The Right Way to Start Your South Lyon, MI Mortgage Process
Buying a house — it's a mission that unifies all kinds of people! And it's something that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in South Lyon, 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 your initial South Lyon loan search to prequalification to closing, we're here to help you make your move in Michigan! can even help out when you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-leading 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 South Lyon homes, check your home’s value, and set up Home Alerts to find your dream home. 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 ahead of ourselves. You're interested in the home loan process in Michigan. At a basic level, why do people get home loans? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. What's more, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. This information applies whether you're going through the home loan preparation process in South Lyon or anywhere else. How to Apply for a Home Loan in South Lyon, MI Steps to Complete the Mortgage Process in South Lyon, MI How to Apply for a Mortgage in South Lyon, MI
Houses in South Lyon 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're on a tight timeline. We get it! Here is a summary of the essential steps when applying for a mortgage in South Lyon
Begin by considering how long you'll be at your new home. Are you just passing through South Lyon on your way to your forever home? Or will you be planting some deep roots in South Lyon? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate stays the same when you have a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in South Lyon. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that deadline, the rate can go up or down at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
Then, follow your South Lyon lender's loan application process. The process varies from lender to lender. Still, in general, you'll need to give the following info: 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.
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: a loan estimate isn't the same thing as a mortgage. It's a bit of preview, 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 South Lyon 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 questions during 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.
Seal the Deal with a Home Mortgage in South Lyon, MI
The ball is in your court at this point! Review your mortgage offers and pick the offer that's good for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can even help you weigh the benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. It's a standard part of the home loan process, whether you live in South Lyon or elsewhere. A Closing Disclosure is a more formal write-up of your initial 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 South Lyon, MI
Once your home loan is approved by the lender, it's time to close on your dream house in South Lyon! 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 South Lyon who will schedule a 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*.
Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've completed the mortgage process in South Lyon, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in South Lyon. 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 South Lyon super straightforward.