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Get to Know the Mortgage Process in Bedford, IN

Whether you're buying your first home in Bedford or your seventh on the other side of Indiana, 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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Bedford, IN Mortgage and Home Loan Process

Buying a house — it's a mission that unites us from coast to coast! And it's an endeavor that you can get assistance with along the way. If you're curious about the process of getting a mortgage in Bedford, keep reading. Then call Mr. Cooper to take your next step. Our trained mortgage professionals will work alongside you to identify the right options for your needs.

Our mortgage professionals can even help you out as you begin your hunt for a new house. They can get you connected to Mr. Cooper® Agent Assurance, an organization of well-known, licensed real estate agents who can assist with the buying and selling process. And if you'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. Here, you can search for a home in Bedford, monitor neighborhood trends, and set up Home Alerts so you don’t miss your dream home. And get this — if you buy a home with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).

Before we get too far down the rabbit hole… You're interested in the home loan process in Indiana. Why might a person need a home loan in the first place? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. 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. Considering these facts is part of the home loan preparation process in Bedford and beyond.

The Bedford home market is a competitive one, and you will likely want to act fast — even more so if you found a house you can't live without. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Bedford

Begin by considering how long you'll be at your new home. Is this a soon-to-be investment property? 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. 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 Bedford. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that date, 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.

Then, follow your Bedford 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, the address of the house you'd like to buy, purchase contract, credit check authorization, the amount you want to borrow, and your banking info.

From there, your lender will provide you with a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Bedford. It's a bit of preview, and you can get multiple loan estimates to compare and select the right loan for you.

Partner with Mr. Cooper to complete the Bedford mortgage process 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 shows home sellers and realtors you are a serious buyer. Not every lender offers Verified Approval letters as Mr. Cooper does.

Ask questions during the home loan process! The FTC recommends home buyers to ask 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 Bedford, IN

The ball is in your court at this point! Compare your mortgage offers and select 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 even help you weigh the drawbacks and advantages 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 Indiana. The Disclosure is more formal documentation of your first estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

Closing on a House in Bedford, IN

Once your home loan is approved by the lender, it's time to close on the home you want in Bedford! At this stage of the home loan process, your broker and closing attorney 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 Bedford 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*.

You're in the home stretch once you've signed the documents! You've arrived. You finished the home loan process in Bedford, and it's time to celebrate. Your Bedford house is now your home! And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the Bedford mortgage process an easy one.

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