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Get to Know the Mortgage Process in Ames, IA

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

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The Right Way to Start Your Ames, IA Mortgage Process

Being a homeowner — it's a dream that unites us from coast to coast! And it's an endeavor 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 Ames, IA. Our mortgage professionals can help you work through your unique situation to identify the best options for you at every turn.

Our mortgage professionals can even lend a helping hand as you kick off the search for a home. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-leading real estate agents who can assist with the buying and selling process. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. It's the site to visit if you need to find a Ames home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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).

Before we get too far down the rabbit hole… You want more information about moving to Iowa and going through the mortgage process in Ames! 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, 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 Ames or anywhere else.   How to Apply for a Home Loan in Ames, IA   Steps to Complete the Mortgage Process in Ames, IA How to Apply for a Mortgage in Ames, IA

The Ames home market is a competitive one, and you'll want to take action quickly — particularly if you're on a tight timeline. We get it! Here are a few of the most important steps in the IA mortgage loan process.

Begin by considering how long you'll be at your new home. Are you just passing through Ames 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 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 Ames. 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 go up or down at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

After, follow your Ames lender's loan application process. The process varies from lender to lender. Usually, though, you'll need to give the following info: Social Security numbers, pay stubs, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, the amount you want to borrow, and your banking info.

From there, your lender will provide you with a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Ames. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.

Partner with Mr. Cooper to complete the Ames 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. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.

Ask questions during the home loan process! The FTC recommends home buyers to ask 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 Ames, IA

The choice is up to you! Compare your mortgage offers and pick the option that's right 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 pros and cons of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Iowa. 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.

At Your Mortgage Closing in Ames, IA

After your mortgage is approved, it's time to close on your dream house in Ames! At this stage of the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on your location, you might have to bring in a Ames 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*.

You're in the home stretch once you've signed the documents! You've reached the end of the home loan process in Ames, 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 Ames. And if this all sounds too simple to be true, give Mr. Cooper a call. We do our best to make the home loan process in Ames a super easy one.

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