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Get to Know the Mortgage Process in Meridian, MS

Whether you're buying your first home in Meridian or your seventh on the other side of Mississippi, you have a friend in the home loan process. Mr. Cooper is the nation's fourth-largest mortgage servicer and can help you every step of the way.

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The Right Way to Start Your Meridian, MS Mortgage Process

Owning a home — it's an ambition that we all share! And it's a process that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Meridian, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation and suggest the best loan options and terms for your circumstances.

Our team 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 industry-leading real estate agents who know home sales inside and out. 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 Meridian 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).

But we're getting ahead of ourselves. You're interested in the home loan process in Mississippi. Why do people need home loans to begin with? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. In addition, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. This information applies whether you're going through the home loan preparation process in Meridian or anywhere else.   How to Apply for a Home Loan in Meridian, MS   Steps to Complete the Mortgage Process in Meridian, MS How to Apply for a Mortgage in Meridian, MS

Houses in Meridian seem to move off the market just as fast as they come on, and you'll want to take action quickly — especially if you've found your dream home. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Meridian

Start by thinking about how long you'll be in your new home. Is this a soon-to-be investment property? Or will you be planting some deep roots in Meridian? 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're planning on being in and out fast, then you might want to go the adjustable-rate route for your Meridian mortgage. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that deadline, the rate can go up or down at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

After, submit your Meridian lender's home loan application. The process can vary a bit between lenders. Generally, however, you'll need to provide the following information: Social Security numbers, pay stubs, 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.

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. Remember that a loan estimate isn't the same thing as a mortgage. It's an approximate calculation, and you can seek out multiple estimates to find the absolute best option for you.

Work with Mr. Cooper when going through the mortgage process in Meridian and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can afford to borrow! This letter shows home sellers and realtors you are a serious buyer. Not every lender offers Verified Approval letters as Mr. Cooper does.

Just ask! It's normal to have questions about 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.

Seal the Deal with a Home Mortgage in Meridian, MS

The choice is up to you! Review your mortgage offers and select the option that's right for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can help you understand the pros and cons 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 Meridian or elsewhere. Consider it a more formal version of your previous estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.

At Your Mortgage Closing in Meridian, MS

Once your home loan is approved, it's time to close on your dream house in Meridian! At this point in the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your location, you could be required to work with a Meridian 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*.

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 Meridian, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Meridian. And if this all sounds too simple to be true, give Mr. Cooper a call. We do our best to make the home loan process in Meridian a super easy one.

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