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Get to Know the Home Loan Process in Jackson, MI

Are you a first-time Michigan homebuyer? Or, maybe you're new to Jackson and looking to buy a home in the area. Either way, you might have questions about the home loan process. Get answers from Mr. Cooper.

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Jackson, MI Mortgage and Home Loan Process

Being a homeowner — it's a hope that unites us from coast to coast! And it's a process that you can get assistance with along the way. If you're curious about the process of getting a mortgage in Jackson, keep reading. Then call Mr. Cooper to take your next step. Our trained mortgage professionals will work alongside you and recommend the right options for your needs.

Our crew can even lend a helping hand as you begin your hunt for a new house. 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'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 Jackson 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).

But we're getting too deep into the weeds. You're interested in the home loan process in Michigan. 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 Jackson and beyond.

The Jackson real estate scene is a busy one, and you probably want to move fast — especially if you're on a tight timeline. We know what that's like! 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. Is this a soon-to-be investment property? Or will you be planting some deep roots in Jackson? 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're planning on being in and out fast, then you might want to go the adjustable-rate route for your Jackson mortgage. Adjustable-rate loans have a fixed rate for some time. After that date, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

Then, follow your Jackson lender's loan application process. The process can vary a bit between lenders. Generally, however, you'll need to provide the following information: pay stubs, Social Security numbers, income sources, the address of the house you'd like to buy, purchase contract, credit check authorization, the amount you want to borrow, and your banking info.

From there, your lender will provide you with a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that a loan estimate isn't the same thing as a mortgage. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.

Work with Mr. Cooper when going through the mortgage process in Jackson 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 your lender! The more questions you ask The FTC recommends home buyers to ask 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 Jackson, MI

You're in control now! Review your mortgage offers and choose the offer that's good 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 drawbacks and advantages 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. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

At Your Mortgage Closing in Jackson, MI

After your mortgage is approved, it's go-time for buying your Jackson house! During this step of the mortgage process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on your location, you might have to bring in a Jackson 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 Jackson, 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 Jackson. Does that all sound too easy? Call Mr. Cooper. We strive to make the Jackson mortgage process an easy one.

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