Gary, IN: A Home Loan Process That's Unique to You
Buying a house — it's a hope that we all share! 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 Gary, IN. Our mortgage professionals will get to know your particular situation and recommend the right options for your needs.
Our mortgage professionals can even lend a helping hand as you begin your hunt for a new house. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-respected real estate agents who know home sales inside and out. And if you'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. On the MLS site, you can compare Gary 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 interested in the home loan process in Indiana. At a basic level, why do people get home loans? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. 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. These facts apply to the home loan preparation process everywhere, not just in Gary, IN.
The Gary real estate scene is a busy one, and you'll want to take action quickly — especially if you're on a tight timeline. We get it! Here is a summary of the essential steps when applying for a mortgage in Gary
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? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate stays the same when you have a fixed-rate home loan. But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Gary mortgage. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that deadline, 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.
After, submit your Gary lender's home loan application. The process can vary a bit between lenders. Generally, however, you'll need to give the following info: 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. A quick note: the loan estimate isn't your final Gary mortgage. 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 Gary mortgage process 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. Not every lender offers Verified Approval letters as Mr. Cooper does.
Ask your lender! The more questions you ask The FTC urges home shoppers to inquire about the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.
Make Your Move with a Home Loan in Gary, IN
You're in control now! Compare your mortgage offers and choose 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 understand the benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Indiana. Consider it a more formal version of your previous estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.
Closing on a House in Gary, IN
Once your home loan is approved by the lender, it's time to close on the home you want in Gary! At this stage of the home loan process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on your location, you might have to bring in a Gary closing attorney to be there when you sign your loan docs. Even if paperwork takes longer than expected, you don't have to stress over your closing date being delayed. 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 Gary, and it's time to roll out the welcome mat. You're the proud owner of a house (or apartment or condo or townhome!) in Gary. Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Gary a super easy one.