The Right Way to Start Your Bay City, MI Mortgage Process
Buying a house — it's a wish that we all share! And it's an endeavor that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Bay City, keep reading. Then call Mr. Cooper to take your next step. Our trained mortgage professionals will work alongside you and suggest the best options for you at every turn.
Our crew 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 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. Here, you can search for a home in Bay City, 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).
Before we get too far down the rabbit hole… You want more information about moving to Michigan and going through the mortgage process in Bay City! 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. 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 Bay City, MI.
Houses in Bay City seem to move off the market just as fast as they come on, and you probably want to move fast — even more so if you've found your dream home. We've been there, too! Here is a summary of the essential steps when applying for a mortgage in Bay City
Begin by considering how long you'll be at your new home. Are you just passing through Bay City on your way to your forever home? Or will you be planting some deep roots in Bay City? 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 Bay City. On adjustable-rate loans, the interest rate is fixed for a set amount of time. 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, complete your MI lender's loan application process. Every lender has a somewhat different process. Usually, though, 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 information, and the amount you'd like to borrow.
From there, your lender will provide you with a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Bay City. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.
Work with Mr. Cooper when going through the mortgage process in Bay City 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.
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 Bay City, MI
The choice is up to you! Analyze your mortgage offers and choose the offer that's good for you. Examine the details in each one, from the loan term to the APR. 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. It's a standard part of the home loan process, whether you live in Bay City or elsewhere. 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 Bay City, MI
Once your home loan is approved by the lender, it's go-time for buying your Bay City house! At this stage of the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on your location, you could be required to work with a Bay City 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 arrived. You finished the home loan process in Bay City, and it's time to celebrate. You are a homeowner in Bay City! 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 Bay City super straightforward.