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Get to Know the Home Loan Process in Burlington, KY

Are you a first-time Kentucky homebuyer? Or, maybe you're new to Burlington 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 Burlington, KY Mortgage Process

Buying a house — it's a mission that unifies all kinds of people! And it's an endeavor 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 Burlington, KY. Our trained mortgage professionals will work alongside you and suggest the right options for your needs.

Our team can even help you out as you kick off the search for a home. They can connect you to Mr. Cooper® Agent Assurance, a network of well-known, licensed real estate agents who know home sales inside and out. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. It's the site to visit if you need to find a Burlington home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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 too deep into the weeds. You want more information about moving to Kentucky and going through the mortgage process in Burlington! At a basic level, why do people get home loans? 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. These facts apply to the home loan preparation process everywhere, not just in Burlington, KY.

Houses in Burlington seem to move off the market just as fast as they come on, and you'll want to take action quickly — especially if you found a house you can't live without. We understand! Here are a few of the most important steps in the KY mortgage loan process.

Begin by considering how long you'll be at your new home. Do you plan on living in it for a few years and then renting it out? Or will you be enjoying your golden years in this house? If you plan on sticking around for a long time, you might consider a fixed-rate loan. 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 Burlington mortgage. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that date, 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.

Then, submit your Burlington lender's home loan application. Every lender has a somewhat different process. Usually, though, you'll need to give the following info: 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.

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 Burlington mortgage. It's a bit of preview, and you can get multiple loan estimates to compare and select the right loan for you.

Go through the mortgage process in Burlington with Mr. Cooper and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! Not all lenders offer Verified Approval letters as Mr. Cooper does.

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.

Seal the Deal with a Home Mortgage in Burlington, KY

You're in control now! Compare 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 help you evaluate 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 Burlington or elsewhere. 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 Burlington, KY

After your mortgage is approved, it's time to close on the home you want in Burlington! At this stage of the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your location, you could be required to work with a Burlington closing attorney. They'll book time with you to sign your loan documents. 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*.

It's practically time to move in and unpack your boxes once you sign on the dotted line! You've completed the mortgage process in Burlington, and it's time to get your keys. Your Burlington house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Burlington mortgage process an easy one.

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Buying a house in Burlington? Mr. Cooper makes it easier.

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