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Get to Know the Home Loan Process in Ridgeland, MS

Is there any way to make the Ridgeland mortgage process easier? You bet! Partner with Mr. Cooper and learn more about the steps to getting a home loan in Ridgeland, MS.

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The Right Way to Start Your Ridgeland, MS Mortgage Process

Being a homeowner — it's a goal that unites us from coast to coast! And it's something that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Ridgeland, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation and suggest the right options for your needs.

From your initial Ridgeland loan search to prequalification to closing, we're here to help you make your move in Mississippi! 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 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 Ridgeland home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. And guess what? If you choose to buy a house 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. At a basic level, why do people get home loans? 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 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 Ridgeland and beyond.

The Ridgeland home market is a competitive one, and you will likely want to act fast — especially if you've found your dream home. We understand! 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. Are you just passing through Ridgeland on your way to your forever home? 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. 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 Ridgeland mortgage. 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. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

Next, follow your Ridgeland lender's loan application process. Every lender has a somewhat different process. Still, in general, you'll have to provide the following details: income sources, pay stubs, Social Security numbers, purchase contract, credit check authorization, the address of the property you'd like to buy, the amount you want to borrow, and your banking info.

From there, your lender will provide you with a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that a loan estimate isn't the same thing as a mortgage. It's a bit of preview, and you can seek out multiple estimates to find the absolute best option for you.

Go through the mortgage process in Ridgeland 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! Some lenders offer Verified Approval letters like Mr. Cooper, but not all.

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

Make Your Move with a Home Loan in Ridgeland, MS

You're in control now! Compare 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 understand the pros and cons of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Mississippi. The Disclosure is more formal documentation of your first estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

Close on a Home in Ridgeland, MS

After your mortgage is approved, it's time to close on your dream house in Ridgeland! 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 state, you may also be required to work with a closing attorney in Ridgeland 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*.

It's practically time to move in and unpack your boxes once you sign on the dotted line! You've completed the mortgage process in Ridgeland, and it's time to celebrate. You are a homeowner in Ridgeland! 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 Ridgeland super straightforward.

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