The Right Way to Start Your Big Rapids, MI Mortgage Process
Owning a home — it's a goal that unites us from coast to coast! And it's something that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Big Rapids, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation and suggest the best loan options and terms for your circumstances.
Our crew can even lend a helping hand as you begin your hunt for a new house. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-leading real estate agents who assist with home buying and selling.. And if you'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. On the MLS site, you can compare Big Rapids homes, check your home’s value, and set up Home Alerts to find your dream home. And guess what? If you choose to buy a house 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're interested in the home loan process in Michigan. Why do people need home loans to begin with? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. What's more, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. These facts apply to the home loan preparation process everywhere, not just in Big Rapids, MI.
Houses in Big Rapids seem to move off the market just as fast as they come on, and you probably want to move fast — 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 MI mortgage loan process.
First, ask yourself: How long do you plan on living in this house? Are you just passing through Big Rapids on your way to your forever home? 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 stays the same when you have a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Big Rapids. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that deadline, 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, submit your Big Rapids lender's home loan application. The process can vary a bit between lenders. Still, in general, you'll need to give the following info: Social Security numbers, pay stubs, income sources, the address of the house you'd like to buy, purchase contract, credit check authorization, 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. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Big Rapids. It's an approximate calculation, and you can seek out multiple estimates to find the absolute best option for you.
Partner with Mr. Cooper to complete the Big Rapids mortgage process and we'll review your information and provide you with a Verified Approval letter, which is a very accurate estimate of what you could afford. This letter shows home sellers and realtors you are a serious buyer. Not every lender offers Verified Approval letters as Mr. Cooper does.
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 Big Rapids, MI
The choice is up to you! Review your mortgage offers and choose the one that's best for you. Think about the nuances of each, from the loan term to the interest rate. 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. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Michigan. Consider it a more formal version of your previous estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.
Close on a Home in Big Rapids, MI
Once your home loan is approved by the lender, it's time to close on the home you want in Big Rapids! At this point in the home loan process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on where you live, you may also be required to work with a closing attorney in Big Rapids 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*.
You're in the home stretch once you've signed the documents! You've reached the end of the home loan process in Big Rapids, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Big Rapids. Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Big Rapids a super easy one.