Springfield, OR Mortgage and Home Loan Process
Buying a house — it's an ambition that unifies all kinds of people! And it's an endeavor that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Springfield, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation and recommend the best loan options and terms for your circumstances.
We're here to help make your Oregon move an easy one, starting with the first time you search for a Springfield home loan. can even lend a helping hand as you kick off the search for a home. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-respected 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. It's the site to visit if you need to find a Springfield home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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).
Before we get too far down the rabbit hole… You're interested in the home loan process in Oregon. Why might a person need a home loan in the first place? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. 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 Springfield and beyond.
The Springfield real estate scene is a busy one, and you will likely want to act fast — especially if you've found your dream home. We get it! Here is a summary of the essential steps when applying for a mortgage in Springfield
First, ask yourself: How long do you plan on living in this house? Is this a soon-to-be investment property? Or will you be planting some deep roots in Springfield? If you're going to be in the house for years and years, look into a fixed-rate loan. 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 Springfield. 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. Let your mortgage professional help you select the best loan program for your needs during prequalification.
Next, follow your Springfield 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 information, and the amount you'd like to borrow.
Your lender will then give you a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Springfield. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.
Partner with Mr. Cooper to complete the Springfield 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 buy a home. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.
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.
The Final Step for a Home Mortgage in Springfield, OR
You're in control now! Analyze your mortgage offers and choose the offer that's good for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can help you understand 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 Springfield or elsewhere. A Closing Disclosure is a more formal write-up of your initial estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
Close on a Home in Springfield, OR
Once your home loan is approved, it's time to close on the home you want in Springfield! During this step of the mortgage process, your broker and closing attorney are brought in to confirm closing costs. Depending on your location, you may also be required to work with a closing attorney in Springfield 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 reached the end of the home loan process in Springfield, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Springfield. Does that all sound too easy? Call Mr. Cooper. We strive to make the Springfield mortgage process an easy one.