The Right Way to Start Your Affton, MO Mortgage Process
Buying a house — it's an aspiration that we all share! And it's something 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 Affton, MO. Our mortgage professionals will get to know your particular situation and recommend the best options for you at every turn.
Our mortgage professionals can even help you out as you start your house hunt. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-leading real estate agents who can assist with the buying and selling process. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. Here, you can search for a home in Affton, monitor neighborhood trends, and set up Home Alerts so you don’t miss your dream home. 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 too deep into the weeds. You're interested in the home loan process in Missouri. 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. Plus, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. This information applies whether you're going through the home loan preparation process in Affton or anywhere else. How to Apply for a Home Loan in Affton, MO Steps to Complete the Mortgage Process in Affton, MO How to Apply for a Mortgage in Affton, MO
Houses in Affton 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 get it! Here is a summary of the essential steps when applying for a mortgage in Affton
First, ask yourself: How long do you plan on living in this house? Do you plan on living in it for a few years and then renting it out? Or is this where you'll be raising your family? 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 Affton. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, 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.
After, complete your MO lender's loan application process. Every lender has a somewhat different process. Usually, though, you'll have to provide the following details: pay stubs, Social Security numbers, income sources, purchase contract, credit check authorization, the address of the property you'd like to buy, banking details, and the amount of money you're looking to borrow.
Your lender will then give you a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. A quick note: the loan estimate isn't your final Affton mortgage. It's an estimate, and you can request multiple estimates to find the best loan for you.
Go through the mortgage process in Affton 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 buy. This letter carries weight with realtors and home sellers because it shows you are serious and can buy a home. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.
Ask your lender! The more questions you ask The FTC recommends home buyers to ask 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 Affton, MO
The choice is up to you! Analyze your mortgage offers and choose 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 even help you weigh the pros and cons of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. It's a standard part of the home loan process, whether you live in Affton or elsewhere. Consider it a more formal version of your previous estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.
Close on a Home in Affton, MO
After your mortgage is approved, it's time to close on the home you want in Affton! 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 where you live, you could be required to work with a Affton 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 reached the end of the home loan process in Affton, 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 Affton. Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Affton super straightforward.