O'Fallon, MO: A Home Loan Process That's Unique to You
Buying a house — it's a goal that we all share! 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 O'Fallon, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you to identify the right options for your needs.
From immersing yourself in the culture of O'Fallon's neighborhoods to closing on the home you've always wanted, we're here to ease your transition in Missouri. can even help you out as you begin your hunt for a new house. They can connect you to Mr. Cooper® Agent Assurance, a network 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 O'Fallon, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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).
But we're getting too deep into the weeds. You want more information about moving to Missouri and going through the mortgage process in O'Fallon! Why might a person need a home loan in the first place? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. What's more, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. Considering these facts is part of the home loan preparation process in O'Fallon and beyond.
The O'Fallon real estate scene is a busy one, and you'll want to take action quickly — particularly if you've found your dream home. We know what that's like! 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. Are you just passing through O'Fallon on your way to your forever home? Or is this where you'll be raising your family? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. Your interest rate stays the same when you have a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in O'Fallon. 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.
After, submit your O'Fallon lender's home loan application. The process can vary a bit between lenders. Generally, however, you'll need to provide the following information: pay stubs, Social Security numbers, income sources, purchase contract, credit check authorization, the address of the property you'd like to buy, the amount you want to borrow, and your banking info.
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. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in O'Fallon. It's an approximate calculation, 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 O'Fallon and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter shows home sellers and realtors you are a serious buyer. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.
Ask questions during the home loan process! The FTC advises that you should also ask each lender 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.
Seal the Deal with a Home Mortgage in O'Fallon, MO
The choice is up to you! Review your mortgage offers and pick the one that's best for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you understand the benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. It's a standard part of the home loan process, whether you live in O'Fallon or elsewhere. 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 O'Fallon, MO
After your mortgage is approved, it's time to close on the home you want in O'Fallon! During this step of the mortgage process, your closing attorney and broker are brought in to confirm closing costs. Depending on where you live, you might have to bring in a O'Fallon closing attorney to be there when you sign your loan docs. 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*.
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 O'Fallon, and it's time to get your keys. Your O'Fallon house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in O'Fallon a super easy one.