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Process for Getting a Mortgage in West Lafayette , IN

Are you a first-time Indiana homebuyer? Or, maybe you're new to West Lafayette and looking to buy a home in the area. Either way, you might have questions about the home loan process. Get answers from Mr. Cooper.

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The Right Way to Start Your West Lafayette, IN Mortgage Process

Buying a house — it's an aspiration that unifies all kinds of people! And it's a process that you can get help with from beginning to end. If you're curious about the process of getting a mortgage in West Lafayette, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals can help you work through your unique situation and recommend the best options for you at every turn.

Our crew can even help out when you start your house hunt. They can get you started with Mr. Cooper® Agent Assurance, a large group 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. It's the site to visit if you need to find a West Lafayette home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. And get this — if you buy a home with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).

Before we get too far down the rabbit hole… You're interested in the home loan process in Indiana. Why do people need home loans to begin with? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. Plus, 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 West Lafayette, IN.

The West Lafayette home market is a competitive one, and you probably want to move fast — particularly if you've found your dream home. We know what that's like! Follow these important steps in the Indiana home loan process.

First, ask yourself: How long do you plan on living in this house? Is this a soon-to-be investment property? Or is this where you'll be raising your family? 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 West Lafayette mortgage. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. 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.

Next, submit your West Lafayette lender's home loan application. The process varies from lender to lender. Usually, though, you'll need to give the following info: pay stubs, Social Security numbers, 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 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 West Lafayette 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 shows home sellers and realtors you are a serious buyer. Not all lenders offer Verified Approval letters as Mr. Cooper does.

Ask questions during the home loan process! The FTC urges home shoppers to inquire 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.

The Final Step for a Home Mortgage in West Lafayette, IN

The ball is in your court at this point! Review your mortgage offers and choose the option that's right 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 benefits and drawbacks 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 West Lafayette 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.

Closing on a House in West Lafayette, IN

Once your home loan is approved, it's time to close on your dream house in West Lafayette! During this step of the mortgage process, your closing attorney and broker are brought in to confirm closing costs. Depending on where you live, you may also be required to work with a closing attorney in West Lafayette 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*.

It's practically time to move in and unpack your boxes once you sign on the dotted line! You've completed the mortgage process in West Lafayette, and it's time to roll out the welcome mat. You're the proud owner of a house (or apartment or condo or townhome!) in West Lafayette. And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the West Lafayette mortgage process an easy one.

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