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Get to Know the Mortgage Process in Dearborn, MI

Whether you're buying your first home in Dearborn or your seventh on the other side of Michigan, you have a friend in the home loan process. Mr. Cooper is the nation's fourth-largest mortgage servicer and can help you every step of the way.

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Dearborn, MI: A Home Loan Process That's Unique to You

Owning a home — it's a dream that unites us from coast to coast! And it's an endeavor that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Dearborn, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and suggest the best options for you at every turn.

We're here to help make your Michigan move an easy one, starting with the first time you search for a Dearborn home loan. can even lend a helping hand as you kick off the search for a home. They can connect you to Mr. Cooper® Agent Assurance, a network 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. It's the site to visit if you need to find a Dearborn 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 want more information about moving to Michigan and going through the mortgage process in Dearborn! 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. Plus, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. Considering these facts is part of the home loan preparation process in Dearborn and beyond.

The Dearborn home market is a competitive one, and you will likely want to act fast — especially if you've found your dream home. We understand! Here are a few of the most important steps in the MI mortgage loan process.

Start by thinking about how long you'll be in your new home. Are you just passing through Dearborn 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 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 Dearborn. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that date, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

Next, complete your MI lender's loan application process. Every lender has a somewhat different process. Generally, however, you'll have to provide the following details: Social Security numbers, pay stubs, income sources, purchase contract, credit check authorization, the address of the property you'd like to buy, banking information, and the amount you'd like to borrow.

Next up? A loan estimate from your lender! 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 Dearborn. 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 Dearborn mortgage process and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. 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 Dearborn, MI

You're in control now! Review your mortgage offers and choose the option that's right for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can even help you weigh the benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Michigan. The Disclosure is more formal documentation of your first 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 Dearborn, MI

Once your home loan is approved by the lender, it's time to close on your dream house in Dearborn! During this step of the mortgage process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on where you live, you might have to bring in a Dearborn closing attorney to be there when you sign your loan docs. 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*.

Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've completed the mortgage process in Dearborn, and it's time to get your keys. You are a homeowner in Dearborn! Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Dearborn a super easy one.

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