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Process for Getting a Mortgage in Salt Lake City , UT

Are you a first-time Utah homebuyer? Or, maybe you're new to Salt Lake City and looking to buy a home in the area. Either way, you might have questions about the home loan process. Get answers from Mr. Cooper.

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Salt Lake City, UT: A Home Loan Process That's Unique to You

Living in a house that's yours, all yours — it's an aspiration that unifies all kinds of people! And it's something that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Salt Lake City, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals can help you work through your unique situation to identify the best options for you at every turn.

Our crew can even lend a helping hand as you begin your hunt for a new house. 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'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 Salt Lake City home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. And get this — if you buy a home with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).

But we're getting ahead of ourselves. You want more information about moving to Utah and going through the mortgage process in Salt Lake City! 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. 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. Considering these facts is part of the home loan preparation process in Salt Lake City and beyond.

Houses in Salt Lake City seem to move off the market just as fast as they come on, and you will likely want to act fast — particularly if you found a house you can't live without. We've been there, too! Here are a few of the most important steps in the UT mortgage loan process.

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 Salt Lake City? 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 this home is going to be a quick stopover, look at an adjustable-rate mortgage in Salt Lake City. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that date, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

Next, submit your Salt Lake City lender's home loan application. The process varies from lender to lender. 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, banking details, and the amount of money you're looking to borrow.

Your lender will then give you a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. A quick note: a loan estimate isn't the same thing as a mortgage. It's a bit of preview, and you can seek out multiple estimates to find the absolute best option for you.

Partner with Mr. Cooper to complete the Salt Lake City mortgage process and we'll review your information and provide you with a Verified Approval letter, which is a very accurate estimate of what you could afford. 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 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 Salt Lake City, UT

The choice is up to you! Analyze your mortgage offers and pick the one that's best 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. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. It's a standard part of the home loan process, whether you live in Salt Lake City or elsewhere. The Disclosure is more formal documentation of your first estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.

Close on a Home in Salt Lake City, UT

Once your home loan is approved by the lender, it's time to close on your dream house in Salt Lake City! At this stage of the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on your location, you might have to bring in a Salt Lake City closing attorney to be there when you sign your loan docs. 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*.

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 Salt Lake City, and it's time to roll out the welcome mat. You are a homeowner in Salt Lake City! And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the Salt Lake City mortgage process an easy one.

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