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Get to Know the Mortgage Process in Marquette, MI

Are you a first-time Michigan homebuyer? Or, maybe you're new to Marquette 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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Marquette, MI Mortgage and Home Loan Process

Buying a house — it's a mission that unites us from coast to coast! And it's an endeavor that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Marquette, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and suggest the right options for your needs.

From immersing yourself in the culture of Marquette'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 kick off the search for a home. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-leading 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. On the MLS site, you can compare Marquette homes, check your home’s value, and set up Home Alerts to find your dream home. And guess what? If you choose to buy a house 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 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, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. This information applies whether you're going through the home loan preparation process in Marquette or anywhere else.   How to Apply for a Home Loan in Marquette, MI   Steps to Complete the Mortgage Process in Marquette, MI How to Apply for a Mortgage in Marquette, MI

Houses in Marquette 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 know what that's like! Here is a summary of the essential steps when applying for a mortgage in Marquette

Begin by considering how long you'll be at your new home. Are you just passing through Marquette on your way to your forever home? Or is this where you'll be raising your family? 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 this home is going to be a quick stopover, look at an adjustable-rate mortgage in Marquette. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. When that period is over, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.

Then, complete your MI lender's loan application process. The process can vary a bit between lenders. 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.

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. Remember that a loan estimate isn't the same thing as a mortgage. 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 Marquette 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 questions during the home loan process! The FTC recommends home buyers to ask about additional fees, the loan's annual percentage rate, any special programs, and whether the quoted rate is the lowest for the week or day.

Make Your Move with a Home Loan in Marquette, MI

The choice is up to you! Compare 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 pros and cons 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 Marquette 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.

Close on a Home in Marquette, MI

Once your home loan is approved, it's go-time for buying your Marquette house! During this step of the mortgage process, your closing attorney and broker are brought in to confirm closing costs. Depending on where you live, you may also be required to work with a closing attorney in Marquette 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*.

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 Marquette, and it's time to get your keys. You are a homeowner in Marquette! And if this all sounds too simple to be true, give Mr. Cooper a call. We're on a mission to make the mortgage process in Marquette super straightforward.

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