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Get to Know the Mortgage Process in Hobart, IN

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

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Hobart, IN Mortgage and Home Loan Process

Owning a home — it's a wish that unifies all kinds of people! And it's a process that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Hobart, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and suggest the best loan options and terms for your circumstances.

From immersing yourself in the culture of Hobart's neighborhoods to closing on the home you've always wanted, we're here to ease your transition in Indiana. can even help out when you begin your hunt for a new house. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-leading real estate agents who know home sales inside and out. 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 Hobart 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).

But we're getting too deep into the weeds. You're interested in the home loan process in Indiana. At a basic level, why do people get home loans? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. In addition, 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 Hobart and beyond.

The Hobart real estate scene is a busy one, and you'll want to take action quickly — particularly if you've found your dream home. We get it! Here is a summary of the essential steps when applying for a mortgage in Hobart

Begin by considering how long you'll be at your new home. Is this a soon-to-be investment property? Or will you be enjoying your golden years in this house? If you're going to be in the house for years and years, look into a fixed-rate loan. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Hobart mortgage. Adjustable-rate loans have a fixed rate for some time. After that date, the rate can go up or down at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.

Then, follow your Hobart lender's loan application process. The process varies from lender to lender. Still, in general, 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. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Keep in mind that the loan estimate isn't your final Hobart mortgage. It's an estimate, and you can request multiple estimates to find the best loan for you.

Go through the mortgage process in Hobart 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 afford. This letter carries weight with realtors and home sellers because it shows you are serious and can afford a home. Not all lenders offer Verified Approval letters as Mr. Cooper does.

Ask questions during the home loan process! The FTC recommends home buyers to ask 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.

Seal the Deal with a Home Mortgage in Hobart, IN

The choice is up to you! Review your mortgage offers and choose 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 understand 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. It's a standard part of the home loan process, whether you live in Hobart or elsewhere. A Closing Disclosure is a more formal write-up of your initial estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

At Your Mortgage Closing in Hobart, IN

Once your home loan is approved by the lender, it's time to close on your dream house in Hobart! At this point in the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your state, you may also be required to work with a closing attorney in Hobart 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*.

Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've arrived. You finished the home loan process in Hobart, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Hobart. Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Hobart super straightforward.

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