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Get to Know the Mortgage Process in Riverview, MI

Are you a first-time Michigan homebuyer? Or, maybe you're new to Riverview 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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Riverview, MI: A Home Loan Process That's Unique to You

Living in a house that's yours, all yours — it's an ambition that we all share! And it's a process that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Riverview, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation and recommend the right options for your needs.

From immersing yourself in the culture of Riverview's neighborhoods to closing on the home you've always wanted, we're here to ease your transition in Michigan. can even help you out as you kick off the search for a home. They can get you connected to Mr. Cooper® Agent Assurance, an organization 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 Riverview home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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 Riverview! 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, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. These facts apply to the home loan preparation process everywhere, not just in Riverview, MI.

The Riverview home market is a competitive one, and you will likely want to act fast — even more so if you found a house you can't live without. We've been there, too! Follow these important steps in the Michigan home loan process.

Start by thinking about how long you'll be in your new home. Is this a soon-to-be investment property? 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. 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 Riverview. 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.

After, submit your Riverview lender's home loan application. The process varies from lender to lender. Usually, though, you'll need to provide the following information: 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.

From there, your lender will provide you with a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Keep in mind that a loan estimate isn't the same thing as a mortgage. It's an approximate calculation, 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 Riverview and we'll review your information and provide you with a Verified Approval letter, which is a very accurate estimate of what you could afford. 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 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 Riverview, MI

The ball is in your court at this point! Review your mortgage offers and choose the offer that's good for you. Consider the details of each, from the interest rate to the loan term. 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 Riverview or elsewhere. Consider it a more formal version of your previous 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 Riverview, MI

After your mortgage is approved, it's time to close on your dream house in Riverview! During this step of the mortgage process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on your location, you may also be required to work with a closing attorney in Riverview who will schedule a 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*.

It's practically time to move in and unpack your boxes once you sign on the dotted line! You've completed the mortgage process in Riverview, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Riverview. Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Riverview a super easy one.

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