The Dalles, OR: A Home Loan Process That's Unique to You
Buying a house — it's an ambition that we all share! And it's a process that you can get help with from beginning to end. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in The Dalles, OR. Our trained mortgage professionals will work alongside you to identify the best options for you at every turn.
Our crew can even help you out as you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-leading real estate agents who know home sales inside and out. And if you'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. Here, you can search for a home in The Dalles, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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).
But we're getting too deep into the weeds. You're interested in the home loan process in Oregon. Why do people need home loans to begin with? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. In addition, 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 The Dalles or anywhere else. How to Apply for a Home Loan in The Dalles, OR Steps to Complete the Mortgage Process in The Dalles, OR How to Apply for a Mortgage in The Dalles, OR
Houses in The Dalles seem to move off the market just as fast as they come on, and you'll want to take action quickly — particularly if you've found your dream home. We understand! Follow these important steps in the Oregon home loan process.
Begin by considering how long you'll be at your new home. Is this a soon-to-be investment property? Or will you be planting some deep roots in The Dalles? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate doesn't change with a fixed-rate home loan. But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your The Dalles mortgage. 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, complete your OR lender's loan application process. Every lender has a somewhat different process. Generally, however, you'll need to give the following info: income sources, pay stubs, Social Security numbers, credit check authorization, the address of the home you'd like to buy, purchase contract, the amount you want to borrow, and your banking info.
Next up? A loan estimate from your lender! You'll receive your estimated monthly payment, interest rate, and closing costs. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in The Dalles. It's an approximate calculation, and you can seek out multiple estimates to find the absolute best option for you.
Partner with Mr. Cooper to complete the The Dalles mortgage process 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 every lender offers Verified Approval letters as Mr. Cooper does.
Ask questions during the home loan process! The FTC urges home shoppers to inquire 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 The Dalles, OR
The ball is in your court at this point! Compare your mortgage offers and pick the one that's best for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can even help you weigh the benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Oregon. 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 The Dalles, OR
Once your home loan is approved, it's time to close on the home you want in The Dalles! At this point in the home loan process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your location, you might have to bring in a The Dalles closing attorney to be there when you sign your loan docs. You never have to worry about your closing date flying by and leaving you in a pinch. We guarantee we’ll close your loan on time, or your first month’s mortgage payment (principal + interest) is on us*.
Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've completed the mortgage process in The Dalles, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in The Dalles. Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in The Dalles a super easy one.