The Right Way to Start Your South St. Paul, MN Mortgage Process
Buying a house — it's a goal that unites us from coast to coast! And it's an endeavor that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in South St. Paul, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and suggest the best loan options and terms for your circumstances.
From your initial South St. Paul loan search to prequalification to closing, we're here to help you make your move in Minnesota! can even lend a helping hand as you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-leading real estate agents who can assist with the buying and selling process. And if you'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. It's the site to visit if you need to find a South St. Paul home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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 South St. Paul! At a basic level, why do people get home loans? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. Plus, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. Considering these facts is part of the home loan preparation process in South St. Paul and beyond.
The South St. Paul real estate scene is a busy one, and you will likely want to act fast — even more so if you've found your dream home. We understand! Here are a few of the most important steps in the MN mortgage loan process.
Begin by considering how long you'll be at 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? 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 you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in South St. Paul. Adjustable-rate loans have a fixed rate for some time. When that period is over, the rate can adjust at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.
After, complete your MN lender's loan application process. Every lender has a somewhat different process. Usually, though, you'll need to give the following info: pay stubs, Social Security numbers, 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.
Your lender will then give you a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. A quick note: the loan estimate isn't your final South St. Paul mortgage. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.
Work with Mr. Cooper when going through the mortgage process in South St. Paul 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 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 your lender! The more questions you ask The FTC advises that you should also ask each lender about the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.
Seal the Deal with a Home Mortgage in South St. Paul, MN
You're in control now! Compare your mortgage offers and choose the option that's right for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can even help you weigh the benefits and drawbacks of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where 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 South St. Paul, MN
Once your home loan is approved, it's go-time for buying your South St. Paul house! At this stage of the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on your state, you might have to bring in a South St. Paul closing attorney to be there when you sign your loan docs. Even if paperwork takes longer than expected, you don't have to stress over your closing date being delayed. 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 completed the mortgage process in South St. Paul, and it's time to roll out the welcome mat. You are a homeowner in South St. Paul! And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the South St. Paul mortgage process an easy one.