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Get to Know the Mortgage Process in Ashland, KY

Whether you're buying your first home in Ashland or your seventh on the other side of Kentucky, 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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Ashland, KY: A Home Loan Process That's Unique to You

Buying a house — it's a dream that we all share! And it's an endeavor that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Ashland, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation to identify the best options for you at every turn.

From immersing yourself in the culture of Ashland's neighborhoods to closing on the home you've always wanted, we're here to ease your transition in Kentucky. can even lend a helping hand as you begin your hunt for a new house. They can get you connected to Mr. Cooper® Agent Assurance, an organization of well-known, licensed 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. Here, you can search for a home in Ashland, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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 want more information about moving to Kentucky and going through the mortgage process in Ashland! Why do people need home loans to begin with? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. 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. Considering these facts is part of the home loan preparation process in Ashland and beyond.

Houses in Ashland seem to move off the market just as fast as they come on, and you will likely want to act fast — even more so if you're on a tight timeline. We've been there, too! Follow these important steps in the Kentucky home loan process.

First, ask yourself: How long do you plan on living in this house? Is this a soon-to-be investment property? 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 you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Ashland mortgage. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. 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.

After, complete your KY lender's loan application process. Every lender has a somewhat different process. Usually, though, you'll need to provide the following information: income sources, pay stubs, Social Security numbers, the address of the house you'd like to buy, purchase contract, credit check authorization, 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. Remember that the loan estimate isn't your final Ashland mortgage. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.

Partner with Mr. Cooper to complete the Ashland 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 afford. This letter carries weight with realtors and home sellers because it shows you are serious and can afford a home. 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 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 Ashland, KY

The ball is in your court at this point! Compare your mortgage offers and pick the offer that's good for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can even help you weigh the pros and cons 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 Ashland or elsewhere. Consider it a more formal version of your previous 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 Ashland, KY

Once your home loan is approved by the lender, it's time to close on your dream house in Ashland! During this step of the mortgage process, your broker and closing attorney are brought in to confirm closing costs. Depending on your location, you might have to bring in a Ashland 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*.

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 Ashland, and it's time to celebrate. You are a homeowner in Ashland! Do the steps seem too simple? Contact Mr. Cooper today. We're on a mission to make the mortgage process in Ashland super straightforward.

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