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Get to Know the Mortgage Process in Shively, KY

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

Being a homeowner — it's a mission that we all share! And it's a process that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Shively, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and recommend the best loan options and terms for your circumstances.

Our mortgage professionals can even help you out as you begin your hunt for a new house. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-leading 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. On the MLS site, you can compare Shively 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 ahead of ourselves. You want more information about moving to Kentucky and going through the mortgage process in Shively! 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. 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. This information applies whether you're going through the home loan preparation process in Shively or anywhere else.   How to Apply for a Home Loan in Shively, KY   Steps to Complete the Mortgage Process in Shively, KY How to Apply for a Mortgage in Shively, KY

The Shively home market is a competitive one, and you'll want to take action quickly — particularly if you found a house you can't live without. We've been there, too! Here are a few of the most important steps in the KY mortgage 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? If you're going to be in the house for years and years, look into a fixed-rate loan. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Shively. 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. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

Next, complete your KY lender's loan application process. The process can vary a bit between lenders. Still, in general, you'll have to provide the following details: income sources, pay stubs, Social Security numbers, the address of the house you'd like to buy, purchase contract, credit check authorization, banking details, and the amount of money you're looking to borrow.

Your lender will then give you a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Shively. It's an approximate calculation, and you can seek out multiple estimates to find the absolute best option for you.

Work with Mr. Cooper when going through the mortgage process in Shively 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 means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! 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 Shively, KY

The ball is in your court at this point! Analyze your mortgage offers and select 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 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. Closing Disclosure documents are a regular part of the home loan process, wherever 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.

Close on a Home in Shively, KY

After your mortgage is approved, it's go-time for buying your Shively house! During this step of the mortgage process, your broker and closing attorney are brought in to confirm closing costs. Depending on your state, you might have to bring in a Shively closing attorney to be there when you sign your loan docs. 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 Shively, and it's time to get your keys. You are a homeowner in Shively! 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 Shively super straightforward.

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