The Right Way to Start Your Concord, MO Mortgage Process
Being a homeowner — it's a goal that we all share! And it's a process that you can get help with from beginning to end. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Concord, MO. Our trained mortgage professionals will work alongside you and suggest the right options for your needs.
From your initial Concord loan search to prequalification to closing, we're here to help you make your move in Missouri! can even help out when you begin your hunt for a new house. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-respected real estate agents who assist with home buying and selling.. 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 Concord 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).
But we're getting ahead of ourselves. You're here to learn more about moving in Missouri and the overall mortgage process. Why do people need home loans to begin with? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. Plus, 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 Concord or anywhere else. How to Apply for a Home Loan in Concord, MO Steps to Complete the Mortgage Process in Concord, MO How to Apply for a Mortgage in Concord, MO
The Concord real estate scene is a busy one, and you'll want to take action quickly — especially if you're on a tight timeline. We've been there, too! Here is a summary of the essential steps when applying for a mortgage in Concord
First, ask yourself: How long do you plan on living in this house? Is this a soon-to-be investment property? 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 this home is going to be a quick stopover, look at an adjustable-rate mortgage in Concord. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. When that period is over, 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 Concord lender's home loan application. The process can vary a bit between lenders. Still, in general, you'll need to provide the following information: pay stubs, Social Security numbers, 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.
Your lender will then give you a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Concord. It's an approximate calculation, and you can seek out multiple estimates to find the absolute best option for you.
Partner with Mr. Cooper to complete the Concord mortgage process 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. Not all lenders offer Verified Approval letters as Mr. Cooper does.
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 Concord, MO
The ball is in your court at this point! Review your mortgage offers and select 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 even help you weigh the benefits and drawbacks 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 Missouri. The Disclosure is more formal documentation of your first 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 Concord, MO
Once your home loan is approved, it's go-time for buying your Concord house! At this stage of the home loan process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on where you live, you may also be required to work with a closing attorney in Concord who will schedule a 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*.
Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've reached the end of the home loan process in Concord, 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 Concord. Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Concord a super easy one.