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Get to Know the Mortgage Process in Grandview, MO

Are you a first-time Missouri homebuyer? Or, maybe you're new to Grandview 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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The Right Way to Start Your Grandview, MO Mortgage Process

Living in a house that's yours, all yours — it's a dream that unifies all kinds of people! And it's an endeavor that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Grandview, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation and suggest the right options for your needs.

Our team can even help out when you begin your hunt for a new house. They can get you connected to Mr. Cooper® Agent Assurance, an organization of well-known, licensed real estate agents who know home sales inside and out. And if you'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. On the MLS site, you can compare Grandview homes, check your home’s value, and set up Home Alerts to find 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 ahead of ourselves. You want more information about moving to Missouri and going through the mortgage process in Grandview! 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. In addition, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. These facts apply to the home loan preparation process everywhere, not just in Grandview, MO.

The Grandview home market is a competitive one, and you will likely want to act fast — even more so if you found a house you can't live without. We get it! Here are a few of the most important steps in the MO mortgage loan process.

Start by thinking about how long you'll be in your new home. Is this a soon-to-be investment property? Or is this where you'll be raising your family? If you plan on sticking around for a long time, you might consider 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 Grandview mortgage. 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 go up or down at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

After, submit your Grandview lender's home loan application. The process varies from lender to lender. Still, in general, you'll need to give the following info: Social Security numbers, pay stubs, 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 be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Remember that the loan estimate isn't your final Grandview mortgage. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.

Go through the mortgage process in Grandview 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. Not every lender offers Verified Approval letters as Mr. Cooper does.

Ask questions during the home loan process! 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.

Make Your Move with a Home Loan in Grandview, MO

The choice is up to you! Analyze 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 help you evaluate 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. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

Closing on a House in Grandview, MO

After your mortgage is approved, it's time to close on the home you want in Grandview! During this step of the mortgage process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your state, you could be required to work with a Grandview closing attorney. They'll book 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*.

You're in the home stretch once you've signed the documents! You've completed the mortgage process in Grandview, and it's time to roll out the welcome mat. You are a homeowner in Grandview! And if this all sounds too simple to be true, give Mr. Cooper a call. We're on a mission to make the mortgage process in Grandview super straightforward.

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