St. George, UT Mortgage and Home Loan Process
Buying a house — it's an aspiration that unites us from coast to coast! And it's something 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 St. George, UT. Our mortgage professionals will get to know your particular situation and suggest the right options for your needs.
Our team can even help you out as you start your house hunt. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed real estate agents who assist with home buying and selling.. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. On the MLS site, you can compare St. George homes, check your home’s value, and set up Home Alerts to find 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 helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. Plus, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. This information applies whether you're going through the home loan preparation process in St. George or anywhere else. How to Apply for a Home Loan in St. George, UT Steps to Complete the Mortgage Process in St. George, UT How to Apply for a Mortgage in St. George, UT
Houses in St. George 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 know what that's like! Follow these important steps in the Utah home 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 St. George? 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 St. George mortgage. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that deadline, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.
After, submit your St. George lender's home loan application. The process can vary a bit between lenders. Still, in general, you'll have to provide the following details: income sources, pay stubs, Social Security numbers, 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 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 St. George. It's an estimate, and you can request multiple estimates to find the best loan for you.
Partner with Mr. Cooper to complete the St. George mortgage process 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.
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.
Make Your Move with a Home Loan in St. George, UT
You're in control now! Analyze your mortgage offers and select the option that's right 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 pros and cons of each. Once you confirm your choice with the lender, they might approve your loan and send 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 might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.
Close on a Home in St. George, UT
After your mortgage is approved, it's time to close on your dream house in St. George! At this stage of the home loan process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on your location, you might have to bring in a St. George 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*.
You're in the home stretch once you've signed the documents! You've reached the end of the home loan process in St. George, and it's time to roll out the welcome mat. You are a homeowner in St. George! Do the steps seem too simple? Contact Mr. Cooper today. We're on a mission to make the mortgage process in St. George super straightforward.