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Process for Getting a Mortgage in Saint Joseph , MO

Whether you're buying your first home in Saint Joseph 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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The Right Way to Start Your Saint Joseph, MO Mortgage Process

Being a homeowner — it's a hope that unifies all kinds of people! And it's something that you can get assistance with along the way. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Saint Joseph, MO. Our mortgage professionals will get to know your particular situation to identify the best loan options and terms for your circumstances.

From immersing yourself in the culture of Saint Joseph's neighborhoods to closing on the home you've always wanted, we're here to ease your transition in Missouri. can even lend a helping hand as you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-respected 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 Saint Joseph homes, check your home’s value, and set up Home Alerts to find 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 here to learn more about moving in Missouri and the overall mortgage process. At a basic level, why do people get home loans? 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 Saint Joseph and beyond.

Houses in Saint Joseph seem to move off the market just as fast as they come on, and you probably want to move fast — even more so 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.

First, ask yourself: How long do you plan on living in this house? Are you just passing through Saint Joseph 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 this home is going to be a quick stopover, look at an adjustable-rate mortgage in Saint Joseph. On adjustable-rate loans, the interest rate is fixed for a set amount of 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, complete your MO lender's loan application process. Every lender has a somewhat different process. Still, in general, you'll need to give the following info: pay stubs, Social Security numbers, income sources, the address of the house you'd like to buy, purchase contract, credit check authorization, the amount you want to borrow, and your banking info.

Next up? A loan estimate from your lender! The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. A quick note: the loan estimate isn't your final Saint Joseph mortgage. It's an approximate calculation, and you can get multiple loan estimates to compare and select the right loan for you.

Partner with Mr. Cooper to complete the Saint Joseph mortgage process 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.

Ask your lender! The more questions you ask The FTC urges home shoppers to inquire 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.

The Final Step for a Home Mortgage in Saint Joseph, MO

The choice is up to you! Review your mortgage offers and choose the offer that's good for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can help you understand the pros and cons 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. Consider it a more formal version of your previous 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 Saint Joseph, MO

Once your home loan is approved, it's time to close on your dream house in Saint Joseph! At this stage of the home loan process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on your location, you could be required to work with a Saint Joseph 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*.

It's practically time to move in and unpack your boxes once you sign on the dotted line! You've completed the mortgage process in Saint Joseph, and it's time to get your keys. You are a homeowner in Saint Joseph! Do the steps seem too simple? Contact Mr. Cooper today. We're on a mission to make the mortgage process in Saint Joseph super straightforward.

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Buying a house in Saint Joseph? Mr. Cooper makes it easier.

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