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Get to Know the Home Loan Process in Redmond, OR

Are you a first-time Oregon homebuyer? Or, maybe you're new to Redmond 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 Redmond, OR Mortgage Process

Being a homeowner — it's a goal that unifies all kinds of people! And it's something that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Redmond, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation to identify the best options for you at every turn.

Our team can even help out when you kick off the search for a home. 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. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. Here, you can search for a home in Redmond, 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 interested in the home loan process in Oregon. At a basic level, why do people get home loans? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. In addition, 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 Redmond, OR.

Houses in Redmond seem to move off the market just as fast as they come on, and you probably want to move fast — particularly if you're on a tight timeline. We get it! Follow these important steps in the Oregon home loan process.

Start by thinking about how long you'll be in your new home. Is this a soon-to-be investment property? Or will you be planting some deep roots in Redmond? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. Your interest rate doesn't change with a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Redmond. Adjustable-rate loans have a fixed rate for some time. After that deadline, the rate can go up or down at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

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

From there, your lender will provide you with a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Remember that the loan estimate isn't your final Redmond 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 Redmond 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 afford to borrow! This letter carries weight with realtors and home sellers because it shows you are serious and can afford a home. Not all lenders offer Verified Approval letters as Mr. Cooper does.

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.

Make Your Move with a Home Loan in Redmond, OR

The ball is in your court at this point! Review your mortgage offers and choose the offer that's good 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 drawbacks and advantages 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 Redmond or elsewhere. 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 Redmond, OR

After your mortgage is approved, it's time to close on the home you want in Redmond! At this point in 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 Redmond 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 arrived. You finished the home loan process in Redmond, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Redmond. Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Redmond super straightforward.

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