The Right Way to Start Your St. Joseph, MO Mortgage Process
Being a homeowner — it's a dream that unifies all kinds of people! And it's something that you can get help with from start to finish. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in St. Joseph, MO. Our mortgage professionals will get to know your particular situation to identify the right options for your needs.
Our crew 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 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 St. Joseph, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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 too deep into the weeds. You're here to learn more about moving in Missouri and the overall mortgage process. Why do people need home loans to begin with? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. Plus, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. These facts apply to the home loan preparation process everywhere, not just in St. Joseph, MO.
The St. Joseph home market is a competitive one, and you will likely want to act fast — especially if you found a house you can't live without. We understand! Here is a summary of the essential steps when applying for a mortgage in St. Joseph
Start by thinking about how long you'll be in 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 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 St. Joseph. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. When that period is over, the rate can go up or down at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.
Next, follow your St. Joseph lender's loan application process. The process varies from lender to lender. Generally, however, you'll need to provide the following information: 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! You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Keep in mind that a loan estimate isn't the same thing as a mortgage. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.
Go through the mortgage process in St. Joseph with Mr. Cooper 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 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 St. Joseph, MO
The choice is up to you! Analyze your mortgage offers and pick the one that's best for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can even help you weigh the pros and cons of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. It's a standard part of the home loan process, whether you live in St. Joseph or elsewhere. Consider it a more formal version of your previous estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
Close on a Home in St. Joseph, MO
Once your home loan is approved by the lender, it's time to close on the home you want in St. Joseph! At this point in 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 might have to bring in a St. Joseph closing attorney to be there when you sign your loan docs. Don't worry about missing your closing date, either. 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 reached the end of the home loan process in St. Joseph, and it's time to roll out the welcome mat. You're the proud owner of a house (or apartment or condo or townhome!) in St. Joseph. 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 St. Joseph super straightforward.