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Get to Know the Home Loan Process in Georgetown, KY

Are you a first-time Kentucky homebuyer? Or, maybe you're new to Georgetown 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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Georgetown, KY: A Home Loan Process That's Unique to You

Living in a house that's yours, all yours — it's a wish that unifies all kinds of people! And it's something that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Georgetown, keep reading. Then call Mr. Cooper to take your next step. Our trained mortgage professionals will work alongside you and recommend the best options for you at every turn.

From your initial Georgetown loan search to prequalification to closing, we're here to help you make your move in Kentucky! can even help out when you start your house hunt. They can get you connected to Mr. Cooper® Agent Assurance, an organization 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. On the MLS site, you can compare Georgetown homes, check your home’s value, and set up Home Alerts to find 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 too deep into the weeds. You want more information about moving to Kentucky and going through the mortgage process in Georgetown! Why might a person need a home loan in the first place? 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, 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 Georgetown and beyond.

The Georgetown real estate scene is a busy one, and you'll want to take action quickly — particularly if you've found your dream home. We get it! 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. Are you just passing through Georgetown on your way to your forever home? Or will you be enjoying your golden years in this house? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate doesn't change with 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 Georgetown 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. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

Next, follow your Georgetown lender's loan application process. The process varies from lender to lender. Still, in general, you'll need to provide the following information: Social Security numbers, pay stubs, 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 be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: the loan estimate isn't your final Georgetown mortgage. It's a bit of preview, and you can request multiple estimates to find the best loan for you.

Work with Mr. Cooper when going through the mortgage process in Georgetown 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 every lender offers Verified Approval letters as Mr. Cooper does.

Ask questions during the home loan process! The FTC recommends home buyers to ask about the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.

The Final Step for a Home Mortgage in Georgetown, KY

You're in control now! Review your mortgage offers and select 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 pros and cons of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Kentucky. A Closing Disclosure is a more formal write-up of your initial estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.

At Your Mortgage Closing in Georgetown, KY

After your mortgage is approved, it's time to close on the home you want in Georgetown! At this point in the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your state, you could be required to work with a Georgetown closing attorney. They'll book time with you to sign your loan documents. You never have to worry about your closing date flying by and leaving you in a pinch. 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 Georgetown, and it's time to get your keys. You are a homeowner in Georgetown! Does that all sound too easy? Call Mr. Cooper. We strive to make the Georgetown mortgage process an easy one.

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