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Get to Know the Home Loan Process in Williston, ND

Whether you're buying your first home in Williston or your seventh on the other side of North Dakota, 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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Williston, ND Mortgage and Home Loan Process

Living in a house that's yours, all yours — it's a hope that we all share! And it's an endeavor that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Williston, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation and suggest the right options for your needs.

Our team can even help you out as you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-respected real estate agents who assist with home buying and selling.. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. On the MLS site, you can compare Williston 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're interested in the home loan process in North Dakota. 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. 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 Williston, ND.

Houses in Williston seem to move off the market just as fast as they come on, and you'll want to take action quickly — particularly if you found a house you can't live without. We get it! Follow these important steps in the North Dakota home loan process.

First, ask yourself: How long do you plan on living in this house? Are you just passing through Williston on your way to your forever home? 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 Williston. Adjustable-rate loans have a fixed rate for some time. After that date, 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 ND lender's loan application process. Every lender has a somewhat different process. Generally, however, you'll need to provide the following information: income sources, pay stubs, Social Security numbers, 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 be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Keep in mind that the loan estimate isn't your final Williston mortgage. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.

Partner with Mr. Cooper to complete the Williston mortgage process and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter carries weight with realtors and home sellers because it shows you are serious and can afford a home. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.

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

Seal the Deal with a Home Mortgage in Williston, ND

The choice is up to you! Compare your mortgage offers and choose the option that's right 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. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in North Dakota. The Disclosure is more formal documentation of your first estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

Closing on a House in Williston, ND

After your mortgage is approved, it's time to close on the home you want in Williston! At this stage of the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on your location, you may also be required to work with a closing attorney in Williston 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*.

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 Williston, and it's time to roll out the welcome mat. Your Williston house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Williston a super easy one.

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