Chesapeake, VA Mortgage and Home Loan Process
Buying a house — it's a dream that unifies all kinds of people! 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 Chesapeake, VA. Our mortgage professionals can help you work through your unique situation and recommend the best options for you at every turn.
From immersing yourself in the culture of Chesapeake's neighborhoods to closing on the home you've always wanted, we're here to ease your transition in Virginia. can even lend a helping hand as you kick off the search for a home. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-respected 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. It's the site to visit if you need to find a Chesapeake home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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 too deep into the weeds. You're interested in the home loan process in Virginia. 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. 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 Chesapeake or anywhere else. How to Apply for a Home Loan in Chesapeake, VA Steps to Complete the Mortgage Process in Chesapeake, VA How to Apply for a Mortgage in Chesapeake, VA
Houses in Chesapeake seem to move off the market just as fast as they come on, and you probably want to move fast — even more so if you've found your dream home. We get it! Follow these important steps in the Virginia home loan process.
First, ask yourself: How long do you plan on living in this house? Are you just passing through Chesapeake on your way to your forever home? Or will you be enjoying your golden years in this house? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. 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 Chesapeake 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, complete your VA lender's loan application process. 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, credit check authorization, the address of the home you'd like to buy, purchase contract, the amount you want to borrow, and your banking info.
Your lender will then give you a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Chesapeake. It's an estimate, and you can request multiple estimates to find the best loan for you.
Go through the mortgage process in Chesapeake 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 carries weight with realtors and home sellers because it shows you are serious and can afford a home. Not all lenders offer Verified Approval letters as Mr. Cooper does.
Just ask! It's normal to have questions about 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.
Seal the Deal with a Home Mortgage in Chesapeake, VA
The ball is in your court at this point! Compare your mortgage offers and select 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 even help you weigh the benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Virginia. Consider it a more formal version of your previous estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
At Your Mortgage Closing in Chesapeake, VA
After your mortgage is approved, it's time to close on the home you want in Chesapeake! At this stage of the home loan process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your state, you could be required to work with a Chesapeake closing attorney. They'll book 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*.
It's practically time to move in and unpack your boxes once you sign on the dotted line! You've completed the mortgage process in Chesapeake, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Chesapeake. And if this all sounds too simple to be true, give Mr. Cooper a call. We do our best to make the home loan process in Chesapeake a super easy one.