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Get to Know the Home Loan Process in Shelby Township, MI

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

Being a homeowner — it's a wish that unifies all kinds of people! And it's something that you can get help with from beginning to end. If you're curious about the process of getting a mortgage in Shelby Township, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals can help you work through your unique situation and suggest the best loan options and terms for your circumstances.

Our crew can even lend a helping hand as you kick off the search for a home. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed 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. On the MLS site, you can compare Shelby Township 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).

But we're getting ahead of ourselves. You want more information about moving to Michigan and going through the mortgage process in Shelby Township! Why do people need home loans to begin with? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. Plus, 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 Shelby Township or anywhere else.   How to Apply for a Home Loan in Shelby Township, MI   Steps to Complete the Mortgage Process in Shelby Township, MI How to Apply for a Mortgage in Shelby Township, MI

Houses in Shelby Township seem to move off the market just as fast as they come on, and you probably want to move fast — even more so if you've found your dream home. We understand! Here is a summary of the essential steps when applying for a mortgage in Shelby Township

First, ask yourself: How long do you plan on living in this house? Do you plan on living in it for a few years and then renting it out? Or is this where you'll be raising your family? If you're going to be in the house for years and years, look into 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 Shelby Township mortgage. Adjustable-rate loans have a fixed rate for some time. 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.

Next, follow your Shelby Township lender's loan application process. The process can vary a bit between lenders. Still, in general, you'll need to provide the following information: 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.

Next up? A loan estimate from your lender! You'll receive your estimated monthly payment, interest rate, and closing costs. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in Shelby Township. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.

Work with Mr. Cooper when going through the mortgage process in Shelby Township 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 shows home sellers and realtors you are a serious buyer. 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 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 Shelby Township, MI

You're in control now! Review your mortgage offers and pick the one that's best for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you understand the benefits and drawbacks 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 Shelby Township or elsewhere. A Closing Disclosure is a more formal write-up of your initial estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

Close on a Home in Shelby Township, MI

Once your home loan is approved by the lender, it's go-time for buying your Shelby Township house! At this stage of the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on where you live, you might have to bring in a Shelby Township closing attorney to be there when you sign your loan docs. 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*.

It's practically time to move in and unpack your boxes once you sign on the dotted line! You've arrived. You finished the home loan process in Shelby Township, 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 Shelby Township. And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the Shelby Township mortgage process an easy one.

Mr. Cooper Reviews from Real Customers in Shelby Township, MI

Take it from these Mr. Cooper home buyers in Shelby Township, MI: We love helping homeowners. Call now to see how we can serve you.

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