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Process for Getting a Mortgage in Farmington , MN

Whether you're buying your first home in Farmington 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 Farmington, MN Mortgage Process

Buying a house — it's a mission that we all share! And it's a process that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Farmington, 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.

Our team can even lend a helping hand as you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-respected 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 Farmington 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 want more information about moving to Minnesota and going through the mortgage process in Farmington! 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. What's more, 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 Farmington and beyond.

The Farmington home market is a competitive one, and you will likely want to act fast — especially if you're on a tight timeline. We get it! Here is a summary of the essential steps when applying for a mortgage in Farmington

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 planting some deep roots in Farmington? 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 Farmington. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that deadline, 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.

After, submit your Farmington lender's home loan application. The process can vary a bit between lenders. Still, in general, you'll need to give the following info: income sources, pay stubs, Social Security numbers, credit check authorization, the address of the home you'd like to buy, purchase contract, the amount you want to borrow, and your banking info.

From there, your lender will provide you with a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Farmington. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.

Partner with Mr. Cooper to complete the Farmington mortgage process 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 every lender offers Verified Approval letters as Mr. Cooper does.

Ask your lender! The more questions you ask The FTC recommends home buyers to ask about the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.

Seal the Deal with a Home Mortgage in Farmington, MN

The ball is in your court at this point! Compare 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 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. It's a standard part of the home loan process, whether you live in Farmington 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.

Closing on a House in Farmington, MN

Once your home loan is approved, it's go-time for buying your Farmington house! During this step of the mortgage process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your location, you may also be required to work with a closing attorney in Farmington who will schedule a 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*.

Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've completed the mortgage process in Farmington, and it's time to celebrate. Your Farmington 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 Farmington super straightforward.

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