Fraser, MI: A Home Loan Process That's Unique to You
Being a homeowner — it's a wish that unifies all kinds of people! And it's an endeavor that you can get help with from beginning to end. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Fraser, MI. Our trained mortgage professionals will work alongside you to identify the best loan options and terms for your circumstances.
From your initial Fraser loan search to prequalification to closing, we're here to help you make your move in Michigan! can even help out when you begin your hunt for a new house. 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. It's the site to visit if you need to find a Fraser 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).
Before we get too far down the rabbit hole… You're here to learn more about moving in Michigan and the overall mortgage process. Why might a person need a home loan in the first place? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. What's more, 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 Fraser and beyond.
The Fraser real estate scene is a busy one, and you'll want to take action quickly — even more so if you found a house you can't live without. We've been there, too! Here is a summary of the essential steps when applying for a mortgage in Fraser
Begin by considering how long you'll be at your new home. Are you just passing through Fraser on your way to your forever home? Or will you be enjoying your golden years in this house? 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 plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Fraser. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, the rate can adjust at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.
Next, complete your MI lender's loan application process. Every lender has a somewhat different process. Still, in general, you'll have to provide the following details: income sources, pay stubs, Social Security numbers, 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.
From there, your lender will provide you with a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Keep in mind that a loan estimate isn't the same thing as a mortgage. It's an estimate, and you can request multiple estimates to find the best loan for you.
Partner with Mr. Cooper to complete the Fraser mortgage process and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! Not all lenders offer Verified Approval letters as Mr. Cooper does.
Ask your lender! The more questions you ask The FTC recommends home buyers to ask 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 Fraser, MI
The choice is up to you! Compare your mortgage offers and select 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 help you understand the drawbacks and advantages of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. It's a standard part of the home loan process, whether you live in Fraser or elsewhere. A Closing Disclosure is a more formal write-up of your initial estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.
At Your Mortgage Closing in Fraser, MI
After your mortgage is approved, it's go-time for buying your Fraser house! At this stage of the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on your state, you could be required to work with a Fraser 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 Fraser, and it's time to get your keys. Your Fraser house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We're on a mission to make the mortgage process in Fraser super straightforward.