The Right Way to Start Your Taylor, MI Mortgage Process
Living in a house that's yours, all yours — it's an ambition that unifies all kinds of people! And it's a process that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Taylor, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and suggest the best loan options and terms for your circumstances.
Our crew 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're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. Here, you can search for a home in Taylor, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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 here to learn more about moving in Michigan and the overall mortgage process. 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. 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 Taylor or anywhere else. How to Apply for a Home Loan in Taylor, MI Steps to Complete the Mortgage Process in Taylor, MI How to Apply for a Mortgage in Taylor, MI
Houses in Taylor seem to move off the market just as fast as they come on, and you'll want to take action quickly — particularly if you're on a tight timeline. We understand! Follow these important steps in the Michigan home loan process.
Start by thinking about how long you'll be in your new home. Do you plan on living in it for a few years and then renting it out? Or will you be enjoying your golden years in this house? 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 plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Taylor. 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.
Then, follow your Taylor lender's loan application process. Every lender has a somewhat different process. Usually, though, you'll have to provide the following details: Social Security numbers, pay stubs, income sources, the address of the house you'd like to buy, purchase contract, credit check authorization, the amount you want to borrow, and your banking info.
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. Remember that a loan estimate isn't the same thing as a mortgage. It's a bit of preview, and you can request multiple estimates to find the best loan for you.
Work with Mr. Cooper when going through the mortgage process in Taylor and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. 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 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 Taylor, MI
The ball is in your court at this point! Compare your mortgage offers and choose 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 drawbacks and advantages 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 Taylor 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 Taylor, MI
After your mortgage is approved, it's go-time for buying your Taylor house! At this point in the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on your state, you may also be required to work with a closing attorney in Taylor who will schedule a time with you to sign your loan documents. 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 completed the mortgage process in Taylor, and it's time to roll out the welcome mat. Your Taylor house is now your home! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Taylor super straightforward.