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Get to Know the Home Loan Process in Eden Prairie, MN

Are you a first-time Minnesota homebuyer? Or, maybe you're new to Eden Prairie and looking to buy a home in the area. Either way, you might have questions about the home loan process. Get answers from Mr. Cooper.

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Eden Prairie, MN: A Home Loan Process That's Unique to You

Buying a house — it's an aspiration that we all share! And it's an endeavor 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 Eden Prairie, MN. Our mortgage professionals will get to know your particular situation and recommend the best loan options and terms for your circumstances.

Our crew can even help you out as you start your house hunt. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-leading real estate agents who know home sales inside and out. 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 Eden Prairie homes, check your home’s value, and set up Home Alerts to find your dream home. 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 want more information about moving to Minnesota and going through the mortgage process in Eden Prairie! 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, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. These facts apply to the home loan preparation process everywhere, not just in Eden Prairie, MN.

The Eden Prairie real estate scene is a busy one, and you probably want to move fast — especially if you found a house you can't live without. We know what that's like! Follow these important steps in the Minnesota home loan process.

Begin by considering how long you'll be at your new home. 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? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. 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 Eden Prairie. Adjustable-rate loans have a fixed rate for some time. After that deadline, 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.

After, submit your Eden Prairie lender's home loan application. Every lender has a somewhat different process. Usually, though, you'll have to provide the following details: income sources, pay stubs, Social Security numbers, 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. Remember that the loan estimate isn't your final Eden Prairie mortgage. It's a bit of preview, and you can request multiple estimates to find the best loan for you.

Go through the mortgage process in Eden Prairie with Mr. Cooper and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can afford to borrow! This letter carries weight with realtors and home sellers because it shows you are serious and can afford a home. Not all lenders offer Verified Approval letters as Mr. Cooper does.

Just ask! It's normal to have questions about the home loan process. The FTC urges home shoppers to inquire 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.

The Final Step for a Home Mortgage in Eden Prairie, MN

The ball is in your court at this point! 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 even help you weigh the benefits and drawbacks of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Minnesota. A Closing Disclosure is a more formal write-up of your initial 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 Eden Prairie, MN

Once your home loan is approved by the lender, it's time to close on the home you want in Eden Prairie! During this step of the mortgage process, your broker and closing attorney are brought in to confirm closing costs. Depending on your state, you could be required to work with a Eden Prairie 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 reached the end of the home loan process in Eden Prairie, and it's time to get your keys. You are a homeowner in Eden Prairie! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Eden Prairie mortgage process an easy one.

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