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Get to Know the Mortgage Process in Falls Church, VA

Are you a first-time Virginia homebuyer? Or, maybe you're new to Falls Church and looking to buy a home in the area. Either way, you might have questions about the home loan process. Get answers from Mr. Cooper.

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Falls Church, VA Mortgage and Home Loan Process

Being a homeowner — it's a hope that we all share! And it's a process that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Falls Church, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and suggest the best options for you at every turn.

Our crew can even lend a helping hand as you start your house hunt. They can get you connected to Mr. Cooper® Agent Assurance, an organization 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 Falls Church homes, check your home’s value, and set up Home Alerts to find your dream home. And get this — if you buy a home with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).

Before we get too far down the rabbit hole… You want more information about moving to Virginia and going through the mortgage process in Falls Church! 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 Falls Church, VA.

The Falls Church home market is a competitive one, and you will likely want to act fast — even more so if you found a house you can't live without. We know what that's like! Here are a few of the most important steps in the VA mortgage loan process.

First, ask yourself: How long do you plan on living in this house? Are you just passing through Falls Church 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. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Falls Church. Adjustable-rate loans have a fixed rate for some 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.

After, submit your Falls Church lender's home loan application. 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, the address of the house you'd like to buy, purchase contract, credit check authorization, banking information, and the amount you'd like to borrow.

From there, your lender will provide you with a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: the loan estimate isn't your final Falls Church 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 Falls Church 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 means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! 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 the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.

Seal the Deal with a Home Mortgage in Falls Church, VA

The choice is up to you! Analyze your mortgage offers and choose the one that's best for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can even help you weigh the pros and cons of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. It's a standard part of the home loan process, whether you live in Falls Church or elsewhere. The Disclosure is more formal documentation of your first estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

Closing on a House in Falls Church, VA

Once your home loan is approved, it's time to close on the home you want in Falls Church! At this point in the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on where you live, you could be required to work with a Falls Church 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 reached the end of the home loan process in Falls Church, and it's time to roll out the welcome mat. Your Falls Church house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Falls Church a super easy one.

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