The Right Way to Start Your Orem, UT Mortgage Process
Living in a house that's yours, all yours — it's a hope that we all share! And it's a process that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Orem, keep reading. Then call Mr. Cooper to take your next step. Our trained mortgage professionals will work alongside you and recommend the best options for you at every turn.
Our crew can even help out when you begin your hunt for a new house. They can get you connected to Mr. Cooper® Agent Assurance, an organization 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. Here, you can search for a home in Orem, 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 too deep into the weeds. You're here to learn more about moving in Utah and the overall mortgage process. Why might a person need a home loan in the first place? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. Plus, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. This information applies whether you're going through the home loan preparation process in Orem or anywhere else. How to Apply for a Home Loan in Orem, UT Steps to Complete the Mortgage Process in Orem, UT How to Apply for a Mortgage in Orem, UT
The Orem real estate scene is a busy one, and you'll want to take action quickly — even more so if you found a house you can't live without. We understand! Here are a few of the most important steps in the UT mortgage 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 Orem? If you plan on sticking around for a long time, you might consider a fixed-rate loan. Your interest rate stays the same when you have 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 Orem 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.
After, follow your Orem lender's loan application process. The process varies from lender to lender. Usually, though, you'll need to provide the following information: pay stubs, Social Security numbers, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, banking information, and the amount you'd like to borrow.
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. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in Orem. It's an estimate, and you can request multiple estimates to find the best loan for you.
Work with Mr. Cooper when going through the mortgage process in Orem and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter shows home sellers and realtors you are a serious buyer. 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 urges home shoppers to inquire 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.
Seal the Deal with a Home Mortgage in Orem, UT
The choice is up to you! Analyze your mortgage offers and choose the option that's right for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can help you understand the benefits and drawbacks of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Utah. The Disclosure is more formal documentation of your first 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 Orem, UT
After your mortgage is approved, it's time to close on the home you want in Orem! At this stage of the home loan process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your location, you may also be required to work with a closing attorney in Orem 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*.
It's practically time to move in and unpack your boxes once you sign on the dotted line! You've completed the mortgage process in Orem, and it's time to celebrate. You are a homeowner in Orem! And if this all sounds too simple to be true, give Mr. Cooper a call. We're on a mission to make the mortgage process in Orem super straightforward.