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Get to Know the Home Loan Process in Brainerd, MN

Whether you're buying your first home in Brainerd or your seventh on the other side of Minnesota, you have a friend in the home loan process. Mr. Cooper is the nation's fourth-largest mortgage servicer and can help you every step of the way.

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The Right Way to Start Your Brainerd, MN Mortgage Process

Being a homeowner — it's a dream that unites us from coast to coast! 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 Brainerd, keep reading. Then call Mr. Cooper to take your next step. Our trained mortgage professionals will work alongside you to identify the right options for your needs.

Our team can even help out when you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-respected 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 Brainerd home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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're interested in the home loan process in Minnesota. 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. What's more, 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 Brainerd, MN.

Houses in Brainerd seem to move off the market just as fast as they come on, and you'll want to take action quickly — especially if you're on a tight timeline. We get it! Here are a few of the most important steps in the MN mortgage loan process.

First, ask yourself: How long do you plan on living in this house? Do you plan on living in it for a few years and then renting it out? 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. Your interest rate stays the same when you have 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 Brainerd mortgage. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that date, the rate can go up or down at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

Then, follow your Brainerd lender's loan application process. The process can vary a bit between lenders. Still, in general, you'll have to provide the following details: pay stubs, Social Security numbers, income sources, purchase contract, credit check authorization, the address of the property you'd like to buy, banking information, and the amount you'd like to borrow.

From there, your lender will provide you with a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Brainerd. 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 Brainerd with Mr. Cooper 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 every lender offers Verified Approval letters as Mr. Cooper does.

Ask questions during the home loan process! 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.

Seal the Deal with a Home Mortgage in Brainerd, MN

You're in control now! Review your mortgage offers and select the one that's best for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you evaluate the drawbacks and advantages of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. It's a standard part of the home loan process, whether you live in Brainerd or elsewhere. Consider it a more formal version of your previous estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.

At Your Mortgage Closing in Brainerd, MN

After your mortgage is approved, it's go-time for buying your Brainerd house! At this stage of the home loan process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on your state, you might have to bring in a Brainerd closing attorney to be there when you sign your loan docs. 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*.

Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've reached the end of the home loan process in Brainerd, and it's time to celebrate. Your Brainerd house is now your home! 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 Brainerd super straightforward.

Mr. Cooper Reviews from Real Customers in Brainerd, MN

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