The Right Way to Start Your Salem, OR Mortgage Process
Owning a home — it's a wish that we all share! And it's something that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Salem, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and recommend the right options for your needs.
Our crew can even help you out as you kick off the search for a home. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-leading 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 Salem 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).
Before we get too far down the rabbit hole… You're interested in the home loan process in Oregon. Why do people need home loans to begin with? 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. This information applies whether you're going through the home loan preparation process in Salem or anywhere else. How to Apply for a Home Loan in Salem, OR Steps to Complete the Mortgage Process in Salem, OR How to Apply for a Mortgage in Salem, OR
Houses in Salem 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 understand! Here are a few of the most important steps in the OR mortgage loan process.
First, ask yourself: How long do you plan on living in this house? Are you just passing through Salem on your way to your forever home? Or will you be enjoying your golden years in this house? 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 Salem. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, the rate can go up or down at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
After, submit your Salem lender's home loan application. Every lender has a somewhat different process. Generally, however, you'll need to give the following info: pay stubs, Social Security numbers, income sources, the address of the house you'd like to buy, purchase contract, credit check authorization, 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. A quick note: the loan estimate isn't your final Salem mortgage. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.
Go through the mortgage process in Salem with Mr. Cooper 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 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 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.
Make Your Move with a Home Loan in Salem, OR
The ball is in your court at this point! 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 evaluate the benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Oregon. 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 Salem, OR
After your mortgage is approved, it's time to close on your dream house in Salem! During this step of the mortgage process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your location, you may also be required to work with a closing attorney in Salem who will schedule a time with you to sign your loan documents. 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 completed the mortgage process in Salem, and it's time to get your keys. You are a homeowner in Salem! And if this all sounds too simple to be true, give Mr. Cooper a call. We do our best to make the home loan process in Salem a super easy one.