The Right Way to Start Your Glen Allen, VA Mortgage Process
Buying a house — it's a goal that unifies all kinds of people! And it's a process that you can get assistance with along the way. If you're curious about the process of getting a mortgage in Glen Allen, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals will get to know your particular situation and suggest the best options for you at every turn.
From immersing yourself in the culture of Glen Allen's neighborhoods to closing on the home you've always wanted, we're here to ease your transition in Virginia. can even help out when you start your house hunt. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-leading 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. Here, you can search for a home in Glen Allen, monitor neighborhood trends, and set up Home Alerts so you don’t miss your dream home. 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).
Before we get too far down the rabbit hole… You want more information about moving to Virginia and going through the mortgage process in Glen Allen! 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. Plus, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. This information applies whether you're going through the home loan preparation process in Glen Allen or anywhere else. How to Apply for a Home Loan in Glen Allen, VA Steps to Complete the Mortgage Process in Glen Allen, VA How to Apply for a Mortgage in Glen Allen, VA
The Glen Allen home market is a competitive one, and you probably want to move fast — especially if you found a house you can't live without. We get it! Follow these important steps in the Virginia home loan process.
Start by thinking about how long you'll be in your new home. Are you just passing through Glen Allen on your way to your forever home? Or will you be planting some deep roots in Glen Allen? 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 Glen Allen mortgage. Adjustable-rate loans have a fixed rate for some time. When that period is over, 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 Glen Allen lender's loan application process. The process can vary a bit between lenders. Generally, however, you'll need to give the following info: Social Security numbers, pay stubs, income sources, the address of the house you'd like to buy, purchase contract, credit check authorization, the amount you want to borrow, and your banking info.
Your lender will then give you a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. A quick note: the loan estimate isn't your final Glen Allen mortgage. It's a bit of preview, and you can get multiple loan estimates to compare and select the right loan for you.
Go through the mortgage process in Glen Allen 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 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 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.
Make Your Move with a Home Loan in Glen Allen, VA
The choice is up to you! Compare your mortgage offers and pick the offer that's good for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can help you evaluate the drawbacks and advantages of each. After you notify the lender about your choice, they may approve your loan and send you 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.
Closing on a House in Glen Allen, VA
Once your home loan is approved, it's time to close on your dream house in Glen Allen! At this point in the home loan process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your location, you could be required to work with a Glen Allen 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 Glen Allen, and it's time to roll out the welcome mat. You are a homeowner in Glen Allen! And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the Glen Allen mortgage process an easy one.