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Get to Know the Mortgage Process in Overland, MO

Whether you're buying your first home in Overland 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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Overland, MO Mortgage and Home Loan Process

Being a homeowner — it's a goal that we all share! And it's a process that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Overland, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation and suggest the best loan options and terms for your circumstances.

Our team can even help out when you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-leading 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. Here, you can search for a home in Overland, monitor neighborhood trends, and set up Home Alerts so you don’t miss your dream home. And guess what? If you choose to buy a house with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).

But we're getting ahead of ourselves. You're here to learn more about moving in Missouri and the overall mortgage process. Why might a person need a home loan in the first place? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. Plus, 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 Overland and beyond.

The Overland home market is a competitive one, and you will likely want to act fast — even more so if you've found your dream home. We've been there, too! Here are a few of the most important steps in the MO mortgage 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 enjoying your golden years in this house? 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 Overland 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.

Next, submit your Overland lender's home loan application. The process varies from lender to lender. Still, in general, you'll need to give the following info: income sources, pay stubs, Social Security numbers, purchase contract, credit check authorization, the address of the property you'd like to buy, banking information, and the amount you'd like to borrow.

Next up? A loan estimate from your lender! The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Overland. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.

Go through the mortgage process in Overland with Mr. Cooper and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. 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.

Just ask! It's normal to have questions about the home loan process. The FTC advises that you should also ask each lender 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.

Seal the Deal with a Home Mortgage in Overland, MO

The choice is up to you! Review 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 benefits and drawbacks of each. After you notify the lender about your choice, they may approve your loan and send you 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 might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.

Close on a Home in Overland, MO

After your mortgage is approved, it's time to close on your dream house in Overland! At this stage of the home loan process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on where you live, you may also be required to work with a closing attorney in Overland who will schedule a 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*.

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 Overland, and it's time to celebrate. You are a homeowner in Overland! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Overland super straightforward.

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