Pearl, MS: A Home Loan Process That's Unique to You
Buying a house — it's a mission that we all share! And it's a process that you can get assistance with along the way. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Pearl, MS. Our trained mortgage professionals will work alongside you to identify the best options for you at every turn.
From your initial Pearl loan search to prequalification to closing, we're here to help you make your move in Mississippi! 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-leading real estate agents who know home sales inside and out. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. It's the site to visit if you need to find a Pearl 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).
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 do people need home loans to begin with? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. 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 Pearl and beyond.
Houses in Pearl seem to move off the market just as fast as they come on, and you probably want to move fast — even more so if you found a house you can't live without. We know what that's like! Here are a few of the most important steps in the MS mortgage loan process.
First, ask yourself: How long do you plan on living in this house? Is this a soon-to-be investment property? Or will you be enjoying your golden years in this house? 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 plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Pearl. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that deadline, the rate can go up or down at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.
After, complete your MS lender's loan application process. Every lender has a somewhat different process. Usually, though, you'll have to provide the following details: 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.
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. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Pearl. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.
Partner with Mr. Cooper to complete the Pearl mortgage process and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter carries weight with realtors and home sellers because it shows you are serious and can afford a home. 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 advises that you should also ask each lender about the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.
Seal the Deal with a Home Mortgage in Pearl, MS
The choice is up to you! Analyze your mortgage offers and pick the offer that's good for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can even help you weigh 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. It's a standard part of the home loan process, whether you live in Pearl or elsewhere. The Disclosure is more formal documentation of your first estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.
Close on a Home in Pearl, MS
Once your home loan is approved, it's time to close on the home you want in Pearl! 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 state, you could be required to work with a Pearl closing attorney. They'll book time with you to sign your loan documents. 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*.
You're in the home stretch once you've signed the documents! You've completed the mortgage process in Pearl, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Pearl. And if this all sounds too simple to be true, give Mr. Cooper a call. We're on a mission to make the mortgage process in Pearl super straightforward.