Westland, MI Mortgage and Home Loan Process
Buying a house — it's a dream that unifies all kinds of people! And it's an endeavor that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Westland, keep reading. Then call Mr. Cooper to take your next step. Our trained mortgage professionals will work alongside you and suggest the best loan options and terms for your circumstances.
Our team 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-respected real estate agents who can assist with the buying and selling process. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. On the MLS site, you can compare Westland homes, check your home’s value, and set up Home Alerts to find your dream home. And guess what? If you choose to buy a house with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).
But we're getting ahead of ourselves. You're interested in the home loan process in Michigan. Why do people need home loans to begin with? 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. These facts apply to the home loan preparation process everywhere, not just in Westland, MI.
The Westland real estate scene is a busy one, and you probably want to move fast — especially if you've found your dream home. We know what that's like! Here are a few of the most important steps in the MI mortgage loan process.
Start by thinking about how long you'll be in your new home. Are you just passing through Westland on your way to your forever home? 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 Westland mortgage. Adjustable-rate loans have a fixed rate for some time. After that date, 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, submit your Westland lender's home loan application. The process varies from lender to lender. Usually, though, you'll have to provide the following details: Social Security numbers, pay stubs, income sources, purchase contract, credit check authorization, the address of the property you'd like to buy, the amount you want to borrow, and your banking info.
Next up? A loan estimate from your lender! You'll receive your estimated monthly payment, interest rate, and closing costs. Keep in mind that the loan estimate isn't your final Westland mortgage. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.
Go through the mortgage process in Westland with Mr. Cooper and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter shows home sellers and realtors you are a serious buyer. Not all lenders offer Verified Approval letters as Mr. Cooper does.
Ask your lender! The more questions you ask The FTC urges home shoppers to inquire 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 Westland, MI
The ball is in your court at this point! Analyze your mortgage offers and choose the offer that's good for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can help you understand the drawbacks and advantages 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 Westland 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 Westland, MI
Once your home loan is approved, it's go-time for buying your Westland house! At this point in the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on where you live, you could be required to work with a Westland closing attorney. They'll book time with you to sign your loan documents. You never have to worry about your closing date flying by and leaving you in a pinch. 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 arrived. You finished the home loan process in Westland, and it's time to celebrate. You are a homeowner in Westland! And if this all sounds too simple to be true, give Mr. Cooper a call. We do our best to make the home loan process in Westland a super easy one.