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Get to Know the Mortgage Process in Golden Valley, MN

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

Living in a house that's yours, all yours — it's a mission that unites us from coast to coast! And it's something that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Golden Valley, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation to identify the best loan options and terms for your circumstances.

Our crew can even lend a helping hand as you kick off the search for a home. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-leading real estate agents who know home sales inside and out. 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 Golden Valley 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 ahead of ourselves. You want more information about moving to Minnesota and going through the mortgage process in Golden Valley! 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. Plus, 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 Golden Valley, MN.

The Golden Valley real estate scene is a busy one, and you will likely want to act fast — even more so if you're on a tight timeline. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Golden Valley

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 enjoying your golden years in this house? If you plan on sticking around for a long time, you might consider a fixed-rate loan. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Golden Valley. 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 Golden Valley lender's home loan application. The process varies from lender to lender. Usually, though, you'll need to provide the following information: pay stubs, Social Security numbers, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, banking information, and the amount you'd like to borrow.

From there, your lender will provide you with a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in Golden Valley. It's an estimate, and you can request multiple estimates to find the best loan for you.

Go through the mortgage process in Golden Valley 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 means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! 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.

Make Your Move with a Home Loan in Golden Valley, MN

The choice is up to you! Analyze your mortgage offers and choose the one that's best for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can help you evaluate the drawbacks and advantages 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 Golden Valley 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.

Closing on a House in Golden Valley, MN

Once your home loan is approved, it's go-time for buying your Golden Valley 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 could be required to work with a Golden Valley closing attorney. They'll book time with you to sign your loan documents. 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*.

You're in the home stretch once you've signed the documents! You've arrived. You finished the home loan process in Golden Valley, and it's time to celebrate. Your Golden Valley house is now your home! Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Golden Valley a super easy one.

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