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Get to Know the Mortgage Process in Ozark, MO

Is there any way to make the Ozark mortgage process easier? You bet! Partner with Mr. Cooper and learn more about the steps to getting a home loan in Ozark, MO.

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Ozark, MO Mortgage and Home Loan Process

Owning a home — it's a goal that unites us from coast to coast! And it's something that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Ozark, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals can help you work through your unique situation to identify the best options for you at every turn.

Our mortgage professionals 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 can assist with the buying and selling process. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. It's the site to visit if you need to find a Ozark home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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 too deep into the weeds. You're interested in the home loan process in Missouri. Why might a person need a home loan in the first place? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. What's more, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. Considering these facts is part of the home loan preparation process in Ozark and beyond.

The Ozark real estate scene is a busy one, and you will likely want to act fast — particularly if you're on a tight timeline. 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 Ozark 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. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Ozark mortgage. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, the rate can go up or down at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.

Next, submit your Ozark lender's home loan application. Every lender has a somewhat different process. Still, in general, you'll have to provide the following details: Social Security numbers, pay stubs, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, 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. A quick note: a loan estimate isn't the same thing as a mortgage. 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 Ozark 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 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.

Make Your Move with a Home Loan in Ozark, MO

The choice is up to you! Analyze your mortgage offers and choose the offer that's good 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 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. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

Closing on a House in Ozark, MO

After your mortgage is approved, it's time to close on the home you want in Ozark! At this stage of the home loan process, your broker and closing attorney 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 Ozark 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 Ozark, and it's time to celebrate. Your Ozark house is now your home! 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 Ozark super straightforward.

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