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Get to Know the Home Loan Process in Ferndale, MI

Whether you're buying your first home in Ferndale 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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Ferndale, MI: A Home Loan Process That's Unique to You

Living in a house that's yours, all yours — it's an aspiration that unites us from coast to coast! And it's something that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Ferndale, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and suggest the best options for you at every turn.

Our mortgage professionals can even help out when you kick off the search for a home. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-leading 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 Ferndale, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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 Ferndale! At a basic level, why do people get home loans? 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, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. Considering these facts is part of the home loan preparation process in Ferndale and beyond.

The Ferndale home market is a competitive one, and you'll want to take action quickly — particularly if you found a house you can't live without. We know what that's like! Follow these important steps in the Michigan home loan process.

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 will you be planting some deep roots in Ferndale? 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 Ferndale. 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.

Next, complete your MI lender's loan application process. The process varies from lender to lender. Still, in general, you'll have to provide the following details: 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.

Your lender will then give you a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that the loan estimate isn't your final Ferndale mortgage. It's a bit of preview, and you can seek out multiple estimates to find the absolute best option for you.

Partner with Mr. Cooper to complete the Ferndale mortgage process 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 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 advises that you should also ask each lender about additional fees, the loan's annual percentage rate, any special programs, and whether the quoted rate is the lowest for the week or day.

Seal the Deal with a Home Mortgage in Ferndale, MI

The choice is up to you! Compare your mortgage offers and choose the one that's best 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 pros and cons 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. The Disclosure is more formal documentation of your first estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.

Closing on a House in Ferndale, MI

After your mortgage is approved, it's time to close on your dream house in Ferndale! 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 your state, you could be required to work with a Ferndale closing attorney. They'll book 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 arrived. You finished the home loan process in Ferndale, 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 Ferndale. Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Ferndale mortgage process an easy one.

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