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Get to Know the Home Loan Process in Overland Park, KS

Whether you're buying your first home in Overland Park or your seventh on the other side of Kansas, you have a friend in the home loan process. Mr. Cooper is the nation's fourth-largest mortgage servicer and can help you every step of the way.

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Overland Park, KS: A Home Loan Process That's Unique to You

Being a homeowner — it's an aspiration that unites us from coast to coast! 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 Overland Park, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and recommend the best options for you at every turn.

We're here to help make your Kansas move an easy one, starting with the first time you search for a Overland Park home loan. can even lend a helping hand as you begin your hunt for a new house. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-leading real estate agents who assist with home buying and selling.. 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 Overland Park homes, check your home’s value, and set up Home Alerts to find your dream home. And get this — if you buy a home with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).

Before we get too far down the rabbit hole… You're interested in the home loan process in Kansas. Why do people need home loans to begin with? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. In addition, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. These facts apply to the home loan preparation process everywhere, not just in Overland Park, KS.

The Overland Park real estate scene is a busy one, and you probably want to move fast — even more so if you've found your dream home. We get it! Here is a summary of the essential steps when applying for a mortgage in Overland Park

Start by thinking about how long you'll be in your new home. Are you just passing through Overland Park on your way to your forever home? Or will you be planting some deep roots in Overland Park? 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 you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Overland Park. Adjustable-rate loans have a fixed rate for some time. After that deadline, the rate can adjust at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

Then, submit your Overland Park lender's home loan application. The process can vary a bit between lenders. Still, in general, you'll need to give the following info: pay stubs, Social Security numbers, income sources, purchase contract, credit check authorization, the address of the property you'd like to buy, banking information, and the amount you'd like to borrow.

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. Remember that the loan estimate isn't your final Overland Park mortgage. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.

Go through the mortgage process in Overland Park 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 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 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.

Make Your Move with a Home Loan in Overland Park, KS

You're in control now! Compare your mortgage offers and choose the option that's right 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 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 Overland Park or elsewhere. The Disclosure is more formal documentation of your first 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 Overland Park, KS

Once your home loan is approved, it's time to close on your dream house in Overland Park! During this step of the mortgage process, your closing attorney and broker are brought in to confirm closing costs. Depending on your location, you may also be required to work with a closing attorney in Overland Park who will schedule a 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 completed the mortgage process in Overland Park, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Overland Park. Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Overland Park super straightforward.

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