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Get to Know the Home Loan Process in Inver Grove Heights, MN

Are you a first-time Minnesota homebuyer? Or, maybe you're new to Inver Grove Heights 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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The Right Way to Start Your Inver Grove Heights, MN Mortgage Process

Being a homeowner — it's a wish that unifies all kinds of people! And it's an endeavor that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Inver Grove Heights, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation and recommend the best options for you at every turn.

Our mortgage professionals can even help out when you start your house hunt. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-respected real estate agents who know home sales inside and out. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. Here, you can search for a home in Inver Grove Heights, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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).

But we're getting too deep into the weeds. You want more information about moving to Minnesota and going through the mortgage process in Inver Grove Heights! Why do people need home loans to begin with? 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. These facts apply to the home loan preparation process everywhere, not just in Inver Grove Heights, MN.

The Inver Grove Heights real estate scene is a busy one, and you'll want to take action quickly — especially if you've found your dream home. We get it! Follow these important steps in the Minnesota home 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 doesn't change with a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Inver Grove Heights. Adjustable-rate loans have a fixed rate for some time. When that period is over, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

After, complete your MN lender's loan application process. Every lender has a somewhat different process. Generally, however, you'll have to provide the following details: 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 receive your estimated monthly payment, interest rate, and closing costs. Remember that the loan estimate isn't your final Inver Grove Heights mortgage. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.

Go through the mortgage process in Inver Grove Heights 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 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 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.

The Final Step for a Home Mortgage in Inver Grove Heights, MN

You're in control now! Compare your mortgage offers and choose the option that's right for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you understand the pros and cons of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Minnesota. A Closing Disclosure is a more formal write-up of your initial estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

Closing on a House in Inver Grove Heights, MN

After your mortgage is approved, it's time to close on the home you want in Inver Grove Heights! During this step of the mortgage process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on your location, you might have to bring in a Inver Grove Heights closing attorney to be there when you sign your loan docs. 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*.

It's practically time to move in and unpack your boxes once you sign on the dotted line! You've reached the end of the home loan process in Inver Grove Heights, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Inver Grove Heights. And if this all sounds too simple to be true, give Mr. Cooper a call. We do our best to make the home loan process in Inver Grove Heights a super easy one.

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