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Get to Know the Mortgage Process in Rexburg, ID

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

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Rexburg, ID Mortgage and Home Loan Process

Being a homeowner — it's a hope that unites us from coast to coast! And it's something that you can get assistance with along the way. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Rexburg, ID. Our trained mortgage professionals will work alongside you and recommend the right options for your needs.

Our crew can even help you out as you kick off the search for a home. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-leading real estate agents who can assist with the buying and selling process. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. Here, you can search for a home in Rexburg, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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 too deep into the weeds. You're here to learn more about moving in Idaho and the overall mortgage process. At a basic level, why do people get home loans? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. What's more, 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 Rexburg or anywhere else.   How to Apply for a Home Loan in Rexburg, ID   Steps to Complete the Mortgage Process in Rexburg, ID How to Apply for a Mortgage in Rexburg, ID

The Rexburg real estate scene is a busy one, and you will likely want to act fast — even more so if you found a house you can't live without. We understand! Here are a few of the most important steps in the ID mortgage loan process.

Start by thinking about how long you'll be in 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. 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 Rexburg. On adjustable-rate loans, the interest rate is fixed for a set amount of 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.

Next, complete your ID lender's loan application process. Every lender has a somewhat different process. Still, in general, 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, banking information, and the amount you'd like to borrow.

From there, your lender will provide you with a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Rexburg. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.

Go through the mortgage process in Rexburg with Mr. Cooper and we'll review your information and provide you with a Verified Approval letter, which is a very accurate estimate of what you could buy. This letter means a lot to home sellers and realtors because it shows you can buy a home. You're not just browsing! Some lenders offer Verified Approval letters like Mr. Cooper, but not all.

Ask your lender! The more questions you ask 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.

Make Your Move with a Home Loan in Rexburg, ID

The ball is in your court at this point! Compare your mortgage offers and pick the offer that's good 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 drawbacks and advantages 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 Idaho. Consider it a more formal version of your previous estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

Closing on a House in Rexburg, ID

Once your home loan is approved, it's time to close on the home you want in Rexburg! At this stage of the home loan process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your state, you could be required to work with a Rexburg closing attorney. They'll book 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*.

Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've reached the end of the home loan process in Rexburg, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Rexburg. Do the steps seem too simple? Contact Mr. Cooper today. We're on a mission to make the mortgage process in Rexburg super straightforward.

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