Hazel Park, MI Mortgage and Home Loan Process
Buying a house — it's a mission that unifies all kinds of people! And it's something that you can get assistance with along the way. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Hazel Park, MI. Our mortgage professionals will get to know your particular situation 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 Hazel Park home loan. can even lend a helping hand as 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 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 Hazel Park 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).
But we're getting too deep into the weeds. You want more information about moving to Michigan and going through the mortgage process in Hazel Park! Why do people need home loans to begin with? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. What's more, 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 Hazel Park, MI.
The Hazel Park real estate scene is a busy one, and you probably want to move fast — particularly if you've found your dream home. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Hazel Park
First, ask yourself: How long do you plan on living in this house? Are you just passing through Hazel Park 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 stays the same when you have a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Hazel Park. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that date, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
After, follow your Hazel Park lender's loan application process. The process varies from lender to lender. Usually, though, you'll have to provide the following details: income sources, pay stubs, Social Security numbers, 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. A quick note: a loan estimate isn't the same thing as a mortgage. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.
Work with Mr. Cooper when going through the mortgage process in Hazel Park 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 all lenders offer Verified Approval letters as Mr. Cooper does.
Ask questions during 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 Hazel Park, MI
You're in control now! Review your mortgage offers and pick 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. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever 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 Hazel Park, MI
After your mortgage is approved, it's time to close on your dream house in Hazel Park! 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 may also be required to work with a closing attorney in Hazel Park who will schedule a 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*.
You're in the home stretch once you've signed the documents! You've completed the mortgage process in Hazel Park, and it's time to roll out the welcome mat. Your Hazel Park house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Hazel Park mortgage process an easy one.