The Right Way to Start Your Chester, VA Mortgage Process
Living in a house that's yours, all yours — it's a wish that unifies all kinds of people! And it's something that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Chester, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation to identify the right options for your needs.
Our mortgage professionals can even help out when 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 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 Chester 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 interested in the home loan process in Virginia. 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. What's more, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. These facts apply to the home loan preparation process everywhere, not just in Chester, VA.
The Chester home market is a competitive one, and you probably want to move fast — even more so if you're on a tight timeline. We understand! Here is a summary of the essential steps when applying for a mortgage in Chester
Begin by considering how long you'll be at your new home. Is this a soon-to-be investment property? Or is this where you'll be raising your family? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. Your interest rate stays the same when you have 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 Chester 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.
Then, complete your VA lender's loan application process. The process can vary a bit between lenders. Still, in general, you'll need to provide the following information: income sources, pay stubs, Social Security numbers, 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.
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. Keep in mind that the loan estimate isn't your final Chester mortgage. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.
Go through the mortgage process in Chester 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 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.
Ask questions during the home loan process! The FTC advises that you should also ask each lender 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.
Seal the Deal with a Home Mortgage in Chester, VA
You're in control now! Analyze your mortgage offers and pick the offer that's good for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can even help you weigh 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 Chester 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.
Closing on a House in Chester, VA
After your mortgage is approved, it's time to close on the home you want in Chester! At this point in the home loan process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on where you live, you might have to bring in a Chester 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*.
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 Chester, and it's time to roll out the welcome mat. You are a homeowner in Chester! Does that all sound too easy? Call Mr. Cooper. We strive to make the Chester mortgage process an easy one.