Auburn Hills, MI: A Home Loan Process That's Unique to You
Living in a house that's yours, all yours — it's a goal that we all share! And it's a process that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Auburn Hills, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and suggest the right options for your needs.
From immersing yourself in the culture of Auburn Hills's neighborhoods to closing on the home you've always wanted, we're here to ease your transition in Michigan. can even lend a helping hand as you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-respected real estate agents who assist with home buying and selling.. 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 Auburn Hills home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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 ahead of ourselves. You're interested in the home loan process in Michigan. 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. 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. These facts apply to the home loan preparation process everywhere, not just in Auburn Hills, MI.
Houses in Auburn Hills seem to move off the market just as fast as they come on, and you will likely want to act fast — particularly if you found a house you can't live without. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Auburn Hills
First, ask yourself: How long do you plan on living in this house? 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. 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 Auburn Hills. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
Then, complete your MI lender's loan application process. The process can vary a bit between lenders. Still, in general, you'll need to give the following info: pay stubs, Social Security numbers, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, banking details, and the amount of money you're looking to borrow.
Next up? A loan estimate from your lender! 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 Auburn Hills. 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 Auburn Hills with Mr. Cooper 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. Not all lenders offer Verified Approval letters as Mr. Cooper does.
Ask questions during the home loan process! The FTC advises that you should also ask each lender 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.
The Final Step for a Home Mortgage in Auburn Hills, MI
The choice is up to you! 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 drawbacks and advantages of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Michigan. A Closing Disclosure is a more formal write-up of your initial estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
At Your Mortgage Closing in Auburn Hills, MI
After your mortgage is approved, it's time to close on the home you want in Auburn Hills! During this step of the mortgage process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your location, you may also be required to work with a closing attorney in Auburn Hills who will schedule a 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 Auburn Hills, and it's time to celebrate. Your Auburn Hills house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Auburn Hills mortgage process an easy one.