The Right Way to Start Your Houghton, MI Mortgage Process
Being a homeowner — it's a goal that unifies all kinds of people! And it's a process 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 Houghton, MI. Our trained mortgage professionals will work alongside you and suggest the best options for you at every turn.
From immersing yourself in the culture of Houghton's neighborhoods to closing on the home you've always wanted, we're here to ease your transition in Michigan. can even help out when you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of well-known, licensed real estate agents who know home sales inside and out. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. On the MLS site, you can compare Houghton 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 Houghton! 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. 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 Houghton, MI.
Houses in Houghton seem to move off the market just as fast as they come on, and you probably want to move fast — particularly if you've found your dream home. We get it! Here are a few of the most important steps in the MI mortgage loan process.
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 is this where you'll be raising your family? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate doesn't change with a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Houghton. Adjustable-rate loans have a fixed rate for some time. After that deadline, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
After, submit your Houghton lender's home loan application. The process can vary a bit between lenders. Generally, however, 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, the amount you want to borrow, and your banking info.
Your lender will then give you a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Houghton. It's an approximate calculation, and you can seek out multiple estimates to find the absolute best option for you.
Partner with Mr. Cooper to complete the Houghton 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 shows home sellers and realtors you are a serious buyer. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.
Just ask! It's normal to have questions about the home loan process. The FTC advises that you should also ask each lender 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 Houghton, MI
You're in control now! Compare your mortgage offers and select the one that's best for you. Think about the nuances of each, from the loan term to the interest rate. 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. It's a standard part of the home loan process, whether you live in Houghton or elsewhere. Consider it a more formal version of your previous estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
Closing on a House in Houghton, MI
Once your home loan is approved by the lender, it's go-time for buying your Houghton house! At this stage of the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on where you live, you may also be required to work with a closing attorney in Houghton 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 arrived. You finished the home loan process in Houghton, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Houghton. Do the steps seem too simple? Contact Mr. Cooper today. We're on a mission to make the mortgage process in Houghton super straightforward.