Bay Saint Louis, MS Mortgage and Home Loan Process
Buying a house — 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 Bay Saint Louis, MS. Our mortgage professionals can help you work through your unique situation and recommend the best loan options and terms for your circumstances.
Our team can even lend a helping hand as you kick off the search for a home. 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.. 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 Bay Saint Louis 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're interested in the home loan process in Mississippi. 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 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 Bay Saint Louis and beyond.
The Bay Saint Louis home market is a competitive one, and you probably want to move fast — especially if you're on a tight timeline. We get it! Here is a summary of the essential steps when applying for a mortgage in Bay Saint Louis
Begin by considering how long you'll be at your new home. Are you just passing through Bay Saint Louis on your way to your forever home? Or will you be planting some deep roots in Bay Saint Louis? If you're going to be in the house for years and years, look into a fixed-rate loan. 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 Bay Saint Louis. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that deadline, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.
After, submit your Bay Saint Louis lender's home loan application. Every lender has a somewhat different process. Generally, however, 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, banking information, and the amount you'd like to borrow.
From there, your lender will provide you with a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Keep in mind that a loan estimate isn't the same thing as a mortgage. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.
Go through the mortgage process in Bay Saint Louis with Mr. Cooper and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! 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 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.
The Final Step for a Home Mortgage in Bay Saint Louis, MS
The ball is in your court at this point! Review your mortgage offers and choose the one that's best for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you understand 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. It's a standard part of the home loan process, whether you live in Bay Saint Louis or elsewhere. A Closing Disclosure is a more formal write-up of your initial estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.
Closing on a House in Bay Saint Louis, MS
After your mortgage is approved, it's time to close on the home you want in Bay Saint Louis! During this step of the mortgage process, your broker and closing attorney are brought in to confirm closing costs. Depending on your state, you might have to bring in a Bay Saint Louis 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*.
You're in the home stretch once you've signed the documents! You've arrived. You finished the home loan process in Bay Saint Louis, and it's time to get your keys. Your Bay Saint Louis house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We're on a mission to make the mortgage process in Bay Saint Louis super straightforward.