The Right Way to Start Your Tupelo, MS Mortgage Process
Living in a house that's yours, all yours — it's a wish that unites us from coast to coast! And it's a process that you can get help with from start to finish. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Tupelo, MS. Our trained mortgage professionals will work alongside you to identify the right options for your needs.
From immersing yourself in the culture of Tupelo's neighborhoods to closing on the home you've always wanted, we're here to ease your transition 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-respected 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 Tupelo 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 here to learn more about moving in Mississippi and the overall mortgage process. At a basic level, why do people get home loans? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. In addition, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. Considering these facts is part of the home loan preparation process in Tupelo and beyond.
Houses in Tupelo 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've been there, too! 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. 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. 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 Tupelo. Adjustable-rate loans have a fixed rate for some time. 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.
Then, complete your MS lender's loan application process. The process can vary a bit between lenders. Still, in general, you'll need to give the following info: 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.
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. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in Tupelo. It's a bit of preview, 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 Tupelo and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. 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.
Ask your lender! The more questions you ask The FTC urges home shoppers to inquire 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.
The Final Step for a Home Mortgage in Tupelo, MS
The ball is in your court at this point! Analyze your mortgage offers and pick the one that's best for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can help you evaluate the drawbacks and advantages of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Mississippi. A Closing Disclosure is a more formal write-up of your initial estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.
Closing on a House in Tupelo, MS
After your mortgage is approved, it's time to close on your dream house in Tupelo! At this stage of the home loan process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on where you live, you could be required to work with a Tupelo closing attorney. They'll book 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 completed the mortgage process in Tupelo, and it's time to roll out the welcome mat. You're the proud owner of a house (or apartment or condo or townhome!) in Tupelo. Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Tupelo a super easy one.