Horn Lake, MS Mortgage and Home Loan Process
Owning a home — it's an ambition that we all share! And it's something that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Horn Lake, keep reading. Then call Mr. Cooper to take your next step. Our trained mortgage professionals will work alongside you to identify the best options for you at every turn.
Our crew can even help out when you begin your hunt for a new house. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed real estate agents who can assist with the buying and selling process. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. On the MLS site, you can compare Horn Lake homes, check your home’s value, and set up Home Alerts to find 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're here to learn more about moving in Mississippi and the overall mortgage process. Why might a person need a home loan in the first place? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. Plus, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. Considering these facts is part of the home loan preparation process in Horn Lake and beyond.
The Horn Lake home market is a competitive one, and you will likely want to act fast — especially if you've found your dream home. We've been there, too! Here is a summary of the essential steps when applying for a mortgage in Horn Lake
Begin by considering how long you'll be at your new home. Is this a soon-to-be investment property? 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. Your interest rate stays the same when you have a fixed-rate home loan. But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Horn Lake mortgage. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that date, 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.
Then, submit your Horn Lake lender's home loan application. The process can vary a bit between lenders. Usually, though, you'll have to provide the following details: income sources, pay stubs, Social Security numbers, the address of the house you'd like to buy, purchase contract, credit check authorization, banking information, and the amount you'd like to borrow.
Your lender will then give you a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Remember that the loan estimate isn't your final Horn Lake mortgage. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.
Go through the mortgage process in Horn Lake with Mr. Cooper 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 means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! 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 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 Horn Lake, MS
You're in control now! Review your mortgage offers and choose the option that's right 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 drawbacks and advantages 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 Mississippi. Consider it a more formal version of your previous estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
Close on a Home in Horn Lake, MS
Once your home loan is approved by the lender, it's time to close on your dream house in Horn Lake! At this point in the home loan process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on your location, you may also be required to work with a closing attorney in Horn Lake who will schedule a time with you to sign your loan documents. 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*.
You're in the home stretch once you've signed the documents! You've completed the mortgage process in Horn Lake, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Horn Lake. Do the steps seem too simple? Contact Mr. Cooper today. We're on a mission to make the mortgage process in Horn Lake super straightforward.