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Process for Getting a Mortgage in Jackson , MS

Are you a first-time Mississippi homebuyer? Or, maybe you're new to Jackson and looking to buy a home in the area. Either way, you might have questions about the home loan process. Get answers from Mr. Cooper.

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The Right Way to Start Your Jackson, MS Mortgage Process

Buying a house — it's an ambition that unites us from coast to coast! And it's something that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Jackson, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and suggest the best loan options and terms for your circumstances.

From your initial Jackson loan search to prequalification to closing, we're here to help you make your move in Mississippi! can even help out when you begin your hunt for a new house. They can connect you to Mr. Cooper® Agent Assurance, a network of well-known, licensed real estate agents who assist with home buying and selling.. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. It's the site to visit if you need to find a Jackson 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. These facts apply to the home loan preparation process everywhere, not just in Jackson, MS.

Houses in Jackson seem to move off the market just as fast as they come on, and you will likely want to act fast — especially if you've found your dream home. We get it! 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. Is this a soon-to-be investment property? 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. 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 Jackson. Adjustable-rate loans have a fixed rate for some time. After that deadline, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.

Then, submit your Jackson lender's home loan application. Every lender has a somewhat different process. Generally, however, you'll need to give the following info: Social Security numbers, pay stubs, 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. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Jackson. It's an estimate, 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 Jackson 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 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 Jackson, MS

You're in control now! Review your mortgage offers and select the one that's best 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 drawbacks and advantages 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 Mississippi. A Closing Disclosure is a more formal write-up of your initial estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

Closing on a House in Jackson, MS

Once your home loan is approved by the lender, it's time to close on the home you want in Jackson! At this point in the home loan process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your location, you could be required to work with a Jackson closing attorney. They'll book 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*.

Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've completed the mortgage process in Jackson, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Jackson. Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Jackson super straightforward.

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