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Get to Know the Home Loan Process in Salisbury, NC

Are you a first-time North Carolina homebuyer? Or, maybe you're new to Salisbury 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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Salisbury, NC: A Home Loan Process That's Unique to You

Being a homeowner — it's a wish that unifies all kinds of people! And it's an endeavor that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Salisbury, 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.

We're here to help make your North Carolina move an easy one, starting with the first time you search for a Salisbury home loan. can even help out when you kick off the search for a home. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-leading real estate agents who can assist with the buying and selling process. 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 Salisbury 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 want more information about moving to North Carolina and going through the mortgage process in Salisbury! Why might a person need a home loan in the first place? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. In addition, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. Considering these facts is part of the home loan preparation process in Salisbury and beyond.

Houses in Salisbury seem to move off the market just as fast as they come on, and you will likely want to act fast — particularly if you're on a tight timeline. We've been there, too! Here are a few of the most important steps in the NC mortgage loan process.

Start by thinking about how long you'll be in your new home. 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're planning on being in and out fast, then you might want to go the adjustable-rate route for your Salisbury mortgage. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that deadline, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.

Next, complete your NC lender's loan application process. Every lender has a somewhat different process. Usually, though, you'll need to provide the following information: Social Security numbers, pay stubs, income sources, purchase contract, credit check authorization, the address of the property you'd like to buy, banking information, and the amount you'd like to borrow.

Your lender will then give you a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Keep in mind that the loan estimate isn't your final Salisbury mortgage. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.

Work with Mr. Cooper when going through the mortgage process in Salisbury and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can afford to borrow! This letter means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! Not all lenders offer Verified Approval letters as Mr. Cooper does.

Ask questions during the home loan process! 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 Salisbury, NC

The ball is in your court at this point! Analyze your mortgage offers and pick 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 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. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in North Carolina. 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 Salisbury, NC

Once your home loan is approved, it's time to close on the home you want in Salisbury! At this stage of the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on where you live, you may also be required to work with a closing attorney in Salisbury who will schedule a 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 completed the mortgage process in Salisbury, and it's time to get your keys. You are a homeowner in Salisbury! Does that all sound too easy? Call Mr. Cooper. We strive to make the Salisbury mortgage process an easy one.

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