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Get to Know the Mortgage Process in Minnetonka, MN

Whether you're buying your first home in Minnetonka 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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Minnetonka, MN Mortgage and Home Loan Process

Buying a house — it's a wish that unifies all kinds of people! And it's something that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Minnetonka, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation and recommend the best loan options and terms for your circumstances.

Our crew can even lend a helping hand as you begin your hunt for a new house. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed real estate agents who assist with home buying and selling.. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. On the MLS site, you can compare Minnetonka homes, check your home’s value, and set up Home Alerts to find your dream home. And guess what? If you choose to buy a house with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).

But we're getting ahead of ourselves. You're interested in the home loan process in Minnesota. Why do people need home loans to begin with? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. What's more, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. Considering these facts is part of the home loan preparation process in Minnetonka and beyond.

The Minnetonka home market is a competitive one, and you'll want to take action quickly — even more so if you're on a tight timeline. We understand! Here is a summary of the essential steps when applying for a mortgage in Minnetonka

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 planting some deep roots in Minnetonka? 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 you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Minnetonka mortgage. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that date, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.

After, follow your Minnetonka lender's loan application process. The process can vary a bit between lenders. Usually, though, you'll need to provide the following information: Social Security numbers, pay stubs, income sources, 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.

Next up? A loan estimate from your lender! You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that a loan estimate isn't the same thing as a mortgage. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.

Go through the mortgage process in Minnetonka with Mr. Cooper and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. 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 questions during the home loan process! 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.

The Final Step for a Home Mortgage in Minnetonka, MN

You're in control now! Compare your mortgage offers and select the offer that's good for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can help you understand the benefits and drawbacks 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. Consider it a more formal version of your previous estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

Close on a Home in Minnetonka, MN

Once your home loan is approved by the lender, it's time to close on your dream house in Minnetonka! At this stage of the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on your location, you may also be required to work with a closing attorney in Minnetonka who will schedule a 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*.

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 Minnetonka, and it's time to celebrate. You are a homeowner in Minnetonka! Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Minnetonka a super easy one.

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