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Process for Getting a Mortgage in Marshalltown , IA

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

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

Being a homeowner — it's a goal that unifies all kinds of people! And it's an endeavor that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Marshalltown, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and recommend the right options for your needs.

From your initial Marshalltown loan search to prequalification to closing, we're here to help you make your move in Iowa! can even help out when 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 Marshalltown 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're here to learn more about moving in Iowa and the overall mortgage process. At a basic level, why do people get home loans? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. In addition, 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 Marshalltown, IA.

The Marshalltown real estate scene is a busy one, and you will likely want to act fast — especially if you found a house you can't live without. We've been there, too! Here are a few of the most important steps in the IA mortgage loan process.

Start by thinking about how long you'll be in your new home. Are you just passing through Marshalltown on your way to your forever home? Or will you be enjoying your golden years in this house? If you're going to be in the house for years and years, look into 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 Marshalltown mortgage. Adjustable-rate loans have a fixed rate for some time. After that date, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

Next, complete your IA lender's loan application process. Every lender has a somewhat different process. Usually, though, 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, the amount you want to borrow, and your banking info.

Next up? A loan estimate from your lender! The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Keep in mind that the loan estimate isn't your final Marshalltown mortgage. It's an approximate calculation, and you can get multiple loan estimates to compare and select the right loan for you.

Go through the mortgage process in Marshalltown with Mr. Cooper and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. 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 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 Marshalltown, IA

You're in control now! Analyze your mortgage offers and pick the offer that's good for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can even help you weigh the drawbacks and advantages 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. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

Closing on a House in Marshalltown, IA

Once your home loan is approved by the lender, it's go-time for buying your Marshalltown house! During this step of the mortgage process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on where you live, you may also be required to work with a closing attorney in Marshalltown who will schedule a 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*.

It's practically time to move in and unpack your boxes once you sign on the dotted line! You've reached the end of the home loan process in Marshalltown, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Marshalltown. And if this all sounds too simple to be true, give Mr. Cooper a call. We're on a mission to make the mortgage process in Marshalltown super straightforward.

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