The Right Way to Start Your Robbinsdale, MN Mortgage Process
Being a homeowner — it's a dream that we all share! 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 Robbinsdale, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you to identify the best loan options and terms for your circumstances.
Our crew can even help you out as you kick off the search for a home. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-respected real estate agents who can assist with the buying and selling process. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. Here, you can search for a home in Robbinsdale, monitor neighborhood trends, and set up Home Alerts so you don’t miss your dream home. And get this — if you buy a home 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 want more information about moving to Minnesota and going through the mortgage process in Robbinsdale! 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. In addition, 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 Robbinsdale or anywhere else. How to Apply for a Home Loan in Robbinsdale, MN Steps to Complete the Mortgage Process in Robbinsdale, MN How to Apply for a Mortgage in Robbinsdale, MN
The Robbinsdale real estate scene is a busy one, and you probably want to move fast — particularly if you found a house you can't live without. We understand! Follow these important steps in the Minnesota home loan process.
First, ask yourself: How long do you plan on living in this house? Are you just passing through Robbinsdale on your way to your forever home? Or will you be planting some deep roots in Robbinsdale? 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 Robbinsdale. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, the rate can go up or down at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.
Next, submit your Robbinsdale lender's home loan application. Every lender has a somewhat different process. Usually, though, you'll need to give the following info: Social Security numbers, pay stubs, income sources, the address of the house you'd like to buy, purchase contract, credit check authorization, 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 the loan estimate isn't your final Robbinsdale mortgage. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.
Work with Mr. Cooper when going through the mortgage process in Robbinsdale 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. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.
Ask your lender! The more questions you ask The FTC recommends home buyers to ask 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.
The Final Step for a Home Mortgage in Robbinsdale, MN
You're in control now! Compare your mortgage offers and pick the one that's best 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 pros and cons of each. Once you confirm your choice with the lender, they might approve your loan and send 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. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
Close on a Home in Robbinsdale, MN
Once your home loan is approved by the lender, it's time to close on the home you want in Robbinsdale! During this step of the mortgage process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on where you live, you might have to bring in a Robbinsdale closing attorney to be there when you sign your loan docs. 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*.
Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've arrived. You finished the home loan process in Robbinsdale, and it's time to get your keys. You are a homeowner in Robbinsdale! 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 Robbinsdale super straightforward.