The Right Way to Start Your Bull Run, VA Mortgage Process
Owning a home — it's an aspiration that unifies all kinds of people! And it's an endeavor that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Bull Run, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and recommend the right options for your needs.
Our team can even help out when you begin your hunt for a new house. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed real estate agents who know home sales inside and out. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. On the MLS site, you can compare Bull Run 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 ahead of ourselves. You're here to learn more about moving in Virginia and the overall mortgage process. At a basic level, why do people get home loans? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. What's more, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. Considering these facts is part of the home loan preparation process in Bull Run and beyond.
The Bull Run home market is a competitive one, and you'll want to take action quickly — even more so if you've found your dream home. We understand! Follow these important steps in the Virginia home loan process.
Begin by considering how long you'll be at your new home. Are you just passing through Bull Run on your way to your forever home? Or is this where you'll be raising your family? If you plan on sticking around for a long time, you might consider 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 Bull Run. Adjustable-rate loans have a fixed rate for some time. After that date, 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.
Next, submit your Bull Run lender's home loan application. The process can vary a bit between lenders. Still, in general, you'll need to provide the following information: pay stubs, Social Security numbers, income sources, purchase contract, credit check authorization, the address of the property you'd like to buy, banking information, and the amount you'd like to borrow.
Next up? A loan estimate from your lender! You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Bull Run. It's a bit of preview, and you can request multiple estimates to find the best loan for you.
Go through the mortgage process in Bull Run with Mr. Cooper 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 means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! Not every lender offers Verified Approval letters as Mr. Cooper does.
Ask questions during the home loan process! The FTC advises that you should also ask each lender 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.
The Final Step for a Home Mortgage in Bull Run, VA
You're in control now! Compare your mortgage offers and choose 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 pros and cons of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. It's a standard part of the home loan process, whether you live in Bull Run or elsewhere. The Disclosure is more formal documentation of your first estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
Close on a Home in Bull Run, VA
Once your home loan is approved, it's time to close on your dream house in Bull Run! 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 where you live, you could be required to work with a Bull Run closing attorney. They'll book time with you to sign your loan documents. You never have to worry about your closing date flying by and leaving you in a pinch. 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 completed the mortgage process in Bull Run, and it's time to celebrate. You are a homeowner in Bull Run! And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the Bull Run mortgage process an easy one.