Portage, IN Mortgage and Home Loan Process
Being a homeowner — it's a dream that unites us from coast to coast! And it's something that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Portage, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and suggest the right options for your needs.
Our mortgage professionals can even lend a helping hand 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're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. Here, you can search for a home in Portage, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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 too deep into the weeds. You're interested in the home loan process in Indiana. Why might a person need a home loan in the first place? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. In addition, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. These facts apply to the home loan preparation process everywhere, not just in Portage, IN.
Houses in Portage seem to move off the market just as fast as they come on, and you'll want to take action quickly — especially if you're on a tight timeline. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Portage
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 Portage? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Portage. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. When that period is over, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.
Next, complete your IN lender's loan application process. The process varies from lender to lender. Still, in general, you'll need to provide the following information: Social Security numbers, pay stubs, income sources, 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.
Your lender will then give you a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: a loan estimate isn't the same thing as a mortgage. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.
Partner with Mr. Cooper to complete the Portage 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 advises that you should also ask each lender about the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.
The Final Step for a Home Mortgage in Portage, IN
The ball is in your court at this point! Compare your mortgage offers and pick 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 benefits and drawbacks of each. After you notify the lender about your choice, they may approve your loan and send you 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. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
Close on a Home in Portage, IN
After your mortgage is approved, it's go-time for buying your Portage house! During this step of the mortgage process, your broker and closing attorney are brought in to confirm closing costs. Depending on where you live, you may also be required to work with a closing attorney in Portage 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*.
It's practically time to move in and unpack your boxes once you sign on the dotted line! You've reached the end of the home loan process in Portage, and it's time to celebrate. You are a homeowner in Portage! And if this all sounds too simple to be true, give Mr. Cooper a call. We're on a mission to make the mortgage process in Portage super straightforward.