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Process for Getting a Mortgage in Plymouth , MN

Are you a first-time Minnesota homebuyer? Or, maybe you're new to Plymouth 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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Plymouth, MN: A Home Loan Process That's Unique to You

Living in a house that's yours, all yours — it's a dream that unites us from coast to coast! And it's an endeavor that you can get assistance with along the way. If you're curious about the process of getting a mortgage in Plymouth, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals will get to know your particular situation and suggest the best options for you at every turn.

Our crew can even help out when you kick off the search for a home. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-respected real estate agents who assist with home buying and selling.. 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 Plymouth home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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).

Before we get too far down the rabbit hole… You're interested in the home loan process in Minnesota. Why might a person need a home loan in the first place? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. What's more, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. This information applies whether you're going through the home loan preparation process in Plymouth or anywhere else.   How to Apply for a Home Loan in Plymouth, MN   Steps to Complete the Mortgage Process in Plymouth, MN How to Apply for a Mortgage in Plymouth, MN

The Plymouth real estate scene is a busy one, and you probably want to move fast — especially if you've found your dream home. We know what that's like! Here are a few of the most important steps in the MN mortgage loan process.

Start by thinking about how long you'll be in your new home. Are you just passing through Plymouth on your way to your forever home? Or will you be enjoying your golden years in this house? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. 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 Plymouth. Adjustable-rate loans have a fixed rate for some 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, follow your Plymouth lender's loan application process. Every lender has a somewhat different process. Usually, though, you'll need to provide the following information: 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.

Your lender will then give you a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. A quick note: the loan estimate isn't your final Plymouth 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 Plymouth 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 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 advises that you should also ask each lender 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.

Make Your Move with a Home Loan in Plymouth, MN

The ball is in your court at this point! Compare your mortgage offers and pick the option that's right 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. It's a standard part of the home loan process, whether you live in Plymouth 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 Plymouth, MN

Once your home loan is approved, it's time to close on your dream house in Plymouth! 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 state, you may also be required to work with a closing attorney in Plymouth who will schedule a 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*.

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 Plymouth, and it's time to celebrate. Your Plymouth house is now your home! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Plymouth super straightforward.

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