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Process for Getting a Mortgage in Portage , MI

Whether you're buying your first home in Portage or your seventh on the other side of Michigan, you have a friend in the home loan process. Mr. Cooper is the nation's fourth-largest mortgage servicer and can help you every step of the way.

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Portage, MI: A Home Loan Process That's Unique to You

Living in a house that's yours, all yours — it's a hope that unifies all kinds of people! 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 Portage, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and recommend the best options for you at every turn.

From immersing yourself in the culture of Portage'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 can assist with the buying and selling process. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. It's the site to visit if you need to find a Portage home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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 ahead of ourselves. 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 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 Portage and beyond.

Houses in Portage seem to move off the market just as fast as they come on, and you'll want to take action quickly — even more so if you've found your dream home. We get it! Here is a summary of the essential steps when applying for a mortgage in Portage

Start by thinking about how long you'll be in your new home. Do you plan on living in it for a few years and then renting it out? Or will you be planting some deep roots in Portage? 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 Portage. Adjustable-rate loans have a fixed rate for some time. After that date, the rate can adjust at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

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

From there, your lender will provide you with a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Portage. 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 Portage 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 every lender offers Verified Approval letters as Mr. Cooper does.

Just ask! It's normal to have questions about the home loan process. The FTC urges home shoppers to inquire 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 Portage, MI

The choice is up to you! Compare your mortgage offers and select 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. Once you confirm your choice with the lender, they might approve your loan and send 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. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.

Close on a Home in Portage, MI

After your mortgage is approved, it's time to close on your dream house in Portage! At this point in the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your state, you could be required to work with a Portage closing attorney. They'll book time with you to sign your loan documents. You never have to worry about your closing date flying by and leaving you in a pinch. 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 Portage, and it's time to celebrate. You are a homeowner in Portage! 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 Portage super straightforward.

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