Kansas City, KS Mortgage and Home Loan Process
Being a homeowner — it's a mission that we all share! And it's something that you can get assistance with along the way. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Kansas City, KS. Our mortgage professionals will get to know your particular situation and recommend the best options for you at every turn.
Our team can even lend a helping hand as you start your house hunt. 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're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. It's the site to visit if you need to find a Kansas City 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 want more information about moving to Kansas and going through the mortgage process in Kansas City! Why do people need home loans to begin with? 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 Kansas City or anywhere else. How to Apply for a Home Loan in Kansas City, KS Steps to Complete the Mortgage Process in Kansas City, KS How to Apply for a Mortgage in Kansas City, KS
The Kansas City home market is a competitive one, and you probably want to move fast — especially if you've found your dream home. We understand! Here are a few of the most important steps in the KS mortgage loan process.
Start by thinking about how long you'll be in your new home. Are you just passing through Kansas City on your way to your forever home? Or is this where you'll be raising your family? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. 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 Kansas City. Adjustable-rate loans have a fixed rate for some 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.
Next, submit your Kansas City lender's home loan application. The process varies from lender to lender. Generally, however, you'll have to provide the following details: Social Security numbers, pay stubs, income sources, 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 be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: a loan estimate isn't the same thing as a mortgage. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.
Go through the mortgage process in Kansas City 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.
Just ask! It's normal to have questions about the home loan process. 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 Kansas City, KS
The ball is in your court at this point! Review your mortgage offers and pick 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 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 Kansas. Consider it a more formal version of your previous 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 Kansas City, KS
After your mortgage is approved, it's time to close on your dream house in Kansas City! 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 where you live, you might have to bring in a Kansas City closing attorney to be there when you sign your loan docs. Don't worry about missing your closing date, either. 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 Kansas City, and it's time to get your keys. You are a homeowner in Kansas City! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Kansas City super straightforward.