The Right Way to Start Your Payson, UT Mortgage Process
Being a homeowner — it's an aspiration that we all share! And it's an endeavor that you can get assistance with along the way. If you're curious about the process of getting a mortgage in Payson, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals will get to know your particular situation and suggest the best options for you at every turn.
Our team can even help out when you kick off the search for a home. They can connect you to Mr. Cooper® Agent Assurance, a network of well-known, licensed real estate agents who can assist with the buying and selling process. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. Here, you can search for a home in Payson, 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 ahead of ourselves. 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 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 Payson or anywhere else. How to Apply for a Home Loan in Payson, UT Steps to Complete the Mortgage Process in Payson, UT How to Apply for a Mortgage in Payson, UT
Houses in Payson seem to move off the market just as fast as they come on, and you probably want to move fast — especially if you found a house you can't live without. We understand! Here is a summary of the essential steps when applying for a mortgage in Payson
First, ask yourself: How long do you plan on living in this house? Are you just passing through Payson on your way to your forever home? Or will you be planting some deep roots in Payson? 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're planning on being in and out fast, then you might want to go the adjustable-rate route for your Payson mortgage. Adjustable-rate loans have a fixed rate for some time. After that deadline, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
After, submit your Payson lender's home loan application. Every lender has a somewhat different process. Usually, though, you'll have to provide the following details: pay stubs, Social Security numbers, income sources, the address of the house you'd like to buy, purchase contract, credit check authorization, banking details, and the amount of money you're looking to borrow.
Next up? A loan estimate from your lender! You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: a loan estimate isn't the same thing as a mortgage. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.
Partner with Mr. Cooper to complete the Payson 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. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.
Ask questions during the home loan process! The FTC urges home shoppers to inquire about additional fees, the loan's annual percentage rate, any special programs, and whether the quoted rate is the lowest for the week or day.
Seal the Deal with a Home Mortgage in Payson, UT
The choice is up to you! Compare your mortgage offers and select the one that's best 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 benefits and drawbacks of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever 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.
Close on a Home in Payson, UT
After your mortgage is approved, it's go-time for buying your Payson house! During this step of the mortgage process, your broker and closing attorney are brought in to confirm closing costs. Depending on your state, you may also be required to work with a closing attorney in Payson 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*.
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 Payson, and it's time to celebrate. Your Payson house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Payson a super easy one.