Booneville, MS Mortgage and Home Loan Process
Being a homeowner — it's a mission that unites us from coast to coast! 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 Booneville, MS. Our trained mortgage professionals will work alongside you and recommend the best loan options and terms for your circumstances.
Our crew can even help out when you start your house hunt. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-respected real estate agents who assist with home buying and selling.. 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 Booneville 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'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 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. Considering these facts is part of the home loan preparation process in Booneville and beyond.
The Booneville real estate scene is a busy one, and you will likely want to act fast — especially if you're on a tight timeline. We know what that's like! Here are a few of the most important steps in the MS 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 is this where you'll be raising your family? 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 Booneville. Adjustable-rate loans have a fixed rate for some time. After that date, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
Next, complete your MS lender's loan application process. Every lender has a somewhat different process. Still, in general, you'll have to provide the following details: pay stubs, Social Security numbers, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, banking details, and the amount of money you're looking to borrow.
Your lender will then give you a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that a loan estimate isn't the same thing as a mortgage. 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 Booneville 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. Not every lender offers Verified Approval letters as Mr. Cooper does.
Ask questions during the home loan process! The FTC recommends home buyers to ask 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 Booneville, MS
The ball is in your court at this point! Analyze your mortgage offers and pick 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 evaluate 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. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Mississippi. 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 Booneville, MS
Once your home loan is approved by the lender, it's time to close on the home you want in Booneville! During this step of the mortgage process, your closing attorney and broker are brought in to confirm closing costs. Depending on your state, you might have to bring in a Booneville 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*.
It's practically time to move in and unpack your boxes once you sign on the dotted line! You've arrived. You finished the home loan process in Booneville, and it's time to get your keys. You are a homeowner in Booneville! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Booneville mortgage process an easy one.