The Right Way to Start Your Mount Vernon, KY Mortgage Process
Buying a house — it's a dream that unifies all kinds of people! And it's an endeavor that you can get help with from start to finish. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Mount Vernon, KY. Our mortgage professionals can help you work through your unique situation and suggest the best loan options and terms for your circumstances.
We're here to help make your Kentucky move an easy one, starting with the first time you search for a Mount Vernon home loan. can even help out when you kick off the search for a home. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-respected real estate agents who assist with home buying and selling.. 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 Mount Vernon, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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).
But we're getting too deep into the weeds. You want more information about moving to Kentucky and going through the mortgage process in Mount Vernon! 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. What's more, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. This information applies whether you're going through the home loan preparation process in Mount Vernon or anywhere else. How to Apply for a Home Loan in Mount Vernon, KY Steps to Complete the Mortgage Process in Mount Vernon, KY How to Apply for a Mortgage in Mount Vernon, KY
The Mount Vernon real estate scene is a busy one, and you will likely want to act fast — even more so if you found a house you can't live without. We understand! Follow these important steps in the Kentucky home loan process.
Start by thinking about how long you'll be in your new home. Do you plan on living in it for a few years and then renting it out? 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 doesn't change with a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Mount Vernon. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that deadline, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
Next, complete your KY lender's loan application process. The process can vary a bit between lenders. Usually, though, you'll need to give the following info: income sources, pay stubs, Social Security numbers, 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.
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: the loan estimate isn't your final Mount Vernon mortgage. It's a bit of preview, and you can get multiple loan estimates to compare and select the right loan for you.
Work with Mr. Cooper when going through the mortgage process in Mount Vernon and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can afford to borrow! 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.
Just ask! It's normal to have questions about the home loan process. The FTC urges home shoppers to inquire about the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.
Seal the Deal with a Home Mortgage in Mount Vernon, KY
The choice is up to you! Compare your mortgage offers and choose the one that's best 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. Following your selection, your lender may approve your loan and send over 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 could be differences between the first estimate and the disclosure. It's fair to ask about these differences.
Closing on a House in Mount Vernon, KY
Once your home loan is approved by the lender, it's go-time for buying your Mount Vernon house! During this step of the mortgage process, your closing attorney and broker are brought in to confirm closing costs. Depending on your state, you could be required to work with a Mount Vernon closing attorney. They'll book 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 reached the end of the home loan process in Mount Vernon, and it's time to get your keys. You are a homeowner in Mount Vernon! And if this all sounds too simple to be true, give Mr. Cooper a call. We're on a mission to make the mortgage process in Mount Vernon super straightforward.