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Get to Know the Mortgage Process in Lawrence, IN

Whether you're buying your first home in Lawrence 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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The Right Way to Start Your Lawrence, IN Mortgage Process

Living in a house that's yours, all yours — it's a hope that we all share! 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 Lawrence, keep reading. Then call Mr. Cooper to take your next step. Our trained mortgage professionals will work alongside you and suggest the best options for you at every turn.

We're here to help make your Indiana move an easy one, starting with the first time you search for a Lawrence home loan. can even help you out as you start your house hunt. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-respected 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. On the MLS site, you can compare Lawrence homes, check your home’s value, and set up Home Alerts to find 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).

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 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. This information applies whether you're going through the home loan preparation process in Lawrence or anywhere else.   How to Apply for a Home Loan in Lawrence, IN   Steps to Complete the Mortgage Process in Lawrence, IN How to Apply for a Mortgage in Lawrence, IN

The Lawrence home market is a competitive one, and you probably want to move fast — particularly if you found a house you can't live without. We've been there, too! Here is a summary of the essential steps when applying for a mortgage in Lawrence

Begin by considering how long you'll be at your new home. Are you just passing through Lawrence on your way to your forever home? Or will you be enjoying your golden years in this house? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. Your interest rate doesn't change with 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 Lawrence mortgage. Adjustable-rate loans have a fixed rate for some time. After that date, 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, follow your Lawrence lender's loan application process. The process varies from lender to lender. Usually, though, you'll need to give the following info: income sources, pay stubs, Social Security numbers, purchase contract, credit check authorization, the address of the property you'd like to buy, banking details, and the amount of money you're looking to borrow.

Next up? A loan estimate from your lender! The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Remember that a loan estimate isn't the same thing as a mortgage. It's a bit of preview, and you can request multiple estimates to find the best loan for you.

Work with Mr. Cooper when going through the mortgage process in Lawrence and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter carries weight with realtors and home sellers because it shows you are serious and can afford a home. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.

Ask your lender! The more questions you ask 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 Lawrence, IN

The choice is up to you! Analyze your mortgage offers and select the one that's best 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. Following your selection, your lender may approve your loan and send over a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Indiana. A Closing Disclosure is a more formal write-up of your initial estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.

Close on a Home in Lawrence, IN

Once your home loan is approved by the lender, it's time to close on your dream house in Lawrence! At this stage of the home loan process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on where you live, you might have to bring in a Lawrence closing attorney to be there when you sign your loan docs. You never have to worry about your closing date flying by and leaving you in a pinch. 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 Lawrence, and it's time to celebrate. You are a homeowner in Lawrence! Does that all sound too easy? Call Mr. Cooper. We strive to make the Lawrence mortgage process an easy one.

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