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Get to Know the Home Loan Process in Bridgeton, MO

Are you a first-time Missouri homebuyer? Or, maybe you're new to Bridgeton and looking to buy a home in the area. Either way, you might have questions about the home loan process. Get answers from Mr. Cooper.

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Bridgeton, MO Mortgage and Home Loan Process

Being a homeowner — it's an ambition that unifies all kinds of people! And it's something that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Bridgeton, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and suggest the best loan options and terms for your circumstances.

From your initial Bridgeton loan search to prequalification to closing, we're here to help you make your move in Missouri! 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 assist with home buying and selling.. And if you'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. Here, you can search for a home in Bridgeton, monitor neighborhood trends, and set up Home Alerts so you don’t miss your dream home. 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).

But we're getting too deep into the weeds. You're interested in the home loan process in Missouri. Why might a person need a home loan in the first place? 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 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 Bridgeton or anywhere else.   How to Apply for a Home Loan in Bridgeton, MO   Steps to Complete the Mortgage Process in Bridgeton, MO How to Apply for a Mortgage in Bridgeton, MO

Houses in Bridgeton seem to move off the market just as fast as they come on, and you'll want to take action quickly — 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 Bridgeton

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 enjoying your golden years in this house? 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 this home is going to be a quick stopover, look at an adjustable-rate mortgage in Bridgeton. 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. Let your mortgage professional help you select the best loan program for your needs during prequalification.

After, submit your Bridgeton lender's home loan application. Every lender has a somewhat different process. Still, in general, you'll need to give the following info: pay stubs, Social Security numbers, income sources, the address of the house you'd like to buy, purchase contract, credit check authorization, banking information, and the amount you'd like to borrow.

Next up? A loan estimate from your lender! The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Remember that a loan estimate isn't the same thing as a mortgage. It's an approximate calculation, 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 Bridgeton and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can borrow! This letter shows home sellers and realtors you are a serious buyer. Not every lender offers Verified Approval letters as Mr. Cooper does.

Ask your lender! The more questions you ask The FTC recommends home buyers to ask about the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.

The Final Step for a Home Mortgage in Bridgeton, MO

The choice is up to you! Compare 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 help you understand the benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Missouri. A Closing Disclosure is a more formal write-up of your initial estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

Close on a Home in Bridgeton, MO

After your mortgage is approved, it's time to close on your dream house in Bridgeton! At this stage of the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on your state, you might have to bring in a Bridgeton closing attorney to be there when you sign your loan docs. 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*.

Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've arrived. You finished the home loan process in Bridgeton, and it's time to get your keys. Your Bridgeton house is now your home! And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the Bridgeton mortgage process an easy one.

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