Huntington, IN: A Home Loan Process That's Unique to You
Being a homeowner — it's a goal that unifies all kinds of people! And it's a process 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 Huntington, IN. Our mortgage professionals will get to know your particular situation to identify the best options for you at every turn.
Our mortgage professionals can even help out when you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of well-known, licensed 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 Huntington, monitor neighborhood trends, and set up Home Alerts so you don’t miss your dream home. And guess what? If you choose to buy a house with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).
But we're getting too deep into the weeds. You're here to learn more about moving in Indiana and the overall mortgage process. 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 your bank account full (instead of draining it on a home purchase) can help curb financial stress. This information applies whether you're going through the home loan preparation process in Huntington or anywhere else. How to Apply for a Home Loan in Huntington, IN Steps to Complete the Mortgage Process in Huntington, IN How to Apply for a Mortgage in Huntington, IN
Houses in Huntington seem to move off the market just as fast as they come on, and you probably want to move fast — particularly if you found a house you can't live without. We understand! Here are a few of the most important steps in the IN mortgage loan process.
Start by thinking about how long you'll be in your new home. Are you just passing through Huntington on your way to your forever home? Or is this where you'll be raising your family? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. Your interest rate stays the same when you have a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Huntington. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that date, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
Then, submit your Huntington lender's home loan application. Every lender has a somewhat different process. Still, in general, you'll have to provide the following details: income sources, pay stubs, Social Security numbers, purchase contract, credit check authorization, the address of the property you'd like to buy, 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: your loan estimate doesn't mean you've been approved or denied for a mortgage in Huntington. It's a bit of preview, and you can get multiple loan estimates to compare and select the right loan for you.
Go through the mortgage process in Huntington with Mr. Cooper and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! Some lenders offer Verified Approval letters like Mr. Cooper, but not all.
Just ask! It's normal to have questions about 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.
Seal the Deal with a Home Mortgage in Huntington, IN
The choice is up to you! Review your mortgage offers and pick the one that's best for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can help you evaluate the drawbacks and advantages of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. It's a standard part of the home loan process, whether you live in Huntington or elsewhere. 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.
At Your Mortgage Closing in Huntington, IN
Once your home loan is approved by the lender, it's time to close on your dream house in Huntington! At this point in the home loan process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on where you live, you could be required to work with a Huntington closing attorney. They'll book time with you to sign your loan documents. 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*.
You're in the home stretch once you've signed the documents! You've reached the end of the home loan process in Huntington, and it's time to celebrate. Your Huntington house is now your home! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Huntington super straightforward.