Aberdeen, SD: A Home Loan Process That's Unique to You
Owning a home — it's a dream that unites us from coast to coast! And it's a process that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Aberdeen, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and suggest the best options for you at every turn.
From your initial Aberdeen loan search to prequalification to closing, we're here to help you make your move in South Dakota! can even lend a helping hand as you start your house hunt. 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'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. On the MLS site, you can compare Aberdeen 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).
But we're getting too deep into the weeds. You want more information about moving to South Dakota and going through the mortgage process in Aberdeen! At a basic level, why do people get home loans? 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 Aberdeen or anywhere else. How to Apply for a Home Loan in Aberdeen, SD Steps to Complete the Mortgage Process in Aberdeen, SD How to Apply for a Mortgage in Aberdeen, SD
Houses in Aberdeen seem to move off the market just as fast as they come on, and you'll want to take action quickly — even more so if you're on a tight timeline. We get it! Here is a summary of the essential steps when applying for a mortgage in Aberdeen
First, ask yourself: How long do you plan on living in this house? Do you plan on living in it for a few years and then renting it out? Or will you be enjoying your golden years in this house? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate stays the same when you have a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Aberdeen. Adjustable-rate loans have a fixed rate for some 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.
Next, submit your Aberdeen lender's home loan application. Every lender has a somewhat different process. Usually, though, you'll need to give the following info: income sources, pay stubs, Social Security numbers, purchase contract, credit check authorization, the address of the property you'd like to buy, banking details, and the amount of money you're looking to borrow.
Next up? A loan estimate from your lender! The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Keep in mind that the loan estimate isn't your final Aberdeen 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 Aberdeen 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 shows home sellers and realtors you are a serious buyer. Not every lender offers Verified Approval letters as Mr. Cooper does.
Ask questions during 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.
The Final Step for a Home Mortgage in Aberdeen, SD
The choice is up to you! 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 benefits and drawbacks 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 Aberdeen or elsewhere. A Closing Disclosure is a more formal write-up of your initial 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 Aberdeen, SD
Once your home loan is approved by the lender, it's time to close on your dream house in Aberdeen! During this step of the mortgage process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your state, you might have to bring in a Aberdeen closing attorney to be there when you sign your loan docs. 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*.
Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've reached the end of the home loan process in Aberdeen, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Aberdeen. Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Aberdeen mortgage process an easy one.