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Process for Getting a Mortgage in Merrillville , IN

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

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The Right Way to Start Your Merrillville, IN Mortgage Process

Owning a home — it's a goal that unites us from coast to coast! And it's something that you can get help with from beginning to end. If you're curious about the process of getting a mortgage in Merrillville, keep reading. Then call Mr. Cooper to take your next step. Our trained mortgage professionals will work alongside you to identify the best options for you at every turn.

Our team can even help out when you begin your hunt for a new house. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed real estate agents who assist with home buying and selling.. 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 Merrillville homes, check your home’s value, and set up Home Alerts to find 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 ahead of ourselves. You're here to learn more about moving in Indiana and the overall mortgage process. Why do people need home loans to begin with? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. What's more, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. Considering these facts is part of the home loan preparation process in Merrillville and beyond.

The Merrillville real estate scene is a busy one, and you'll want to take action quickly — 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 Merrillville

Start by thinking about how long you'll be in your new home. Is this a soon-to-be investment property? Or will you be planting some deep roots in Merrillville? 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're planning on being in and out fast, then you might want to go the adjustable-rate route for your Merrillville mortgage. 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. A mortgage professional can help you choose the right loan program during the prequalification phase.

After, complete your IN lender's loan application process. The process can vary a bit between lenders. Usually, though, you'll have to provide the following details: Social Security numbers, pay stubs, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, banking details, and the amount of money you're looking to borrow.

Next up? A loan estimate from your lender! You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Remember that the loan estimate isn't your final Merrillville mortgage. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.

Partner with Mr. Cooper to complete the Merrillville 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 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.

Just ask! It's normal to have questions about the home loan process. The FTC urges home shoppers to inquire about additional fees, the loan's annual percentage rate, any special programs, and whether the quoted rate is the lowest for the week or day.

Seal the Deal with a Home Mortgage in Merrillville, IN

The ball is in your court at this point! Review 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 evaluate the pros and cons of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Indiana. The Disclosure is more formal documentation of your first 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 Merrillville, IN

Once your home loan is approved by the lender, it's time to close on the home you want in Merrillville! 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 may also be required to work with a closing attorney in Merrillville who will schedule a time with you to sign your loan documents. 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 arrived. You finished the home loan process in Merrillville, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Merrillville. Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Merrillville a super easy one.

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Buying a house in Merrillville? Mr. Cooper makes it easier.

Mr. Cooper works to save buyers money at every stage of their journey, from real estate commissions to closing costs.