Cottage Grove, MN Mortgage and Home Loan Process
Buying a house — it's a wish that we all share! 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 Cottage Grove, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation to identify the right options for your needs.
From your initial Cottage Grove loan search to prequalification to closing, we're here to help you make your move in Minnesota! can even help you out as you kick off the search for a home. They can get you connected to Mr. Cooper® Agent Assurance, an organization of well-known, licensed real estate agents who can assist with the buying and selling process. 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 Cottage Grove homes, check your home’s value, and set up Home Alerts to find 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).
Before we get too far down the rabbit hole… You're interested in the home loan process in Minnesota. 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. Considering these facts is part of the home loan preparation process in Cottage Grove and beyond.
The Cottage Grove home market is a competitive one, and you probably want to move fast — even more so if you found a house you can't live without. We've been there, too! Here are a few of the most important steps in the MN mortgage 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? 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 you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Cottage Grove 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. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.
Then, submit your Cottage Grove lender's home loan application. The process can vary a bit between lenders. Generally, however, you'll need to give the following info: pay stubs, Social Security numbers, 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. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. A quick note: the loan estimate isn't your final Cottage Grove mortgage. It's an estimate, 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 Cottage Grove 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.
Just ask! It's normal to have questions about the home loan process. 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.
Seal the Deal with a Home Mortgage in Cottage Grove, MN
You're in control now! Review your mortgage offers and select 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 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. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Minnesota. The Disclosure is more formal documentation of your first estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.
Closing on a House in Cottage Grove, MN
Once your home loan is approved by the lender, it's time to close on your dream house in Cottage Grove! At this stage of the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on where you live, you could be required to work with a Cottage Grove closing attorney. They'll book time with you to sign your loan documents. 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*.
You're in the home stretch once you've signed the documents! You've arrived. You finished the home loan process in Cottage Grove, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Cottage Grove. Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Cottage Grove a super easy one.