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Get to Know the Mortgage Process in Versailles, MO

Are you a first-time Missouri homebuyer? Or, maybe you're new to Versailles 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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Versailles, MO: A Home Loan Process That's Unique to You

Buying a house — it's an ambition that unifies all kinds of people! And it's a process that you can get assistance with along the way. If you're curious about the process of getting a mortgage in Versailles, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals can help you work through your unique situation and recommend the right options for your needs.

From immersing yourself in the culture of Versailles'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 begin your hunt for a new house. They can get you started with Mr. Cooper® Agent Assurance, a large group 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. On the MLS site, you can compare Versailles 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).

Before we get too far down the rabbit hole… You want more information about moving to Missouri and going through the mortgage process in Versailles! 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. In addition, 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 Versailles and beyond.

The Versailles home market is a competitive one, and you probably want to move fast — even more so if you're on a tight timeline. We've been there, too! Here is a summary of the essential steps when applying for a mortgage in Versailles

Start by thinking about how long you'll be in your new home. Do you plan on living in it for a few years and then renting it out? Or will you be planting some deep roots in Versailles? If you plan on sticking around for a long time, you might consider a fixed-rate loan. 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 Versailles. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.

After, submit your Versailles lender's home loan application. The process varies from lender to lender. Usually, though, you'll need to give the following info: Social Security numbers, pay stubs, income sources, the address of the house you'd like to buy, purchase contract, credit check authorization, banking details, and the amount of money you're looking to borrow.

Next up? A loan estimate from your lender! You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that the loan estimate isn't your final Versailles mortgage. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.

Go through the mortgage process in Versailles with Mr. Cooper 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 carries weight with realtors and home sellers because it shows you are serious and can buy a home. Not every lender offers Verified Approval letters as Mr. Cooper does.

Just ask! It's normal to have questions about the home loan process. 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 Versailles, MO

The choice is up to you! Compare your mortgage offers and pick the option that's right for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can help you understand 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. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Missouri. Consider it a more formal version of your previous estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

At Your Mortgage Closing in Versailles, MO

Once your home loan is approved, it's time to close on your dream house in Versailles! At this point in the home loan process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your location, you could be required to work with a Versailles closing attorney. They'll book time with you to sign your loan documents. 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*.

You're in the home stretch once you've signed the documents! You've reached the end of the home loan process in Versailles, 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 Versailles. And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the Versailles mortgage process an easy one.

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