Sartell, MN Mortgage and Home Loan Process
Owning a home — it's an ambition that unifies all kinds of people! And it's something that you can get help with from beginning to end. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Sartell, MN. Our mortgage professionals will get to know your particular situation and suggest the best loan options and terms for your circumstances.
We're here to help make your Minnesota move an easy one, starting with the first time you search for a Sartell home loan. 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 well-known, licensed 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 Sartell home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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 Sartell! 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. 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 Sartell or anywhere else. How to Apply for a Home Loan in Sartell, MN Steps to Complete the Mortgage Process in Sartell, MN How to Apply for a Mortgage in Sartell, MN
Houses in Sartell seem to move off the market just as fast as they come on, and you will likely want to act fast — even more so if you've found your dream home. We understand! Here is a summary of the essential steps when applying for a mortgage in Sartell
Start by thinking about how long you'll be in your new home. Are you just passing through Sartell on your way to your forever home? Or is this where you'll be raising your family? If you plan on sticking around for a long time, you might consider a fixed-rate loan. Your interest rate stays the same when you have a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Sartell. Adjustable-rate loans have a fixed rate for some time. When that period is over, 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.
Then, follow your Sartell lender's loan application process. The process varies from lender to lender. Still, in general, you'll need to give the following info: pay stubs, Social Security numbers, income sources, the address of the house you'd like to buy, purchase contract, credit check authorization, banking details, and the amount of money you're looking to borrow.
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: your loan estimate doesn't mean you've been approved or denied for a mortgage in Sartell. It's an approximate calculation, and you can get multiple loan estimates to compare and select the right loan for you.
Work with Mr. Cooper when going through the mortgage process in Sartell and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can afford to borrow! This letter carries weight with realtors and home sellers because it shows you are serious and can afford a home. Not all lenders offer Verified Approval letters as Mr. Cooper does.
Ask questions during 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.
Make Your Move with a Home Loan in Sartell, MN
The choice is up to you! Analyze your mortgage offers and pick 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 evaluate 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. 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.
Close on a Home in Sartell, MN
After your mortgage is approved, it's time to close on your dream house in Sartell! 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 your state, you could be required to work with a Sartell 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*.
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 Sartell, and it's time to roll out the welcome mat. You're the proud owner of a house (or apartment or condo or townhome!) in Sartell. 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 Sartell super straightforward.