The Right Way to Start Your St. Clair Shores, MI Mortgage Process
Buying a house — it's a dream that unites us from coast to coast! And it's something that you can get help with from beginning to end. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in St. Clair Shores, MI. 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 St. Clair Shores'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 connect you to Mr. Cooper® Agent Assurance, a network 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 St. Clair Shores 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 too deep into the weeds. You want more information about moving to Michigan and going through the mortgage process in St. Clair Shores! At a basic level, why do people get home loans? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. Plus, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. This information applies whether you're going through the home loan preparation process in St. Clair Shores or anywhere else. How to Apply for a Home Loan in St. Clair Shores, MI Steps to Complete the Mortgage Process in St. Clair Shores, MI How to Apply for a Mortgage in St. Clair Shores, MI
The St. Clair Shores real estate scene is a busy one, and you probably want to move fast — especially if you're on a tight timeline. We get it! Follow these important steps in the Michigan home loan process.
Start by thinking about how long you'll be in your new home. Are you just passing through St. Clair Shores on your way to your forever home? Or will you be planting some deep roots in St. Clair Shores? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. Your interest rate doesn't change with a fixed-rate home loan. But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your St. Clair Shores mortgage. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that date, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
Then, submit your St. Clair Shores lender's home loan application. The process can vary a bit between lenders. Still, in general, you'll need to give the following info: income sources, pay stubs, Social Security numbers, purchase contract, credit check authorization, the address of the property you'd like to buy, banking details, and the amount of money you're looking to borrow.
Your lender will then give you a loan estimate. 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 St. Clair Shores. It's a bit of preview, 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 St. Clair Shores 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.
Ask your lender! The more questions you ask The FTC urges home shoppers to inquire about any special programs, additional fees, the loan's annual percentage rate (APR), and whether the quoted rate is the lowest for that week or day.
Make Your Move with a Home Loan in St. Clair Shores, MI
The ball is in your court at this point! Compare your mortgage offers and select the option that's right 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 St. Clair Shores or elsewhere. The Disclosure is more formal documentation of your first estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
At Your Mortgage Closing in St. Clair Shores, MI
Once your home loan is approved, it's go-time for buying your St. Clair Shores house! 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 might have to bring in a St. Clair Shores closing attorney to be there when you sign your loan docs. 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*.
It's practically time to move in and unpack your boxes once you sign on the dotted line! You've reached the end of the home loan process in St. Clair Shores, and it's time to get your keys. Your St. Clair Shores house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the St. Clair Shores mortgage process an easy one.