Mortgage in East Point, GA

The ball is in your court at this point! Review your mortgage offers and select 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 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 Georgia. A Closing Disclosure is a more formal write-up of your initial estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

Close on a Home in East Point, GA

After your mortgage is approved, it's time to close on the home you want in East Point! At this stage of the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on your location, you may also be required to work with a closing attorney in East Point 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 arrived. You finished the home loan process in East Point, and it's time to roll out the welcome mat. Your East Point house is now your home! Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in East Point a super easy one.

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