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Get to Know the Mortgage Process in University City, MO

Are you a first-time Missouri homebuyer? Or, maybe you're new to University City and looking to buy a home in the area. Either way, you might have questions about the home loan process. Get answers from Mr. Cooper.

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The Right Way to Start Your University City, MO Mortgage Process

Being a homeowner — it's a wish that we all share! And it's an endeavor that you can get assistance with along the way. If you're curious about the process of getting a mortgage in University City, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals will get to know your particular situation to identify the right options for your needs.

Our team can even help out when you start your house hunt. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed 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. Here, you can search for a home in University City, 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 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 helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. Plus, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. These facts apply to the home loan preparation process everywhere, not just in University City, MO.

The University City home market is a competitive one, and you probably want to move fast — especially if you've found your dream home. We've been there, too! Follow these important steps in the Missouri home 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 planting some deep roots in University City? 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 plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in University City. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that date, the rate can go up or down at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

After, submit your University City lender's home loan application. 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. Remember that the loan estimate isn't your final University City mortgage. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.

Partner with Mr. Cooper to complete the University City mortgage process and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can borrow! This letter means a lot to home sellers and realtors because it shows you can buy a home. You're not just browsing! 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 recommends home buyers to ask 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.

The Final Step for a Home Mortgage in University City, MO

You're in control now! 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 evaluate 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 University City or elsewhere. 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 University City, MO

Once your home loan is approved, it's time to close on your dream house in University City! During this step of the mortgage process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on your location, you might have to bring in a University City closing attorney to be there when you sign your loan docs. Even if paperwork takes longer than expected, you don't have to stress over your closing date being delayed. 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 reached the end of the home loan process in University City, and it's time to roll out the welcome mat. You are a homeowner in University City! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the University City mortgage process an easy one.

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