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Get to Know the Home Loan Process in Grain Valley, MO

Are you a first-time Missouri homebuyer? Or, maybe you're new to Grain Valley 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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Grain Valley, MO: A Home Loan Process That's Unique to You

Buying a house — it's a hope that we all share! And it's something 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 Grain Valley, MO. Our trained mortgage professionals will work alongside you and recommend the right options for your needs.

Our crew can even lend a helping hand as 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 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 Grain Valley, 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 want more information about moving to Missouri and going through the mortgage process in Grain Valley! 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. What's more, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. These facts apply to the home loan preparation process everywhere, not just in Grain Valley, MO.

The Grain Valley real estate scene is a busy one, and you will likely want to act fast — especially if you found a house you can't live without. We understand! Follow these important steps in the Missouri home loan process.

Begin by considering how long you'll be at your new home. Is this a soon-to-be investment property? Or will you be planting some deep roots in Grain Valley? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate doesn't change with a fixed-rate home loan. But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Grain Valley mortgage. Adjustable-rate loans have a fixed rate for some time. After that date, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.

Then, follow your Grain Valley lender's loan application process. Every lender has a somewhat different process. Generally, however, you'll need to give the following info: income sources, pay stubs, Social Security numbers, credit check authorization, the address of the home you'd like to buy, purchase contract, the amount you want to borrow, and your banking info.

From there, your lender will provide you with a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: a loan estimate isn't the same thing as a mortgage. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.

Go through the mortgage process in Grain Valley with Mr. Cooper 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 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 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.

Make Your Move with a Home Loan in Grain Valley, MO

You're in control now! Analyze your mortgage offers and pick the offer that's good 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 pros and cons of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. It's a standard part of the home loan process, whether you live in Grain Valley or elsewhere. Consider it a more formal version of your previous estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.

Close on a Home in Grain Valley, MO

After your mortgage is approved, it's time to close on the home you want in Grain Valley! At this point in the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on where you live, you might have to bring in a Grain Valley closing attorney to be there when you sign your loan docs. 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*.

You're in the home stretch once you've signed the documents! You've completed the mortgage process in Grain Valley, 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 Grain Valley. Do the steps seem too simple? Contact Mr. Cooper today. We're on a mission to make the mortgage process in Grain Valley super straightforward.

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