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Get to Know the Home Loan Process in Lebanon, MO

Whether you're buying your first home in Lebanon 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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Lebanon, MO: A Home Loan Process That's Unique to You

Living in a house that's yours, all yours — it's a hope that unifies all kinds of people! And it's something that you can get help with from beginning to end. If you're curious about the process of getting a mortgage in Lebanon, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals will get to know your particular situation and suggest the best loan options and terms for your circumstances.

Our crew 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-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. On the MLS site, you can compare Lebanon homes, check your home’s value, and set up Home Alerts to find your dream home. And get this — if you buy a home with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).

Before we get too far down the rabbit hole… 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. Plus, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. This information applies whether you're going through the home loan preparation process in Lebanon or anywhere else.   How to Apply for a Home Loan in Lebanon, MO   Steps to Complete the Mortgage Process in Lebanon, MO How to Apply for a Mortgage in Lebanon, MO

The Lebanon real estate scene is a busy one, and you will likely want to act fast — even more so if you're on a tight timeline. We understand! Here is a summary of the essential steps when applying for a mortgage in Lebanon

Begin by considering how long you'll be at your new home. Are you just passing through Lebanon on your way to your forever home? Or will you be planting some deep roots in Lebanon? 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 this home is going to be a quick stopover, look at an adjustable-rate mortgage in Lebanon. On adjustable-rate loans, the interest rate is fixed for a set amount of time. 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, complete your MO lender's loan application process. The process can vary a bit between lenders. Still, in general, you'll need to give the following info: Social Security numbers, pay stubs, 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! You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Lebanon. It's an estimate, 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 Lebanon and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter means a lot to home sellers and realtors because it shows you can buy a home. You're not just browsing! Not all lenders offer Verified Approval letters as Mr. Cooper does.

Just ask! It's normal to have questions about the home loan process. The FTC recommends home buyers to ask 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 Lebanon, MO

You're in control now! Compare your mortgage offers and choose the option that's right for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can help you understand the drawbacks and advantages of each. After you notify the lender about your choice, they may approve your loan and send you 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 Lebanon, MO

After your mortgage is approved, it's time to close on your dream house in Lebanon! At this stage of the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on your location, you could be required to work with a Lebanon closing attorney. They'll book time with you to sign your loan documents. 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*.

Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've completed the mortgage process in Lebanon, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Lebanon. Do the steps seem too simple? Contact Mr. Cooper today. We're on a mission to make the mortgage process in Lebanon super straightforward.

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