Special Offers From Mr. Cooper

Sorry, there are no offers available at this time. Check back soon!

Process for Getting a Mortgage in Marion , IA

Are you a first-time Iowa homebuyer? Or, maybe you're new to Marion 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.

Busy? Have us call you back. Call Me Back

More Information

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

Living in a house that's yours, all yours — it's a mission that we all share! And it's something that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Marion, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation to identify the best options for you at every turn.

Our team can even help out when you begin your hunt for a new house. They can connect you to Mr. Cooper® Agent Assurance, a network of well-known, licensed 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 Marion home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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 ahead of ourselves. You're interested in the home loan process in Iowa. 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, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. These facts apply to the home loan preparation process everywhere, not just in Marion, IA.

The Marion real estate scene is a busy one, and you will likely want to act fast — particularly if you've found your dream home. We know what that's like! 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. Do you plan on living in it for a few years and then renting it out? Or is this where you'll be raising your family? 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 plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Marion. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that date, 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, submit your Marion lender's home loan application. The process can vary a bit between lenders. Still, in general, you'll have to provide the following details: pay stubs, Social Security numbers, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, banking details, and the amount of money you're looking to borrow.

Next up? A loan estimate from your lender! 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 estimate, and you can get multiple loan estimates to compare and select the right loan for you.

Work with Mr. Cooper when going through the mortgage process in Marion and we'll review your information and provide you with a Verified Approval letter, which is a very accurate estimate of what you could afford. This letter carries weight with realtors and home sellers because it shows you are serious and can afford a home. Not every lender offers Verified Approval letters as Mr. Cooper does.

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

Seal the Deal with a Home Mortgage in Marion, IA

The choice is up to you! Analyze your mortgage offers and pick the offer that's good 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. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. It's a standard part of the home loan process, whether you live in Marion or elsewhere. A Closing Disclosure is a more formal write-up of your initial estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

Closing on a House in Marion, IA

Once your home loan is approved, it's time to close on your dream house in Marion! At this point in the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your location, you might have to bring in a Marion closing attorney to be there when you sign your loan docs. 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*.

Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've arrived. You finished the home loan process in Marion, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Marion. Does that all sound too easy? Call Mr. Cooper. We strive to make the Marion mortgage process an easy one.

Mr. Cooper Reviews from Real Customers in Marion, IA

Read real stories from real Mr. Cooper home buyers in Marion, IA. Then contact us to see what we can do for you.

Overall Rating

out of 5 stars ( customer reviews)

Buying a house in Marion? Mr. Cooper makes it easier.

Work with Mr. Cooper and get the support you need to make the home buying process smoother.