Wixom, MI Mortgage and Home Loan Process
Buying a house — it's a wish that we all share! And it's something that you can get help with from start to finish. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Wixom, MI. Our trained mortgage professionals will work alongside you and recommend the best options for you at every turn.
Our crew can even help out when you begin your hunt for a new house. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-leading real estate agents who assist with home buying and selling.. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. It's the site to visit if you need to find a Wixom home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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 want more information about moving to Michigan and going through the mortgage process in Wixom! 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. In addition, 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 Wixom or anywhere else. How to Apply for a Home Loan in Wixom, MI Steps to Complete the Mortgage Process in Wixom, MI How to Apply for a Mortgage in Wixom, MI
The Wixom home market is a competitive one, and you probably want to move fast — particularly if you're on a tight timeline. We've been there, too! Here are a few of the most important steps in the MI mortgage loan process.
First, ask yourself: How long do you plan on living in this house? Is this a soon-to-be investment property? Or will you be planting some deep roots in Wixom? If you plan on sticking around for a long time, you might consider a fixed-rate loan. Your interest rate stays the same when you have a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Wixom. 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, submit your Wixom lender's home loan application. The process can vary a bit between lenders. Generally, however, you'll have to provide the following details: pay stubs, Social Security numbers, income sources, 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.
Next up? A loan estimate from your lender! You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that the loan estimate isn't your final Wixom mortgage. It's a bit of preview, and you can get multiple loan estimates to compare and select the right loan for you.
Partner with Mr. Cooper to complete the Wixom mortgage process 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 every lender offers Verified Approval letters as Mr. Cooper does.
Ask questions during the home loan process! The FTC recommends home buyers to ask 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.
Seal the Deal with a Home Mortgage in Wixom, MI
You're in control now! Analyze your mortgage offers and pick 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 help you understand the benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Michigan. 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.
Closing on a House in Wixom, MI
After your mortgage is approved, it's go-time for buying your Wixom 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 Wixom who will schedule a 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*.
You're in the home stretch once you've signed the documents! You've arrived. You finished the home loan process in Wixom, and it's time to get your keys. You are a homeowner in Wixom! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Wixom super straightforward.