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Get to Know the Home Loan Process in Burlington, IA

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

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Burlington, IA: A Home Loan Process That's Unique to You

Owning a home — it's a dream that we all share! And it's an endeavor that you can get help with from start to finish. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Burlington, IA. Our mortgage professionals will get to know your particular situation and suggest the best loan options and terms for your circumstances.

Our crew can even help you out as you kick off the search for a home. They can connect you to Mr. Cooper® Agent Assurance, a network of well-known, licensed real estate agents who know home sales inside and out. 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 Burlington, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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).

Before we get too far down the rabbit hole… You want more information about moving to Iowa and going through the mortgage process in Burlington! At a basic level, why do people get home loans? 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. This information applies whether you're going through the home loan preparation process in Burlington or anywhere else.   How to Apply for a Home Loan in Burlington, IA   Steps to Complete the Mortgage Process in Burlington, IA How to Apply for a Mortgage in Burlington, IA

The Burlington real estate scene is a busy one, and you'll want to take action quickly — particularly if you've found your dream home. We've been there, too! Here is a summary of the essential steps when applying for a mortgage in Burlington

Begin by considering how long you'll be at your new home. Are you just passing through Burlington on your way to your forever home? Or will you be planting some deep roots in Burlington? If you're going to be in the house for years and years, look into a fixed-rate loan. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Burlington mortgage. Adjustable-rate loans have a fixed rate for some time. When that period is over, the rate can adjust at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

After, submit your Burlington lender's home loan application. The process can vary a bit between lenders. Still, in general, you'll need to provide the following information: income sources, pay stubs, Social Security numbers, 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.

Your lender will then give you a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. A quick note: a loan estimate isn't the same thing as a mortgage. It's an approximate calculation, and you can seek out multiple estimates to find the absolute best option for you.

Partner with Mr. Cooper to complete the Burlington mortgage process 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 questions during the home loan process! The FTC advises that you should also ask each lender 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.

Make Your Move with a Home Loan in Burlington, IA

You're in control now! Review your mortgage offers and select 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 understand 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 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.

Closing on a House in Burlington, IA

Once your home loan is approved, it's go-time for buying your Burlington house! At this stage of the home loan process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your location, you could be required to work with a Burlington closing attorney. They'll book time with you to sign your loan documents. Even if paperwork takes longer than expected, you don't have to stress over your closing date being delayed. 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 Burlington, and it's time to get your keys. Your Burlington house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Burlington mortgage process an easy one.

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