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Get to Know the Home Loan Process in Royal Oak, MI

Are you a first-time Michigan homebuyer? Or, maybe you're new to Royal Oak 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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The Right Way to Start Your Royal Oak, MI Mortgage Process

Buying a house — it's an aspiration that unifies all kinds of people! And it's a process that you can get help with from beginning to end. If you're curious about the process of getting a mortgage in Royal Oak, keep reading. Then call Mr. Cooper to take your next step. Our trained mortgage professionals will work alongside you and suggest the right options for your needs.

We're here to help make your Michigan move an easy one, starting with the first time you search for a Royal Oak home loan. can even help you out as you begin your hunt for a new house. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-leading real estate agents who can assist with the buying and selling process. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. On the MLS site, you can compare Royal Oak homes, check your home’s value, and set up Home Alerts to find your dream home. And get this — if you buy a home with a Mr. Cooper mortgage, we'll pay for your 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 Royal Oak! Why might a person need a home loan in the first place? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. In addition, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. Considering these facts is part of the home loan preparation process in Royal Oak and beyond.

The Royal Oak home market is a competitive one, and you'll want to take action quickly — especially if you found a house you can't live without. We've been there, too! 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 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 Royal Oak. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

After, submit your Royal Oak lender's home loan application. Every lender has a somewhat different process. Generally, however, you'll need to give the following info: pay stubs, Social Security numbers, 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.

Your lender will then give you a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Royal Oak. It's a bit of preview, and you can get multiple loan estimates to compare and select the right loan for you.

Partner with Mr. Cooper to complete the Royal Oak mortgage process 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 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 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.

The Final Step for a Home Mortgage in Royal Oak, MI

The ball is in your court at this point! Analyze your mortgage offers and choose the offer that's good for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you evaluate 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 Royal Oak or elsewhere. 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.

Closing on a House in Royal Oak, MI

Once your home loan is approved by the lender, it's time to close on the home you want in Royal Oak! During this step of the mortgage process, your closing attorney and broker are brought in to confirm closing costs. Depending on your state, you could be required to work with a Royal Oak closing attorney. They'll book 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*.

You're in the home stretch once you've signed the documents! You've completed the mortgage process in Royal Oak, and it's time to roll out the welcome mat. You are a homeowner in Royal Oak! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Royal Oak mortgage process an easy one.

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