Grand Rapids, MI Mortgage and Home Loan Process
Living in a house that's yours, all yours — it's an aspiration that unifies all kinds of people! And it's something that you can get assistance with along the way. If you're curious about the process of getting a mortgage in Grand Rapids, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals can help you work through your unique situation and suggest the right options for your needs.
Our team can even help you out as you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-respected real estate agents who assist with home buying and selling.. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. On the MLS site, you can compare Grand Rapids homes, check your home’s value, and set up Home Alerts to find your dream home. 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 too deep into the weeds. You want more information about moving to Michigan and going through the mortgage process in Grand Rapids! Why do people need home loans to begin with? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. 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 Grand Rapids and beyond.
The Grand Rapids home market is a competitive one, and you will likely want to act fast — particularly if you've found your dream home. We've been there, too! Here is a summary of the essential steps when applying for a mortgage in Grand Rapids
Begin by considering how long you'll be at your new home. Are you just passing through Grand Rapids on your way to your forever home? Or will you be planting some deep roots in Grand Rapids? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. 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 Grand Rapids mortgage. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that deadline, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.
After, complete your MI lender's loan application process. The process can vary a bit between lenders. Usually, though, you'll need to give the following info: Social Security numbers, pay stubs, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, 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. A quick note: the loan estimate isn't your final Grand Rapids mortgage. It's an approximate calculation, and you can get multiple loan estimates to compare and select the right loan for you.
Go through the mortgage process in Grand Rapids with Mr. Cooper 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 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 any special programs, additional fees, the loan's annual percentage rate (APR), and whether the quoted rate is the lowest for that week or day.
Make Your Move with a Home Loan in Grand Rapids, MI
The ball is in your court at this point! Analyze 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 help you evaluate the drawbacks and advantages 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. 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.
Close on a Home in Grand Rapids, MI
Once your home loan is approved, it's time to close on your dream house in Grand Rapids! At this stage of the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on your location, you might have to bring in a Grand Rapids closing attorney to be there when you sign your loan docs. 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*.
You're in the home stretch once you've signed the documents! You've reached the end of the home loan process in Grand Rapids, and it's time to celebrate. Your Grand Rapids house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Grand Rapids mortgage process an easy one.