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Get to Know the Mortgage Process in Lyons, NY

Whether you're buying your first home in Lyons or your seventh on the other side of New York, 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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Lyons, NY: A Home Loan Process That's Unique to You

Owning a home — it's an ambition that unites us from coast to coast! And it's something that you can get help with from beginning to end. If you're curious about the process of getting a mortgage in Lyons, keep reading. Then call Mr. Cooper to take your next step. Our trained mortgage professionals will work alongside you to identify the best options for you at every turn.

We're here to help make your New York move an easy one, starting with the first time you search for a Lyons home loan. can even help out when you start your house hunt. They can get you connected to Mr. Cooper® Agent Assurance, an organization 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. On the MLS site, you can compare Lyons homes, check your home’s value, and set up Home Alerts to find your dream home. And guess what? If you choose to buy a house with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).

But we're getting ahead of ourselves. You want more information about moving to New York and going through the mortgage process in Lyons! 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. What's more, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. Considering these facts is part of the home loan preparation process in Lyons and beyond.

Houses in Lyons 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 found a house you can't live without. We've been there, too! Here is a summary of the essential steps when applying for a mortgage in Lyons

First, ask yourself: How long do you plan on living in this house? Is this a soon-to-be investment property? 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 plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Lyons. 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 adjust at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

Then, follow your Lyons lender's loan application process. Every lender has a somewhat different process. Generally, however, you'll need to provide the following information: Social Security numbers, pay stubs, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, banking information, and the amount you'd like to borrow.

From there, your lender will provide you with a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Keep in mind that a loan estimate isn't the same thing as a mortgage. It's a bit of preview, and you can request multiple estimates to find the best loan for you.

Go through the mortgage process in Lyons with Mr. Cooper and we'll review your information and provide you with a Verified Approval letter, which is a very accurate estimate of what you could afford. This letter shows home sellers and realtors you are a serious buyer. Not all lenders offer Verified Approval letters as Mr. Cooper does.

Ask your lender! The more questions you ask The FTC advises that you should also ask each lender about the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.

Make Your Move with a Home Loan in Lyons, NY

You're in control now! Analyze your mortgage offers and select 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 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. It's a standard part of the home loan process, whether you live in Lyons 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.

Closing on a House in Lyons, NY

Once your home loan is approved, it's time to close on your dream house in Lyons! At this stage of the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on where you live, you might have to bring in a Lyons 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*.

You're in the home stretch once you've signed the documents! You've arrived. You finished the home loan process in Lyons, 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 Lyons. Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Lyons a super easy one.

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Simplify the home buying process in Lyons with Mr. Cooper.

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