The Right Way to Start Your Blacksburg, VA Mortgage Process
Owning a home — it's a dream that unites us from coast to coast! And it's something that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Blacksburg, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and recommend the best options for you at every turn.
From your initial Blacksburg loan search to prequalification to closing, we're here to help you make your move in Virginia! can even lend a helping hand as you start your house hunt. 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. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. On the MLS site, you can compare Blacksburg 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 Virginia and going through the mortgage process in Blacksburg! Why do people need home loans to begin with? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. What's more, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. These facts apply to the home loan preparation process everywhere, not just in Blacksburg, VA.
The Blacksburg home market is a competitive one, and you probably want to move fast — even more so if you found a house you can't live without. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Blacksburg
Start by thinking about how long you'll be in your new home. Do you plan on living in it for a few years and then renting it out? Or is this where you'll be raising your family? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate doesn't change with 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 Blacksburg mortgage. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that deadline, 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, follow your Blacksburg lender's loan application process. The process varies from lender to lender. Usually, though, you'll need to provide the following information: Social Security numbers, pay stubs, income sources, 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.
From there, your lender will provide you with a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Blacksburg. It's a bit of preview, and you can seek out multiple estimates to find the absolute best option for you.
Go through the mortgage process in Blacksburg with Mr. Cooper 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.
Just ask! It's normal to have questions about 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.
Make Your Move with a Home Loan in Blacksburg, VA
The choice is up to you! Review your mortgage offers and choose the offer that's good for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can help you evaluate the pros and cons 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 Blacksburg or elsewhere. Consider it a more formal version of your previous estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.
At Your Mortgage Closing in Blacksburg, VA
After your mortgage is approved, it's go-time for buying your Blacksburg house! 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 location, you may also be required to work with a closing attorney in Blacksburg 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*.
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 Blacksburg, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Blacksburg. Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Blacksburg a super easy one.