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Process for Getting a Mortgage in Independence , MO

Whether you're buying your first home in Independence or your seventh on the other side of Missouri, you have a friend in the home loan process. Mr. Cooper is the nation's fourth-largest mortgage servicer and can help you every step of the way.

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Independence, MO: A Home Loan Process That's Unique to You

Buying a house — it's a hope that unites us from coast to coast! And it's something that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Independence, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and recommend the best options for you at every turn.

We're here to help make your Missouri move an easy one, starting with the first time you search for a Independence home loan. can even help you out as 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 assist with home buying and selling.. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. Here, you can search for a home in Independence, 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 ahead of ourselves. You're interested in the home loan process in Missouri. At a basic level, why do people get home loans? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. In addition, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. This information applies whether you're going through the home loan preparation process in Independence or anywhere else.   How to Apply for a Home Loan in Independence, MO   Steps to Complete the Mortgage Process in Independence, MO How to Apply for a Mortgage in Independence, MO

The Independence real estate scene is a busy one, and you will likely want to act fast — particularly if you've found your dream home. We understand! Here is a summary of the essential steps when applying for a mortgage in Independence

First, ask yourself: How long do you plan on living in this house? Are you just passing through Independence on your way to your forever home? Or will you be planting some deep roots in Independence? If you plan on sticking around for a long time, you might consider a fixed-rate loan. Your interest rate stays the same when you have 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 Independence 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 adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

After, submit your Independence lender's home loan application. Every lender has a somewhat different process. Still, in general, you'll need to give the following info: income sources, pay stubs, Social Security numbers, 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.

Next up? A loan estimate from your lender! You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in Independence. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.

Partner with Mr. Cooper to complete the Independence 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 every lender offers Verified Approval letters as Mr. Cooper does.

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

Seal the Deal with a Home Mortgage in Independence, MO

The ball is in your court at this point! Compare your mortgage offers and pick the offer that's good for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you evaluate the pros and cons of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where 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.

At Your Mortgage Closing in Independence, MO

Once your home loan is approved, it's time to close on your dream house in Independence! During this step of the mortgage process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on where you live, you could be required to work with a Independence closing attorney. They'll book time with you to sign your loan documents. You never have to worry about your closing date flying by and leaving you in a pinch. 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 Independence, 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 Independence. Does that all sound too easy? Call Mr. Cooper. We strive to make the Independence mortgage process an easy one.

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