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Get to Know the Mortgage Process in Des Moines, IA

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

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

Being a homeowner — it's an ambition that unites us from coast to coast! And it's an endeavor that you can get help with from beginning to end. If you're curious about the process of getting a mortgage in Des Moines, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals can help you work through your unique situation to identify the best loan options and terms for your circumstances.

Our crew can even help you out as you begin your hunt for a new house. 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'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. On the MLS site, you can compare Des Moines 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 want more information about moving to Iowa and going through the mortgage process in Des Moines! At a basic level, why do people get home loans? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. In addition, 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 Des Moines or anywhere else.   How to Apply for a Home Loan in Des Moines, IA   Steps to Complete the Mortgage Process in Des Moines, IA How to Apply for a Mortgage in Des Moines, IA

The Des Moines home market is a competitive one, and you probably want to move fast — especially if you're on a tight timeline. We've been there, too! Here is a summary of the essential steps when applying for a mortgage in Des Moines

First, ask yourself: How long do you plan on living in this house? Do you plan on living in it for a few years and then renting it out? Or will you be planting some deep roots in Des Moines? If you're going to be in the house for years and years, look into a fixed-rate loan. 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 Des Moines. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that deadline, the rate can go up or down at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.

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

Next up? A loan estimate from your lender! You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Des Moines. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.

Go through the mortgage process in Des Moines with Mr. Cooper 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. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.

Ask your lender! The more questions you ask 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.

Seal the Deal with a Home Mortgage in Des Moines, IA

The ball is in your court at this point! Review your mortgage offers and pick 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 benefits and drawbacks 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. A Closing Disclosure is a more formal write-up of your initial 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 Des Moines, IA

After your mortgage is approved, it's time to close on your dream house in Des Moines! At this point in the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on your location, you could be required to work with a Des Moines closing attorney. They'll book 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 reached the end of the home loan process in Des Moines, and it's time to get your keys. Your Des Moines house is now your home! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Des Moines super straightforward.

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