Special Offers From Mr. Cooper

Sorry, there are no offers available at this time. Check back soon!

Process for Getting a Mortgage in Farmington Hills , MI

Is there any way to make the Farmington Hills mortgage process easier? You bet! Partner with Mr. Cooper and learn more about the steps to getting a home loan in Farmington Hills, MI.

Busy? Have us call you back. Call Me Back

More Information

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

Buying a house — it's a hope that we all share! And it's an endeavor that you can get help with from start to finish. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Farmington Hills, MI. Our trained mortgage professionals will work alongside you to identify 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 Farmington Hills home loan. can even help you out as you start your house hunt. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-respected real estate agents who can assist with the buying and selling process. 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 Farmington Hills 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).

Before we get too far down the rabbit hole… You want more information about moving to Michigan and going through the mortgage process in Farmington Hills! At a basic level, why do people get home loans? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. Plus, 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 Farmington Hills, MI.

The Farmington Hills real estate scene is a busy one, and you will likely want to act fast — particularly if you're on a tight timeline. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Farmington Hills

Begin by considering how long you'll be at your new home. Do you plan on living in it for a few years and then renting it out? Or will you be planting some deep roots in Farmington Hills? If you plan on sticking around for a long time, you might consider a fixed-rate loan. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Farmington Hills mortgage. 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.

Then, submit your Farmington Hills lender's home loan application. Every lender has a somewhat different process. Usually, though, 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 details, and the amount of money you're looking to borrow.

From there, your lender will provide you with a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. A quick note: a loan estimate isn't the same thing as a mortgage. It's an approximate calculation, and you can get multiple loan estimates to compare and select the right loan for you.

Partner with Mr. Cooper to complete the Farmington Hills 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 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 your lender! The more questions you ask 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.

The Final Step for a Home Mortgage in Farmington Hills, MI

The choice is up to you! Analyze your mortgage offers and select the offer that's good for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can help you understand the benefits and drawbacks of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Michigan. 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 Farmington Hills, MI

Once your home loan is approved by the lender, it's go-time for buying your Farmington Hills house! At this point in the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your location, you may also be required to work with a closing attorney in Farmington Hills who will schedule a time with you to sign your loan documents. Even if paperwork takes longer than expected, you don't have to stress over your closing date being delayed. 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 reached the end of the home loan process in Farmington Hills, and it's time to roll out the welcome mat. You're the proud owner of a house (or apartment or condo or townhome!) in Farmington Hills. Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Farmington Hills a super easy one.

Mr. Cooper Reviews from Real Customers in Farmington Hills, MI

Take it from these Mr. Cooper home buyers in Farmington Hills, MI: We love helping homeowners. Call now to see how we can serve you.

Overall Rating

out of 5 stars ( customer reviews)

Make buying a Farmington Hills home easier.

Mr. Cooper works to save buyers money at every stage of their journey, from real estate commissions to closing costs.