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Get to Know the Home Loan Process in Rome, GA

Are you a first-time Georgia homebuyer? Or, maybe you're new to Rome 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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Rome, GA: A Home Loan Process That's Unique to You

Being a homeowner — it's a hope that unites us from coast to coast! And it's something that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Rome, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and recommend the best options for you at every turn.

Our crew can even help you out as you kick off the search for a home. 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 Rome 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 helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. Plus, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. Considering these facts is part of the home loan preparation process in Rome and beyond.

The Rome home market is a competitive one, and you will likely want to act fast — even more so if you've found your dream home. We've been there, too! Here is a summary of the essential steps when applying for a mortgage in Rome

Start by thinking about how long you'll be in your new home. Are you just passing through Rome on your way to your forever home? Or will you be planting some deep roots in Rome? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Rome. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that deadline, 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 Rome lender's loan application process. Every lender has a somewhat different process. 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 Rome. It's an estimate, 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 Rome 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 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.

Ask questions during the home loan process! The FTC advises that you should also ask each lender 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 Rome, GA

You're in control now! Review your mortgage offers and select the one that's best for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you evaluate the benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Georgia. The Disclosure is more formal documentation of your first 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 Rome, GA

Once your home loan is approved by the lender, it's time to close on your dream house in Rome! At this point in the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on your state, you might have to bring in a Rome 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 completed the mortgage process in Rome, and it's time to roll out the welcome mat. Your Rome house is now your home! And if this all sounds too simple to be true, give Mr. Cooper a call. We're on a mission to make the mortgage process in Rome super straightforward.

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