Laurel, MS Mortgage and Home Loan Process
Owning a home — it's a mission that unifies all kinds of people! And it's a process that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Laurel, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals can help you work through your unique situation to identify the best options for you at every turn.
Our crew can even help you out as you kick off the search for a home. They can get you connected to Mr. Cooper® Agent Assurance, an organization of well-known, licensed 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 Laurel 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 the home buying experience easier! Depending on the situation, it can also offer tax advantages. 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. This information applies whether you're going through the home loan preparation process in Laurel or anywhere else. How to Apply for a Home Loan in Laurel, MS Steps to Complete the Mortgage Process in Laurel, MS How to Apply for a Mortgage in Laurel, MS
The Laurel real estate scene is a busy one, and you'll want to take action quickly — even more so if you're on a tight timeline. We've been there, too! Here are a few of the most important steps in the MS mortgage loan process.
Start by thinking about how long you'll be in 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? If you plan on sticking around for a long time, you might consider a fixed-rate loan. Your interest rate stays the same when you have a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Laurel. On adjustable-rate loans, the interest rate is fixed for a set amount of 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.
After, complete your MS lender's loan application process. Every lender has a somewhat different process. Usually, though, you'll need to give the following info: income sources, pay stubs, Social Security numbers, 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.
From there, your lender will provide you with a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: the loan estimate isn't your final Laurel mortgage. It's a bit of preview, and you can get multiple loan estimates to compare and select the right loan for you.
Go through the mortgage process in Laurel 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 shows home sellers and realtors you are a serious buyer. Not all lenders offer Verified Approval letters as Mr. Cooper does.
Ask questions during the home loan process! The FTC urges home shoppers to inquire 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.
Seal the Deal with a Home Mortgage in Laurel, MS
The ball is in your court at this point! Review 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. 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 Laurel, MS
Once your home loan is approved, it's time to close on your dream house in Laurel! During this step of the mortgage process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on your state, you may also be required to work with a closing attorney in Laurel who will schedule a time with you to sign your loan documents. You never have to worry about your closing date flying by and leaving you in a pinch. 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 arrived. You finished the home loan process in Laurel, and it's time to get your keys. Your Laurel house is now your home! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Laurel super straightforward.