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Get to Know the Home Loan Process in Hays, KS

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

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The Right Way to Start Your Hays, KS Mortgage Process

Owning a home — it's a wish that we all share! And it's a process that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Hays, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation to identify the right options for your needs.

We're here to help make your Kansas move an easy one, starting with the first time you search for a Hays home loan. can even help out when you start your house hunt. 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. Here, you can search for a home in Hays, monitor neighborhood trends, and set up Home Alerts so you don’t miss your dream home. 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 Kansas. 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 some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. Considering these facts is part of the home loan preparation process in Hays and beyond.

Houses in Hays seem to move off the market just as fast as they come on, and you'll want to take action quickly — particularly if you've found your dream home. We understand! Here are a few of the most important steps in the KS mortgage loan process.

First, ask yourself: How long do you plan on living in this house? Are you just passing through Hays on your way to your forever home? Or will you be planting some deep roots in Hays? 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 Hays mortgage. Adjustable-rate loans have a fixed rate for some time. After that deadline, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.

Next, complete your KS lender's loan application process. Every lender has a somewhat different process. Usually, though, 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 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. A quick note: a loan estimate isn't the same thing as a mortgage. It's an approximate calculation, and you can get multiple loan estimates to compare and select the right loan for you.

Partner with Mr. Cooper to complete the Hays mortgage process and we'll review your information and provide you with a Verified Approval letter, which is a very accurate estimate of what you could buy. This letter carries weight with realtors and home sellers because it shows you are serious and can buy a home. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.

Ask questions during the home loan process! The FTC urges home shoppers to inquire 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 Hays, KS

The ball is in your court at this point! Analyze your mortgage offers and choose the one that's best for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you understand 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 Kansas. 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 Hays, KS

Once your home loan is approved by the lender, it's go-time for buying your Hays house! During this step of the mortgage process, your closing attorney and broker are brought in to confirm closing costs. Depending on where you live, you could be required to work with a Hays 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 arrived. You finished the home loan process in Hays, and it's time to celebrate. Your Hays house is now your home! And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the Hays mortgage process an easy one.

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